In September, Sinclair Inc. made sales of $310,000, of which $260,000 were on credit and the...

 

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In September, Sinclair Inc. made sales of $310,000, of which $260,000 were on credit and the rest in cash. The sold merchandise had cost Sinclair $120,000 when it purchased it last month. In September, Sinclair acquired merchandise inventory of $78,000, payable next month to the supplier. Sinclair incurred salary and rent costs for September of $24,000 and $13,000, respectively and were paid in cash. Find the Net Cash Flow and the Net Income (Accrual Basis). In September, Sinclair Inc. made sales of $310,000, of which $260,000 were on credit and the rest in cash. The sold merchandise had cost Sinclair $120,000 when it purchased it last month. In September, Sinclair acquired merchandise inventory of $78,000, payable next month to the supplier. Sinclair incurred salary and rent costs for September of $24,000 and $13,000, respectively and were paid in cash. Find the Net Cash Flow and the Net Income (Accrual Basis).

Answer rating: 100% (QA)

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