Question
19. Refer to the financial statement information for Vanedelay, Corp. What amount of cash did Vandelay collect from customers for the year ended 12/31/18? Assume
19. Refer to the financial statement information for Vanedelay, Corp. What amount of cash did Vandelay collect from customers for the year ended 12/31/18? Assume Vandelay has no allowance for uncollectible accounts.
| Income Statement |
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| Year ended December 31 | 2018 |
| Sales | $65,077.20 |
| Cost of goods sold | (48,592.80) |
| Selling, general, & admin. | (13,597.20) |
| Other | (811.80) |
| Interest expense | (802.80) |
| Misc. gains, losses, & expenses | (446.40) |
| Net income (loss) | 826.20 |
| Vandelay, Corp. |
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| Statements of Financial Position |
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| At December 31 | 2018 | 2017 | |
| Current Assets | |||
| Cash | $3,825.0 | $635.4 | |
| Accounts receivable | 1,965.6 | 2,986.2 | |
| Inventories | 11,943.0 | 12,335.4 | |
| Total current assets | 17,733.6 | 15,957.0 | |
| Property, plant, and equipment, net | 9,541.8 | 10,819.8 | |
| Other long term assets | 2,293.2 | 3,178.8 | |
| Total assets | 29,568.6 | 29,955.6 | |
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| Current liabilities |
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| Accounts payable | 3,587.4 | 4,748.4 | |
| Accrued expenses and other liabilities | 1,672.2 | 2,084.4 | |
| Taxes payable | 338.4 | 943.2 | |
| Total current liabilities | 5,610.6 | 9,545.4 | |
| Long term debt obligations | 12,600.0 | 9,552.6 | |
| Shareholders equity |
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| Common stock | 3,798.0 | 3,783.6 | |
| Retained earnings | 7,560.0 | 7,074.0 | |
| Total shareholders equity | 11,358.0 | 10,857.6 |
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Introduction To Corporate Finance
Authors: Laurence Booth, Sean Cleary
3rd Edition
978-1118300763, 1118300769
