Question - Gaston Corporation made sales of $ 725 million during 2014. Of this amount, Gaston collected cash for all but $ 24 million.
The company's cost of goods sold was $ 250 million, and all other expenses for the year totaled $ 400 million. Also during 2014, Gaston paid $ 410 million for its inventory and $ 290 million for everything else. Beginning cash was $ 85 million. Gaston's top management is interviewing you for a job and they ask two questions:
a. How much was Gaston's net income for 2014?
b. How much was Gaston's cash balance at the end of 2014?
You will get the job only if you answer both questions correctly. (Enter all amounts in millions.)
a. How much was Gaston's net income for 2014?
b. How much was Gaston's cash balance at the end of 2014?