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undefined 1. Brice Corporation reported the following information: 2019 Income Statement: Sales Revenue $8,200,000 Cost of goods sold 6.400.000 Gross profit 1,800,000 Operating expenses (includes
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1. Brice Corporation reported the following information: 2019 Income Statement: Sales Revenue $8,200,000 Cost of goods sold 6.400.000 Gross profit 1,800,000 Operating expenses (includes $200,000 depreciation expense) 1,250,000 Pretax income 550,000 Income tax expense (30% rate) 165,000 Net Income $385.000 Balance Sheet: Accounts receivable Inventory Prepaid expenses Accounts payable Accrued liabilities Income taxes payable Unearned revenue 2019 $800,000 520,000 110,000 340,000 80,000 25,000 100,000 2018 $600,000 480,000 120,000 310,000 90,000 40,000 200,000 a. Compute Brice's cash paid to suppliers for inventory for 2019. b. Compute Brice's cash paid for operating expenses in 2019. c. Compute Brice's cash paid for income taxes in 2019Step by Step Solution
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