Power Company's income statement for 2021 is given below. If inventory balances are 10000 in 2021 and 4000 in 2020, and if accounts payables balances are 15000 in 2021 and 2000 in 2020. Which of the following is cash payment for COGS (cash inputs)? Sales 75,000 -COGS 55,000 Gross Profit 20,000 -Operating Expenses 8,000 Operating Profit 12,000 -Interest Expense 2,000 Profit before Tax 10,000 -Tax 3,000 Net Profit 7,000 Select one: a. 48000 b. 50000 c. 43000 d. 69000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
Power Company's income statement for 2021 is
given below. If inventory balances are 10000 in
2021 and 4000 in 2020, and if accounts
payables balances are 15000 in 2021 and 2000
in 2020. Which of the following is cash payment
for COGS (cash inputs)?
Sales
75,000
-СOGS
55,000
Gross Profit
20,000
-Operating
Expenses
8,000
Operating Profit
12,000
-Interest Expense
2,000
Profit before Tax
10,000
-Тах
3,000
Net Profit
7,000
Select one:
а.
48000
b. 50000
c. 43000
d. 69000
Transcribed Image Text:Power Company's income statement for 2021 is given below. If inventory balances are 10000 in 2021 and 4000 in 2020, and if accounts payables balances are 15000 in 2021 and 2000 in 2020. Which of the following is cash payment for COGS (cash inputs)? Sales 75,000 -СOGS 55,000 Gross Profit 20,000 -Operating Expenses 8,000 Operating Profit 12,000 -Interest Expense 2,000 Profit before Tax 10,000 -Тах 3,000 Net Profit 7,000 Select one: а. 48000 b. 50000 c. 43000 d. 69000
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education