McCoy Medical Company reported the following financial statements for 2014: Use the information in McCoy Medical Companys
Question:
McCoy Medical Company reported the following financial statements for 2014:
Use the information in McCoy Medical Company€™s financial statements to compute the following:
1. Collections from customers
2. Payments for inventory
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...
Transcribed Image Text:
McCoy Medical Company Income Statement Year Ended December 31, 2014 Revenue Sales Revenue $710 Expenses Gost of Goods Sold Depreciation Expense Other Expenses S340 60 200 Total Expense Net Income 600 $110 McCoy Medical Company Comparative Balance Sheet December 31, 2014 and 2013 in thousands ASSETS 2014 LIABILITIES 2014 Current: Current: $ 47 23 $ 42 21 Cash Accounts Receivable Inventory Prepaid Expenses 16 Accounts Payable 54 80 48 84 Salary Payable Accrued Liabilities 2 Long-Term Notes Payable 90 68 Long-Term Investments Plant Assets, Net 75 225 185 SHAREHOLDERS' EQUITY Common Shares Retained Earnings Total Liabilities and 40 272 37 246 Total Assets $456 425 Shareholders' Eqity $456 $425
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Req 1 Cash received from customers Beg Bal 48 Sales revenue 710 Bal end 54 704 Req 2 S...View the full answer
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Related Book For
Financial Accounting
ISBN: 978-0132889711
1st Canadian Edition
Authors: Jeffrey Waybright, Liang Hsuan Chen, Rhonda Pyper
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