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​?

Homework Answers

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

.

.

Please give a thumbs up

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
In its most recent financial statements, Nessler Inc. reported $20 million of net income and $260...
In its most recent financial statements, Nessler Inc. reported $20 million of net income and $260 million of retained earnings. The previous retained earnings were $250 million. How much in dividends were paid to shareholders during the year? Assume that all dividends declared were actually paid. Write out your answer completely. For example, 25 million should be entered as 25,000,000. Round your answer to the nearest dollar, if necessary.
Question 1 Assume 007 Inc. made sales of $891.3 million during 2016. Cost of goods sold...
Question 1 Assume 007 Inc. made sales of $891.3 million during 2016. Cost of goods sold for the year totaled $581.2 million. At the end of 2015, 007 Inc. inventories stood at $190.4 million, and the company ended 2016 with inventory of $232 million. Compute 007’s gross profit percentage and rate of inventory turnover for 2016.
(i) D & F, Inc. expects sales of $620, $650, $730 and $780 for the months...
(i) D & F, Inc. expects sales of $620, $650, $730 and $780 for the months of April through July, respectively. The firm collects 25 percent of sales in the month of sale, 55 percent in the month following the month of sale and 17 percent in the second month following the month of sale. The remaining 3 percent of sales is never collected. How much money does the firm expect to collect in the month of July? (SHOW YOUR...
Sandersen Inc. sells minicomputers. During the past​ year, the​ company's sales were $3.13 million. The cost...
Sandersen Inc. sells minicomputers. During the past​ year, the​ company's sales were $3.13 million. The cost of its merchandise sold came to ​$1.83 ​million, and cash operating expenses were ​$360,000​; depreciation expense was ​$95,000​, and the firm paid​$140,000 in interest on its bank loans.​ Also, the corporation paid ​$20,000 in the form of dividends to its own common stockholders. Calculate the​ corporation's tax liability by using the corporate tax rate structure in the popup​ window, LOADING... . Data Table Corporate...
The following data was collected during the calorimetric run. Graph the data and answer the questions...
The following data was collected during the calorimetric run. Graph the data and answer the questions below. (Enter your answers to three significant figures.) Table 1: Time and Temperature Time (s) Temperature (°C) −60. 23.7 −30. 23.7 30. 9.7 60. 10.5 90. 10.9 120. 11.3 150. 11.5 180. 11.7 210. 11.9 240. 12.0 270. 12.2 300. 12.3 330. 12.4 360. 12.5 390. 12.6 420. 12.6 450. 12.7 480. 12.8 510. 12.9 540. 12.9 570. 13.0 600. 13.0 a) What is...
The following data was collected during the calorimetric run. Graph the data and answer the questions...
The following data was collected during the calorimetric run. Graph the data and answer the questions below. (Enter your answers to three significant figures.) Table 1: Time and Temperature Data Time (s) Temperature (°C) −60. 23.6 −30. 23.6 30. 14.2 60. 15.5 90. 16.2 120. 16.8 150. 17.2 180. 17.6 210. 17.9 240. 18.1 270. 18.3 300. 18.5 330. 18.7 360. 18.9 390. 19.0 420. 19.2 450. 19.3 480. 19.4 510. 19.5 540. 19.7 570. 19.8 600. 19.9 What is...
On January 1, 2018, Baddour, Inc., issued 10% bonds with a face amount of $173 million....
On January 1, 2018, Baddour, Inc., issued 10% bonds with a face amount of $173 million. The bonds were priced at $151.7 million to yield 12%. Interest is paid semiannually on June 30 and December 31. Baddour’s fiscal year ends September 30. Required: 1. What amount(s) related to the bonds would Baddour report in its balance sheet at September 30, 2018? 2. What amount(s) related to the bonds would Baddour report in its income statement for the year ended September...
On January 1, 2018, Baddour, Inc., issued 12% bonds with a face amount of $170 million....
On January 1, 2018, Baddour, Inc., issued 12% bonds with a face amount of $170 million. The bonds were priced at $149.0 million to yield 14%. Interest is paid semiannually on June 30 and December 31. Baddour’s fiscal year ends September 30. Required: 1. What amount(s) related to the bonds would Baddour report in its balance sheet at September 30, 2018? 2. What amount(s) related to the bonds would Baddour report in its income statement for the year ended September...
Watt’s Lighting Stores made the following sales projection for the next six months. All sales are...
Watt’s Lighting Stores made the following sales projection for the next six months. All sales are credit sales. March...............................        $35,000 April.................................          41,000 May..................................          30,000 June.................................          39,000 July...................................          47,000 August..............................          49,000 Sales in January and February were $38,000 and $37,000, respectively. Experience has shown that of total sales, 10 percent are uncollectible, 30 percent are collected in the month of sale, 40 percent are collected in the following month, and 20 percent are collected two months after sale. Prepare a monthly cash receipts schedule for the firm...
Sandersen Inc. sells minicomputers. During the past year the​ company's sales were ​$3.4 million. The cost...
Sandersen Inc. sells minicomputers. During the past year the​ company's sales were ​$3.4 million. The cost of its merchandise sold came to ​$1.9 ​million, and cash operating expenses were ​$391,000​; depreciation expense was ​$110,000​, and the firm paid ​$152,000 in interest on its bank loans.​ Also, the corporation received ​$45,000 in dividend income but paid ​$21,000 in the form of dividends to its own common stockholders. Calculate the gross profit, operating profit, taxable dividend income, taxable ordinary income, tota tax...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT