Question
Tulip Corporation's financial data in 2020: INCOME STATEMENT BALANCE SHEET Sales $200,000 Cash $20,000 Increase - COGS $30,000 Accounts Receivable $10,000 Increase = Gross Profit
Tulip Corporation's financial data in 2020:
INCOME STATEMENT | BALANCE SHEET |
Sales $200,000 | Cash $20,000 Increase |
- COGS $30,000 | Accounts Receivable $10,000 Increase |
= Gross Profit $170,000 | Inventory $50,000 Decrease |
- Operating Expenses $4,000 | Accounts Payable $20,000 Decrease |
- Depreciation Expense $1,000 | Equity $80,000 Increase |
= Net Income $165,000 |
|
Based upon this information what amount will be shown for Cash Receipts from Customers when using the direct method ?
Based upon this information what amount will be shown for Cash Payments to Suppliers when using the direct method?
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