Question: Refer to the data for Carmono Company in Exercise 155. Required: Using the direct method, convert the companys income statement to a cash basis. Sales.....

Refer to the data for Carmono Company in Exercise 15—5.

Sales..... Cost of goods sold Gross margin ..... $275 150 125 Selling and administrative expenses ... 90 Net income... $


Required:

Using the direct method, convert the company’s income statement to a cash basis.

Sales..... Cost of goods sold Gross margin ..... $275 150 125 Selling and administrative expenses ... 90 Net income... $ 35

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