Question - Lance Corp.'s statement of cash flows for the year ended September 30, year 1, was prepared using the indirect method and included the following:
Net income - $60,000
Noncash adjustments: $0
Depreciation expense - $9,000
Increase in accounts receivable - ($5,000)
Decrease in inventory - $40,000
Decrease in accounts payable - ($12,000)
Net cash flows from operating activities - $92,000
Lance reported revenues from customers of $75,000 in its year 1 income statement. What amount of cash did Lance receive from its customers during the year ended September 30, year 1?