Question

TimlinTimlin Inc. made sales of $ 950$950 million during 20172017. Of this​ amount, TimlinTimlin Inc. collected...

TimlinTimlin

Inc. made sales of

$ 950$950

million during

20172017.

Of this​ amount,

TimlinTimlin

Inc. collected cash for all but

$ 30 million.$30 million.

The​ company's cost of goods sold was

$ 260$260

​million, and all other expenses for the year totalled

$ 450$450

million. Also during

20172017​,

TimlinTimlin

Inc. paid

$ 390$390

million for its inventory and

$ 250$250

million for everything else. Beginning cash was

$ 90$90

million.

TimlinTimlin

​Inc.'s top management is interviewing you for a job and they ask two​ questions:

a.  How much was

TimlinTimlin

​Inc.'s net income for

20172017​?

b.  How much was

TimlinTimlin

​Inc.'s cash balance at the end of

20172017​?

Business   Accounting   
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Answer #1
calculation of Net income
sales $   950.00
Less: cost of goods sold $ (260.00)
less: other expenses $ (450.00)
Net income $   240.00
calculation of ending cash balance
Beginning cash $      90.00
Add: Cash sales $   920.00
Less: Inventory purchase $ (390.00)
Less: other expenses paid $ (250.00)
Cash balance at the end $   370.00

.

.

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