Brice Corporation Reported the Following Information Balance Sheet:
Question 116
Question 116
Short Answer
Brice Corporation reported the following information:
2010 Income Statement: Sales Revenue Cost of goods sold Gross profit Operating expenses (includes $200,000 depreciation expense) Pretax income Income tax expense ( 30% rate) Net Income $8,200,0006,400,0001,800,0001,250,000550,000165,000$385,000
Balance Sheet: Accounts receivable Inventory Prepaid expenses Accounts payable Accrued liabilities Income taxes payable Unearned revenue 2010$800,000520,000110,000340,00080,00025,000100,0002009$600,000480,000120,000310,00090,00040,000200,000 Compute Brice's cash paid to suppliers for inventory for 2010.
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