Solved

Brice Corporation Reported the Following Information Compute Brice Corporation's Cash Collected from Customers for 2010

Question 107

Short Answer

Brice Corporation reported the following information:
2010 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: 20102009 Accounts receivable $800,000$600,000 Inventory 520,000480,000 Prepaid expenses 110,000120,000 Accounts payable 340,000310,000 Accrued liabilities 80,00090,000 Income taxes payable 25,00040,000 Unearned revenue 100,000200,000\begin{array}{l}\begin{array} { l r } 2010 \text { Income Statement: } & \\\text { Sales Revenue } & \$ 8,200,000 \\\text { Cost of goods sold } & \underline{6,400,000} \\\text { Gross profit } & 1,800,000 \\\text { Operating expenses (includes } \$ 200,000 \text { depreciation expense) } & \underline{1,250,000} \\\text { Pretax income } & 550,000 \\\text { Income tax expense ( } 30 \% \text { rate) } & \underline{165,000} \\\text { Net Income } & \$ 385,000 \\\end{array}\\\underline { \text { Balance Sheet: } }\\\begin{array} { l r r } & \underline { 2010 } & \underline { 2009 } \\\text { Accounts receivable } & \$ 800,000 & \$ 600,000 \\\text { Inventory } & 520,000 & 480,000 \\\text { Prepaid expenses } & 110,000 & 120,000 \\\text { Accounts payable } & 340,000 & 310,000 \\\text { Accrued liabilities } & 80,000 & 90,000 \\\text { Income taxes payable } & 25,000 & 40,000 \\\text { Unearned revenue } & 100,000 & 200,000\end{array}\end{array} Compute Brice Corporation's cash collected from customers for 2010.

Correct Answer:

Answered by Quizplus AI

Answered by Quizplus AI

To compute the cash collected from custo...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents