Carter Inc. made sales of $925 million during the year. Of this amount, Carter Inc. collected cash for all but $23 million. The company's cost of goods sold was $350 million, and all other expenses for the year totalled $375 million. Also during the year, Carter Inc. paid $395 million for its inventory and $260 million for everything else. Beginning cash was $145 million. The company uses accrual accounting. Carter Inc.'s top management is interviewing you for a job and you are asked two questions: a. How much was Carter Inc.'s net income for the year? b. How much was Carter Inc.'s cash balance at the end of the year? a. How much was Carter Inc.'s net income for the year? Carter's net income (in millions) b. How much was Carter Inc.'s cash balance at the end of the year? Carter's cash balance at the end of the year (in millions):

Carter Inc, made sales of $925 million during the year. Of this amount, Carter Inc. collected cash for all but $23 million. The company's cost of goods sold was $350 million, and all other expenses for the year totalled $375 million. Also during the year, Carter Inc. paid $395 million for its inventory and $260 million for everything else Beginning cash was $145 million. The company uses accrual accounting. Carter Inc.'s top management is interviewing you for a job and you are asked two questions: a. How much was Carter Inc.'s net income for the year? b. How much was Carter Inc's cash balance at the end of the year? a. How much was Carter Inc.'s net income for the year? Carter's net income (in millions) b. How much was Carter Inc 's cash balance at the end of the year? Carter's cash balance at the end of the year (in millions)