Homework Answers
Sol :
a. Calculation of Net Income for 2020
Sales made during the period2020 = $725 Millions
Less: COGS during the period2020 = $320 Millions
All the expenses for the year = $325 Millions
Net income for the year 2020 = $80 Millions
b. Calculation of Closing cash balance as at 2020.
Opening cash balance = $85 Millions.
Add : Cash collected from sales =$698 Millions.
Less : Paid towards inventory. =$410 Millions
Less : Paid towards everything. =$250 Millions
Closing cash balance as at 2020 =$123 Millions
Note :Cash collected from sales =(725-27) =$698 Millions.
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