The income statement for Lilly's,Inc.for the year ended June 30,2011 showed sales of $50,000.During the year,the balance in accounts receivable increased by $7,500.Cash collected from customers equals 1.$________ and is 2.a(n)________ activity.

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The Answer of The income statement for Lilly's,Inc.for the year ended June 30,2011 showed sales of $50,000.During the year,the balance in accounts receivable increased by $7,500.Cash collected from customers equals 1.$________ and is 2.a(n)________ activity.

The Income Statement for Lilly's,Inc