Liam Co., had the following data in 2020. Compute the MCIT at 2%. Gross Sales 1,000,000 Sales discounts & allowances 30,000 Sales returns by customers 20,000 Interest income from bank deposit 20,000 Rental income from vacant premises 60,000 Inventory, at the start of the year 220,000 Gross purchases 700,000 Net freight on purchases during the year 25,000 Purchase discounts and allowances 40,000 Purchases returned to suppliers 50,000 Inventory at the end of the year 160,000
Liam Co., had the following data in 2020. Compute the MCIT at 2%. Gross Sales 1,000,000 Sales discounts & allowances 30,000 Sales returns by customers 20,000 Interest income from bank deposit 20,000 Rental income from vacant premises 60,000 Inventory, at the start of the year 220,000 Gross purchases 700,000 Net freight on purchases during the year 25,000 Purchase discounts and allowances 40,000 Purchases returned to suppliers 50,000 Inventory at the end of the year 160,000
Intermediate Financial Management (MindTap Course List)
13th Edition
ISBN:9781337395083
Author:Eugene F. Brigham, Phillip R. Daves
Publisher:Eugene F. Brigham, Phillip R. Daves
Chapter21: Supply Chains And Working Capital Management
Section: Chapter Questions
Problem 9P: Grunewald Industries sells on terms of 2/10, net 40. Gross sales last year were 4,562,500 and...
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Liam Co., had the following data in 2020. Compute the MCIT at 2%.
Gross Sales 1,000,000
Sales discounts & allowances 30,000
Sales returns by customers 20,000
Interest income from bank deposit 20,000
Rental income from vacant premises 60,000
Inventory, at the start of the year 220,000
Gross purchases 700,000
Net freight on purchases during the year 25,000
Purchase discounts and allowances 40,000
Purchases returned to suppliers 50,000
Inventory at the end of the year 160,000
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