Refer to Exhibit 6.18, which provides items from the financial statements of Infotech Corporation. Exhibit 6.18. Sales.
Question:
Refer to Exhibit 6.18, which provides items from the financial statements of Infotech Corporation.
Exhibit 6.18.
Sales. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 14,508
Cost of Goods Sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11,596)
Depreciation Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (114)
Other Expenses, Including Salaries and Wages Expense . . . . . . (2,276)
Income Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (210)
Net Income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 312
DATA FROM BEGINNING- AND END-OF-YEAR BALANCE SHEETS
Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $782 Decrease
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 Decrease
Prepayments for Other Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 Decrease
Accounts Payable for Inventories. . . . . . . . . . . . . . . . . . . . . . . . . 90 Increase
Current Liabilities for Wages and Salaries Payable. . . . . . . . 240 Decrease
a. How much cash did Infotech pay during the year to its suppliers of goods?
b. How much cash did Infotech pay during the year to its employees and suppliers of other services?
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
Step by Step Answer:
Financial Accounting An Introduction to Concepts, Methods and Uses
ISBN: 978-1133591023
14th edition
Authors: Roman L. Weil, Katherine Schipper, Jennifer Francis