Chris's Outdoor Furniture, Incorporated, has net cash flows from operating activities for the last year of $350 million. The income statement shows that net income is $325 million and depreciation expense is $45 million. During the year, the change in inventory on the balance sheet was $35 million, change in accrued wages and taxes was $15 million, and change in accounts payable was $26 million. At the beginning of the year, the balance of accounts receivable was $45 million. Calculate the end-of-year balance for accounts receivable. Note: Enter your answers in millions of dollars. (i.e., Enter 10,000,000 as 10.) Accounts receivable million

Chris's Outdoor Furniture, Incorporated, has net cash flows from operating activities for the last year of $350 million. The income statement shows that net income is $325 million and depreciation expense is $45 million. During the year, the change in inventory on the balance sheet was $35 million, change in accrued wages and taxes was $15 million, and change in accounts payable was $26 million. At the beginning of the year, the balance of accounts receivable was $45 million. Calculate the end-of-year balance for accounts receivable. Note: Enter your answers in millions of dollars. (i.e., Enter 10,000,000 as 10.) Accounts receivable million

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 5RE: In the current year, Harrisburg Corporation had net income of 35,000, a 9,000 decrease in accounts...

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Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.
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