Question

The Garden Corporation made sales of $ 725 million during 2014. Of this​ amount, The Garden collected cash for all but $ 31 million. The​ company's cost of goods sold was $ 350 ​million, and all other expenses for the year totaled $ 250 million. Also during 2014​, The Garden paid $ 375 million for its inventory and $ 270 million for everything else. Beginning cash was $ 70 million. The Garden​'s top management is interviewing you for a job and they ask two​ questions:

The Garden Corporation made sales of ST25 milin during 2014. or this amount, The Garden collected cash for all but $31 milion. The company's cost ot goods sold was $350 million, and all other expenses for the year totaled $250 million. Also during 2014, The Garden paid $375 million for its inventory and S270 million for everything else. Beginning cash was $70 million. The Garden's top managernent is interviewing you for a job and they ask two questions: b. How much was The Garden's cash balance at the end of 2014? You will get the job only It you answer both questions correctly. (Enter all amounts In millons.) Garden's net income for 20147 a. How much was The Garden's net income for 2014? The Garden's net income for 2014 is smillion

Answer 1

Sales Cost of Goods Sold Other Expenses Net Income $725 $350 Milion $250 Milion $125 Milion Milion Cash Balance Milion $694Milion Milion $270 Milion $119Milion $70 Cash Collected from Sales Cash Paid for Purchase of Inventory $375 Cash Paid for everything else Clsoing Cash Balance