Southeast Corporation made sales of $950 million during 2021. Of this amount, Southeast collected cash for $876
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Southeast Corporation made sales of $950 million during 2021. Of this amount, Southeast collected cash for $876 million. The company’s cost of goods sold was $260 million, and all other expenses for the year totaled $275 million. Also during 2021, Southeast paid $410 million for its inventory and $250 million for everything else. Beginning cash was $75 million.
a. How much was Southeast’s net income for 2021?
b. How much was Southeast’s cash balance at the end of 2021?
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