Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

How much cash did ABS Corp receive from customers? Type in your answer in the first box (3 points), and upload a picture of your

image text in transcribedimage text in transcribed

How much cash did ABS Corp receive from customers?

Type in your answer in the first box (3 points), and upload a picture of your logical step-by-step work to the second box (4 points).

Even if you work on Excel, please take a picture which shows your logic.

2019 2018 Balance Sheet($million) Assets Cash Account receivable Inventories Prepaid expense Property, plant and equipment Less: Accumulated depreciation Long-term investments Total Asset $3,500 $2,100 $4,900 $200 $3,000 ($1,300) $700 $13,100 $2,400 $1,600 $4,300 $0 $2,300 ($800) $900 $10,700 Liabilities and Shareholders' equity Account payable Accrued liabilities Income Tax payable Long-term debt Common stock Capital in excess of par value Retained earning Total Liability and Equity $3,300 $900 $100 $600 $500 $6,500 $1,200 $13,100 $2,500 $600 $200 $0 $600 $6,600 $200 $10,700 Income Statement ($million) Sales revenue Cost of goods sold Operating expenses Depreciation expenses Interest expenses Gain on sales of equipment Income tax expenses Net Income 2019 $74,000 $55,000 $15,800 $500 $100 2018 $52,000 $40,000 $11,500 $400 $100 $300 $72 $228 $0 $780 $1,820 Notes In 2019 no equipmemt is sold. -The LIFO reserves as of December 31 2019 and 2018 are $1,420 million and $1,100 million respectively. -The effective tax rate for 2019 and earlier periods is 30%. -Long-term debt is issued at par. -No items impacted retained earnings other than net income and dividends

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions