Sales for the Year Were $600,000

question 129

Multiple Choice

Sales for the year were $600,000. Accounts receivable were $100,000 and $80,000 at the beginning and end of the year. Cash received from customers to be reported on the cash flow statement using the direct method is

• A) $700,000
• B) $600,000
• C) $580,000
• D) $620,000

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Definitions:

Automatic Process

Mental activities that require minimal attention and cognitive resources, often occurring without conscious awareness.

Acculturation

The process by which individuals adopt the cultural traits or social patterns of another group, often as a result of prolonged contact.

Integration

The process of combining or coordinating separate parts or elements into a unified whole.

Socialization

The process by which individuals learn and adopt the norms, values, behavior, and social skills appropriate to their society.