Homework Answers
a. Net income for 2020;
| $ million | |
| Sales | 750 |
| less; cost of goods sold | (270) |
| Gross profit | 480 |
| less;other expenses | (350) |
| Net income | 130 |
b. Cash balance at end of 2020.
| $ million | |
| Beginning cash | 110 |
| add; Cash collected from sales ($750 million -31 million) | 719 |
| less; cash paid for inventory and expenses (420+255) | (675) |
| Cash balance at end of 2020 | 154 |
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