Answered step by step
Verified Expert Solution
Question
1 Approved Answer
How much cash did Kuithe Corp. collect in cash from customers during 2020? (just enter the number, without any commas or a dollar sign)
How much cash did Kuithe Corp. collect in cash from customers during 2020? (just enter the number, without any commas or a dollar sign) Financial Statements for 2020 Balance Sheet Income Statement Assets 2020 2019 Sales Revenue $ 230,000 Cash $ 62,000 $ 48,000 Accounts Receivable, Net $ 26,000 $ 23,000 Cost of Goods Sold Wages Expense $ (135,000) $ (18,000) Inventory $ 22,000 $ 32,000 Rent Expense $ (10,000) Prepaid Rent $ 40,000 $ 20,000 Bad Debt Expense $ (2,000) Equipment, Net $ 72,000 $ 80,000 R&D Expense $ (20,000) Land S 30,000 $40,000 Depreciation Expense $ (8,000) Total Assets $ 252,000 $ 243,000 Interest Expense $ (4,000) Gain on Sale of Land $ 3,000 Liabilities and Equity Accounts Payable $ Wages Payable Income Tax Payable $ Long-Term Debt Contributed Capital Retained Earnings Total Liabilities and Equity $ 42,000 $ 36,000 $ 252,000 $ 243,000 2020 28,000 $ $ 23,000 $ 1,000 $ $ 38,000 $ 38,000 $ 120,000 $ 120,000 2019 Income Tax Expense $ (5,000) 24,000 17,000 8,000 Net Income $ 31,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started