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The income statement of Reagan Inc. for the year

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The income statement of Reagan Inc. for the year aEx. 1 The general ledger of Link Company provides the following information: End of Year Beginning of Year Accounts Receivable $ 55,000 $ 94,000 Inventory 310,000 210,000 Accounts Payable 40,000 65,000 The company’s net sales for the year was $2,200,000 and cost of goods sold amounted to $1,500,000. Instructions Compute the following: (a) Cash receipts from customers. (b) Cash payments to suppliers. aEx. 2 The income statement of Reagan Inc. for the year ended December 31, 2014, reported the following condensed information: Service revenue $700,000 Operating expenses 340,000 Income from operations 360,000 Income tax expense 50,000 Net income $310,000 Roman’s balance sheet contained the following comparative data at December 31: 2014 2013 Accounts receivable $75,000 $45,000 Accounts payable 40,000 50,000 Income taxes payable 6,000 4,000 Reagan has no depreciable assets. Accounts payable pertains to operating expenses. Instructions Prepare the operating activities section of the statement of cash flows using the direct method. Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help

The income statement of Reagan Inc. for the year

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