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Fremantle Ltd provides you with the following information:
Cash Receipts from Customers Sales for the year $400 000
Doubtful debts expense for the year $5 000
Discounts provided during the year to customers for early payment $10 000
Opening balance of accounts receivable $90 000
Closing balance of accounts receivable $80 000
Opening balance of the allowance for doubtful debts $9 000
Closing balance of the allowance for doubtful debts $8 000
REQUIRED
Problem 1: Determine how much cash has been received from customers during the year.
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