Question: The following balance sheets are provided for Victor Foods
|
|
End of Year
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Beginning of Year
|
|
Cash and cash equivalents ............................
|
$170,000
|
$120,000
|
|
Accounts receivable ...........................
|
80,000
|
65,000
|
|
Inventory ..........................
|
140,000
|
130,000
|
|
Plant and equipment (net) ...................
|
130,000
|
80,000
|
|
Total assets ...................................
|
$520,000
|
$395,000
|
|
Accounts payable (for merchandise) ............
|
$ 65,000
|
$ 35,000
|
|
Wages payable ...............................
|
120,000
|
110,000
|
|
Long-term liabilities ...............................
|
95,000
|
70,000
|
|
Common stock ..............................
|
100,000
|
100,000
|
|
Retained earnings ....................................
|
140,000
|
80,000
|
|
Total liabilities and owner's equity ......................
|
$520,000
|
$395,000
|
Selected data from Victor Food's current year income statement:
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Sales ......................................................
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$1,650,000
|
|
Cost of goods sold .....................................
|
40,000
|
|
Wages expense......................................
|
260,000
|
Calculate the following [& show your work to earn partial credit in the event your responses are incorrect]:
Cash received from customers during the year ....................$______________
Indicate best answer to every question in the space provided.