Answer:
$15 million
Explanation:
Data provided in the question:
Inventory turn ratio = 60
Annual sales = $50 million
Average inventory = $250,000
Now,
we know,
Inventory turn ratio = ( Cost of goods sold ) ÷ ( Average inventory )
thus,
60 = ( Cost of goods sold ) ÷ $250,000
or
Cost of goods sold = 60 × $250,000
or
Cost of goods sold = $15,000,000 or $15 million
Answer:
Kofi aka Da Flex
Explanation:
Not sure but i think this might be the answer
Answer:
$46,500
Explanation:
Accounting equation is stated as :
Assets = Equity + Liabilities
therefore,
Equity = Assets - Liabilities
Equity at Beginning of the Period :
Equity = Assets - Liabilities
= $78,000 - $42,000
= $36,000
Equity at end of the Period
Closing Equity Balance = Opening Balance + Net Income - Dividends
= $36,000 + $15,500 - $5,000
= $46,500
Answer:
Cash Flow from Operating Activities
Net Income $24,000
Adjustments for Non-Cash items :
Depreciation expense $12,000
Adjustments for Changes in Working Capital :
Increase in Accounts receivable ($10,000)
Decrease in Inventory $16,000
Increase in Salaries payable $1,000
Net Cash from Operating Activities $43,000
Explanation:
The Indirect method reconciles the Operating Profit to Operating Cash Flow by adjusting the Operating Cash flow with the following items :
- Non-cash items previously deducted or added to Operating Profit.
- Changes in Working Capital.
