7-podraced_solution

7-podraced_solution - CASE PODRACED PRODUCTION SOLUTION...

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CASE PODRACED PRODUCTION SOLUTION 5–41. Income Statement Adjustments Statement of Cash Flows Sales $ 1,530,600 - 25,000 $1,505,600 Interest revenue 17,250 + 150 17,400 Cost of goods sold (895,400) - 14,750 - 6,800 (916,950) General expenses (255,400) - 3,600 - 2,250 (261,250) Depreciation expense (23,500) + 23,500 0 Salaries expense (114,300) + 4,450 (109,850) Interest expense (12,500) - 200 (12,700) Income taxes expense (85,500) + 1,750 (83,750) Loss on sale of equipment (9,500 ) + 9,500 0 Net income $ 151,750 $ 138,500 1. Cash flows from operating activities: Cash collected from customers. .............................. $ 1,505,600 Cash received for interest. ....................................... 17,400 $ ................................................................... 1,523,000 Cash paid for inventory. .......................................... $ 916,950 Cash paid for general expenses. .............................. 261,250 Cash paid for salaries. ............................................. 109,850
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7-podraced_solution - CASE PODRACED PRODUCTION SOLUTION...

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