Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Using the following financial statements for Protegen Incorporated, how much cash did the company receive from customers during 2020? BALANCE SHEET Assets Cash Accounts Receivable
Using the following financial statements for Protegen Incorporated, how much cash did the company receive from customers during 2020? BALANCE SHEET Assets Cash Accounts Receivable Advances to Suppliers of Inventory Inventory Prepaid Insurance Land Buildings and Equipment (cost) Accumulated Depreciation Total Assets Liabilities and Shareholders' Equity Accounts Payable-Suppliers Salaries Payable Advances from Customers Interest Payable Income Tax Payable Dividends Payable Notes Payable Common Stock Retained Earnings Total Liabilities and Shareholders' Equity INCOME STATEMENT Revenues Gain on Sale of Building/Equipment Cost of Goods Sold Wage and Salary expense Depreciation expense Insurance expense Interest expense Income before taxes Tax expense Net Income As of December 31, 2020 2019 92,428 72,000 14,400 17,280 4,032 4,520 115,200 136,800 2,880 4,320 64,800 57,600 1,152,000 1,104,480 (486,720) (489,600) 959,020 907,400 28,800 49,160 25,920 24,480 10,240 12,960 4,320 5,760 1,440 345,600 352,800 381,600 360,000 155,340 97,200 959,020 907,400 12/31/2020 1,440,000 36,000 1,065,600 216,000 2,880 7,200 720 43,200 25,920 10,800 114,480 49,140 65,340
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