Wiley Company’s income statement for Year 2 follows:? The company’s selling and

Question

Wiley Company’s income statement for Year 2 follows:?

The company’s selling and administrative expense for Year 2 includes $80 of depreciation expense. Selected balance sheet accounts for Wiley at the end of Years 1 and 2 are as follows:

REQUIRED:

1. Using the direct method, convert the company’s income statement to a cash basis. (Adjustment amounts that are to be deducted should be indicated with a minus sign.)

PLEASE HELP!!

The company’s selling and administrative expense for Year 2 includes $80 of depreciation expense. Selected balance sheet accounts for Wiley at the end of Years 1 and 2 are as follows:

REQUIRED:

1. Using the direct method, convert the company’s income statement to a cash basis. (Adjustment amounts that are to be deducted should be indicated with a minus sign.)

PLEASE HELP!!

Sales Cost of goods sold $2,050 1,100 Gross margin Selling and administrative expenses 950 500 Income before taxes Income taxes 450 180 $ 270 Net income

Explanation / Answer

Wiley Company’s income statement for Year 2 follows:? The company’s selling and

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