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Catdog Corporation earned revenues of $45 million during 20X7 and ended the year with net income of $8 million. During 20X7, Catdog collected $25 million from customers and paid cash for all its expenses plus an additional $5 million for amounts payable at Dec 20X6. Answer the questions below during 20X7
Catdog began 20X7 with receviables of $6 million. All sales are on account. What is the company recieavable balances.
Catdog began 20X7 owing accounts payable of $8 million on account. All expenses are incurred on account. During 20X7, catdog paid $41 million on account.
Problem 1: What are the balances for: (a) accounts receivable and (b) accounts payable in its 20X7 annual report?
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