Burle Industries is a manufacturer of heavy mining equipment. The company has been in operation for...
Homework Answers
Answer 1:
Correct answer is:
A. $15,000
Explanation:
Cost of goods sold =Revenue - Gross profit = $35,000 - $20,000 = $15,000
Hence option A is correct and other options B,C and D are incorrect.
Answer 2:
Correct answer is:
B. $7,038.
Explanation:
Based on information given, income statement is as follows:
Assuming that Burle Industries did not pay any dividends to common stockholders, the addition to retained earnings in 20X7 = Net Income = $7,038
Hence option B is correct and other options A, C and D are incorrect.
Answer 3:
Correct answer is:
C. $12,988.
Explanation:
Cash flow from operations is calculated below:
Hence option C is correct and other options A, B and D are incorrect.
Answer 4:
Correct answer is:
A. $1,988.
Explanation:
Statement of Cash flow is given below:
As calculated above total cash flow for Burle Industries for the year ending December 31, 20X7 = $1,988.
Hence option A is correct and other options B, C and D are incorrect.
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Burle Industries is a manufacturer of heavy mining equipment. The company has been in operation for...
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