The following income statement and balance sheet information relate to Adams Industries for the year 2017...
The following income statement and balance sheet information relate to Adams Industries for the year 2017 (the 2016 balance sheet is the “beginning” balance sheet):
2017 Income Statement:
|
Sales Revenue |
$910,000 |
|
Cost of goods sold |
650,000 |
|
Gross profit |
260,000 |
|
Operating expenses (including $20,000 depreciation) |
130,000 |
|
Pretax income |
130,000 |
|
Income tax expense (rate is 30%) |
39,000 |
|
Net Income |
$91,000 |
Balance Sheet:
|
2017 |
2016 |
|
|
Accounts receivable |
$60,000 |
$65,000 |
|
Inventory |
185,000 |
142,000 |
|
Prepaid expenses |
10,000 |
12,600 |
|
Accounts payable |
78,000 |
72,000 |
|
Income taxes payable |
6,000 |
4,500 |
|
Unearned revenue |
10,000 |
14,000 |
Show work and compute:
|
Cash collected from customers |
|
|
Cash paid to suppliers |
Homework Answers
|
Cost of goods sold |
$ 6,50,000.00 |
|
Add: Increase in Inventory |
$ 43,000.00 |
|
Net purchases |
$ 6,93,000.00 |
|
Less: Increase in Accounts payable |
$ (6,000.00) |
|
Net cash paid to supplier |
$ 6,87,000.00 |
|
Sales revenue |
$ 9,10,000.00 |
|
Add: Decrease in accounts receivables |
$ 5,000.00 |
|
Cash collected from customers |
$ 9,15,000.00 |
Answers
|
Cash collected from customers |
$ 915,000 |
|
Cash paid to suppliers |
$ 687000 |
Add Answer to:
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