19. Refer to the financial statement information for Vanedelay, Corp. What amount of cash did Vandelay...
19. Refer to the financial statement information for Vanedelay, Corp. What amount of cash did Vandelay collect from customers for the year ended 12/31/18? Assume Vandelay has no allowance for uncollectible accounts.
|
Income Statement |
|
|
Year ended December 31 |
2018 |
|
Sales |
$65,077.20 |
|
Cost of goods sold |
(48,592.80) |
|
Selling, general, & admin. |
(13,597.20) |
|
Other |
(811.80) |
|
Interest expense |
(802.80) |
|
Misc. gains, losses, & expenses |
(446.40) |
|
Net income (loss) |
826.20 |
|
Vandelay, Corp. |
|||
|
Statements of Financial Position |
|||
|
At December 31 |
2018 |
2017 |
|
|
Current Assets |
|||
|
Cash |
$3,825.0 |
$635.4 |
|
|
Accounts receivable |
1,965.6 |
2,986.2 |
|
|
Inventories |
11,943.0 |
12,335.4 |
|
|
Total current assets |
17,733.6 |
15,957.0 |
|
|
Property, plant, and equipment, net |
9,541.8 |
10,819.8 |
|
|
Other long term assets |
2,293.2 |
3,178.8 |
|
|
Total assets |
29,568.6 |
29,955.6 |
|
|
Current liabilities |
|||
|
Accounts payable |
3,587.4 |
4,748.4 |
|
|
Accrued expenses and other liabilities |
1,672.2 |
2,084.4 |
|
|
Taxes payable |
338.4 |
943.2 |
|
|
Total current liabilities |
5,610.6 |
9,545.4 |
|
|
Long term debt obligations |
12,600.0 |
9,552.6 |
|
|
Shareholders’ equity |
|||
|
Common stock |
3,798.0 |
3,783.6 |
|
|
Retained earnings |
7,560.0 |
7,074.0 |
|
|
Total shareholders’ equity |
11,358.0 |
10,857.6 |
Homework Answers
Answer is $66,097.80
Cash collected from customers = Beginning accounts receivable +
Sales - Ending accounts receivable
Cash collected from customers = $2,986.20 + $65,077.20 -
$1,965.60
Cash collected from customers = $66,097.80
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