Question
At the beginning of Year 2, the Bradley Company had the following balances in its accounts: Cash $53,600 Inventory 18,000 Common Stock 65,000 Retained Earnings
At the beginning of Year 2, the Bradley Company had the following balances in its accounts: Cash $53,600 Inventory 18,000 Common Stock 65,000 Retained Earnings 6,600 During Year 2, the company experienced the following events: Purchased inventory that cost $4,400 on account from Bivins Company. Purchased two $50,000 tracts of land for a total price of $100,000. 30% was paid in cash, the balance was borrowed from the bank. Sold inventory that cost $6,000 for $11,000 on account. Purchased a delivery van for $15,000 cash. Paid half the amount due to Bivins Company. Paid 10% of the outstanding balance on the land note. Sold one tract of land for $70,000 cash. What was Bradley's Year 2 Gross Margin? What was Bradley's Year 2 Net Income? What was the balance in the Note Payable account for Bradley's Year 2 Balance Sheet? What was the Net Cash Flow from Investing Activities for Year 2?
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