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31 July, 01:40

Parks Company reported an increase of $370,000 in its accounts receivable during the year 2015. The company's statement of cash flows for 2015 reported $1 million of cash received from customers. What amount of net sales must Parks have recorded in 2015

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  1. 31 July, 02:06
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    The answer is $1,370,000

    Explanation:

    Cash received from customers = net sales (revenue) minus increase in accounts receivable.

    So to find net sales, we rewrite the formula:

    Net sales (revenue) = cash received from customers plus increase in accounts receivable.

    =$1,000,000 + $370,000

    = $1,370,000.

    So Parks Company recorded a net sales of $1,370,000 in 2015
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