Carrico Advertising Inc. performs advertising services for several Fortune 500 companies. The following information describes Carrico's...

 

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Carrico Advertising Inc. performs advertising services for several Fortune 500 companies. The following information describes Carrico's activities during the current year. a. At the beginning of the year, customers owed Carrico $45,800 for advertising services performed during the previous year. During the current year, Carrico performed an additional $704,300 of advertising services on account. Carrico collected $708,700 cash from customers during the current year. b. At the beginning of the year, Carrico had $13,290 of supplies on hand for which it owed suppliers $8,150. During the year, Carrico purchased an additional $14,600 of supplies on account. Carrico also paid $19,300 cash owed to suppliers for goods previously purchased on credit. Carrico had $2,230 of supplies on hand at the end of the year. c. Carrico's operating and interest expenses were $437,600 and $123,700, respectively. Required: 1. Calculate Carrico's income before taxes. 2. Calculate the ending balance of accounts receivable, the supplies used, and the ending balance of accounts payable. Enter all amounts as positive values. Ending balance of accounts receivable Supplies used Ending balance of accounts payable Carrico Advertising Inc. performs advertising services for several Fortune 500 companies. The following information describes Carrico's activities during the current year. a. At the beginning of the year, customers owed Carrico $45,800 for advertising services performed during the previous year. During the current year, Carrico performed an additional $704,300 of advertising services on account. Carrico collected $708,700 cash from customers during the current year. b. At the beginning of the year, Carrico had $13,290 of supplies on hand for which it owed suppliers $8,150. During the year, Carrico purchased an additional $14,600 of supplies on account. Carrico also paid $19,300 cash owed to suppliers for goods previously purchased on credit. Carrico had $2,230 of supplies on hand at the end of the year. c. Carrico's operating and interest expenses were $437,600 and $123,700, respectively. Required: 1. Calculate Carrico's income before taxes. 2. Calculate the ending balance of accounts receivable, the supplies used, and the ending balance of accounts payable. Enter all amounts as positive values. Ending balance of accounts receivable Supplies used Ending balance of accounts payable

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