Using the following financial statements for XYZ Corp., how cash did XYZ receive

Question

Using the following financial statements for XYZ Corp., how cash did XYZ receive from customers during 2014?

Using the following financial statements for XYZ Corp., how cash did XYZ pay to suppliers for inventory during 2014?

Income Statement - 2014 Balance Sheets - 2014 and 2013 Revenues Cost of Goods Sold SG&A; Expenses Depreciation Interest Expense ncone Tax EXpense Net Income $82,000 $35,000 $15,500 -$6,000 -$2,500 $5,000 $18,000 Cash Accounts Receivable Inventory Land Building, net Total Assets Dec. 2014Dec. 2013 $56,000 $28,000 $20,000 $120,000 $120,000 $86,000 $315,000 $310,000 $62,000 $25,000 $28,000 $80,000 $32,000 $50,000 Accounts Pavable Bonds Payable Common Stock Retained Earnings Total Liabilities and Equity $34,000 $50,000 $170,000$170,000 $56,000 $315,000 310,000 $63,000

Explanation / Answer

Cash, XYZ , receive from customers during 2014 = Sales + Accounts Receivable at the beginning of the year -

Accounts Receivable at the end of the year

=> $82,000 + 28000 - 25000 = $85000

Cash, XYZ, pay to suppliers for inventory during 2014 = Cost of goods sold + Accounts Payable at the beginning

of the year - Accounts Payable at the end of the year

=> $35000 + 34000 - 32000 = $37000

Related Questions

Navigate

• Browse (All)
• Browse U
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.