Cash Collections—Direct Method Emily Enterprises’ comparative balance sheets included accounts…
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Cash Collections—Direct Method
Emily Enterprises’ comparative balance sheets included accounts receivable of $224,600 at
December 31, 2007, and $205,700 at December 31, 2008. Sales reported on Emily’s 2008 income
statement amounted to $2,250,000. What is the amount of cash collections that Emily will report
in the operating activities category of its 2008 statement of cash flows assuming that the direct
method is used?
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