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Global Satellite Corp. reported net sales of "$550 million" last year and generated a net income of $121.00 million. Last year’s accounts receivable increased by $23 million. What is the maximum amount of cash that Global Satellite Corp. received from sales last year?

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Answer:

The answer is $527million

Explanation:

To find cash received sales last year in this question:

Revenue or sales minus increase in accounts receivable.

Revenue/sales equals $550million.

Therefore, cash received from sales last year equal:

$550 - $23

= $527million.

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