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Question - Company XYZ had the following information during 2020:
1. Beginning inventory was $50,000. Purchases of inventory was $20,000. Ending inventory was 35% of beginning inventory at the end of the year.
2. Cash on hand was $325,000.
3. Sales revenue was $225,000.
4. Operating expenses were half of cost of goods sold.
5. Income tax rate was 20%.
Required - Prepare an income statement for 2020 using the (1) single-step approach and (2) multiple-step approach. What are the advantages and disadvantages of each?
The company is now adopting a new inventory system. If the new system is able to reduce the firm's inventory level and increase the firm's inventory turnover ratio to 5 while maintaining the same levels of sales, how much cash will be freed up?
nation narrow assurance company provides both automobile and life insurance to its customers. income statements for the
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