Accounting > EXAMs > Liberty University ACCT 301 Quiz 1 complete solution 100% satisfied (All)

Liberty University ACCT 301 Quiz 1 complete solution 100% satisfied

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The following information ($ in millions) comes from a recent annual report of Amazon.com, Inc.: Net sales $10,721 Total assets 4,499 End of year balance in cash 1,135 Total stockholders' equity ... 440 Gross profit (Sales − Cost of Sales) 2,644 Net increase in cash for the year 12 Operating expenses 2,047 Net operating cash flow 606 Other income (expense), net (24) Compute Amazon's total liabilities at the end of the year. The following information ($ in millions) comes from a recent annual report of Amazon.com, Inc.: Net sales $10,847 Total assets 4,550 End of year balance in cash 1,202 Total stockholders' equity 332 Gross profit (Sales − Cost of Sales) 2,593 Net increase in cash for the year 25 Operating expenses 2,057 Net operating cash flow 644 Other income (expense), net (32) Compute the income before income tax for Amazon. Alpaca Corporation had revenues of $270,000 in its first year of operations. The company has not collected on $19,100 of its sales and still owes $26,500 on $80,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $10,500 in salaries. Owners invested $18,000 in the business and $18,000 was borrowed on a five-year note. The company paid $3,500 in interest that was the amount owed for the year, and paid $7,900 for a two-year insurance policy on the first day of business. Alpaca has an effective income tax rate of 30%. Compute net income for the first year for Alpaca Corporation. [Show More]

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