Trudeau's Marine, Inc., reported the following selected amounts in its financial statements for the year ended December

Question:

Trudeau's Marine, Inc., reported the following selected amounts in its financial statements for the year ended December 31, 2016:

Income Statement 2016 2015 $768,500 $640,400 459,800 384,200 25,200 Net Sales. Cost of Goods Sold. Depreciation Expense.

Requirement
1. Determine the following for Trudeau’s Marine, Inc., during 2016.
a. Collections from customers
b. Payments for inventory
c. Payments of other operating expenses
d. Acquisitions of property and equipment; no sales were made during 2016
e. Long-term borrowing, assuming Trudeau’s Marine, Inc., made no payments on long-term liabilities
f. Proceeds from issuance of common stock
g. Payment of cash dividends?

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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Related Book For  book-img-for-question

Financial Accounting

ISBN: 978-0134436111

4th edition

Authors: Robert Kemp, Jeffrey Waybright

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