C Company’s current year income statement reports the following: Sales $825,000 Cost of Goods Sold $550,000...
C Company’s current year income statement reports the following:
Sales $825,000
Cost of Goods Sold $550,000
Gross Profit $275,000
C Company’s comparative balance sheets show the following:
End of Year Beginning of the Year
Accounts receivable $71,000 $60,000
Inventory $109,000 $96,000
Accounts payable $31,000 $37,000
Compute the cash received from customers and the cash paid for inventory purchases.
Homework Answers
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C Company’s current year income statement reports the
following:
Sales $825,000
Cost of Goods Sold $550,000...
Operating Cash Flows (Direct Method) Howell Company's current-year income statement reports the following. Sales. ...... .........
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ALL QUESTIONS MUST BE ANSWERED Inventory 30 POINTS Compute the inventory methods for TV Vison. Suppose TV Vison started March with an inventory of 50 plasma TVs that cost $2,010 each, for a total beginning inventory value of $100,500. During March, the firm made the following purchases: March 2 200 TVs for $2,000 each March 10 150 TVs for $1,800 each March 20 100 TVs for $1,500 each March 29 50 TVs for $1,000 each During March, the firm made...
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Operating Cash Flows (Direct Method) Howell Company's current-year income statement reports the following. Sales. ...... ...... $785,000 Cost of goods sold.............. 450,000 Gross profit. ................... $335,000 Howell's comparative balance sheets show the following (accounts payable relate to merchandise purchases). End of Year Accounts receivable. ....... $ 68,000 Inventory........... 109,000 Prepaid expenses... 2,000 Accounts payable... 31,000 Beginning of Year $60,000 99,000 8,000 36,000 Compute Howell's current-year cash received from customers and cash paid for merchandise purchased.
Calculating Operating Cash Flows (Direct Method) Chakravarthy Company's current year income statement reports the following: Sales $1,237,500 Cost of goods sold 825,000 Gross profit $412,500 Chakravarthy's comparative balance sheets show the following (accounts payable relate to merchandise purchases): End of Year Beg. of Year Accounts receivable $106,500 $90,000 Inventory 163,500 144,000 Accounts payable 46,500 55,500 Compute Chakravarthy's current-year cash received from customers and cash paid for merchandise purchased. Cash received from customers $ Cash paid for merchandise $
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