Question: Gallaxy Corp has just ended the calendar year making a sale in the amount of $12,325,000 but has currently charged (collected) only $7,725,000. The

Gallaxy Corp has just ended the calendar year making a sale in

Gallaxy Corp has just ended the calendar year making a sale in the amount of $12,325,000 but has currently charged (collected) only $7,725,000. The firm paid 60% of the merchandise during the year, which originally cost a total of $8,500,000. Required: Calculate the Net profits based on Accrual basis and Cash flow basis from this sale.

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