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Assume the following excerpts from a company's balance sheet: Bonds payable Common stock Retained earnings Beginning Balance $ 500,000 $ 900,000 $ 375,000 Ending Balance
Assume the following excerpts from a company's balance sheet: Bonds payable Common stock Retained earnings Beginning Balance $ 500,000 $ 900,000 $ 375,000 Ending Balance $ 600,000 $ 920,000 $ 443,000 During the year, the company did not retire any bonds or repurchase any common stock. If the company's net cash provided by (used in) financing activities is $65,000, then its net income would be: Multiple Choice $185,000. $123,000. Assume a merchandising company reported the following income statement: Sales Cost of goods sold Gross margin Selling and administrative expenses Net income before taxes Income tax expense Net income $ 300,000 180,000 120,000 80,000 40,000 12,000 $ 28,000 Selected balance sheet accounts are as follows: Beginning Balance Ending Balance $ 60,000 $ 30,000 $ 8,000 $ 63,600 $ 28,000 $ 6,000 Current Assets Accounts receivable Inventory Prepaid expenses Current Liabilities Accounts payable Accrued liabilities Income taxes payable $ 10,000 $ 7,000 $ 4,000 $ 13,000 $ 6,000 $ 4,000 What are the company's cash collections from customers? Assume a merchandising company reported the following income statement: Sales Cost of goods sold Gross margin Selling and administrative expenses Net income before taxes Income tax expense Net income $ 300,000 180,000 120,000 80,000 40,000 12,000 $ 28,000 Selected balance sheet accounts are as follows: Beginning Balance Ending Balance $ 60,000 $ 30,000 $ 8,000 $ 65,000 $ 28,000 $ 6,000 Current Assets Accounts receivable Inventory Prepaid expenses Current Liabilities Accounts payable Accrued liabilities Income taxes payable $ 10,000 $ 7,000 $ 4,000 $ 14,400 $ 6,000 $ 4,000 What are the company's cash payments for inventory purchases
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