Question
1) On its Statement of Cash Flows for the fiscal year ended December 31, 2020, ABC, Inc. shows a Net Decrease in Cash of ($150,000).
1) On its Statement of Cash Flows for the fiscal year ended December 31, 2020, ABC, Inc. shows a Net Decrease in Cash of ($150,000). The corporations Cash balance listed on its Balance Sheet one year ago (i.e., on December 31, 2019) was $225,000. Calculate the Cash balance that would appear on ABC, Inc.s Balance Sheet as of December 31, 2020 (the current year).
2) The Happy Auto Shop, Inc. has provided you with the following annual information: Gross Sales: $900,000 Net Sales: $789,000 Gross Profit: $367,000 Based on this information, calculate the following values:
a. Sales Returns and Allowances:
b. Cost of Goods Sold
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