Question: Says that it is not complete, looking for help Comparative financial statement data for Carmono Company follow: This Year Last Year Assets Cash Accounts receivable
Says that it is not complete, looking for help
Comparative financial statement data for Carmono Company follow: This Year Last Year Assets Cash Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and cquipment Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained carnings Total liabilities and stockholders' cquity $ 3 22 se 75 240 65 175 $ 250 24 40 7e 2ee se 15e $ 220 $ 40 15e be $ 25e $36 145 39 $ 228 For this year, the company reported net income as follows: Sales Cost of goods sold Gross margin Selling and administrative expenses Net income $ 275 150 125 $ 35 This year Cormono declared and paid o cash dividend. There were no sales of property, plant, and equipment during this year. The company did not repurchase any of its own stock this year, Required: Using the direct method, convert the company's income statement to a cash basis. (Adjustment amounts that are to be deducted should be indicated with a minus sign.) Carmono Company Direct Method of Determining the Net Cash flows from Operating activities Sales S 275 Adjustments to a cash basis: Decrease in accounts receivable 2 S 277 Cast of goods sold 150 Adjustments to a cash basis: Increase in accounts payable (4) Increase in inventory 10 156 Selling and administrative expenses 90 Adjustments to a cash basis: 90 31 S
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