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please solve both questions 5. A small firm does not keep books nor pay any income taxes. It has a cash business that puts most

please solve both questions image text in transcribed
5. A small firm does not keep books nor pay any income taxes. It has a cash business that puts most (say, 75% of sales), but not all, receipts into its bank a/c. Its bank examined its current account and noted $567,888 in total credits during the year. During the same year, the bank advanced $45,000 as a loan to the firm (via its a/c) to purchase a new vehicle. The owners also "capitalized" the business (by putting funds into the firm's bank account) with a $67,000 capital injection. Based on this fact pattern, the firm's likely sales revenues (rounded to '000 = k) are: $567K $608K $789K $589K 6. During the accounting period, a firm disbursed $23,765,788 in cash to pay its suppliers. Opening amounts owed to the suppliers was $2,654,871 while the closing year amount owed totaled $3,216,367. During the same year, inventory increased by $1,456,789. Based on the fact pattern, what was the cost of goods sold in the income statement during the accounting period: $22,870,495 $23,675,987 $18,987,100 $36,754,333

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