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  • Autos of Red Deer Inc Reported The Following Financial Statements

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    Autos of Red Deer Inc. reported $710,000 in sales revenue and $560,000 in total expenses in 2017, resulting in net income of $150,000. Expenses included $340,000 for cost of goods sold, $70,000 in salary expense, $20,000 in depreciation expense, and $130,000 in other expenses.

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    Autos of Red Deer Inc Reported the Following Financial Statements

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    Autos of Red Deer Inc. reported $710,000 in sales revenue and $560,000 in total expenses in 2017, resulting in net income of $150,000. Expenses included $340,000 for cost of goods sold, $70,000 in salary expense, $20,000 in depreciation expense, and $130,000 in other expenses.

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    7 views2 pages

    Autos of Red Deer Inc Reported The Following Financial Statements

    Uploaded by

    Muhammad Shahid
    Autos of Red Deer Inc. reported $710,000 in sales revenue and $560,000 in total expenses in 2017, resulting in net income of $150,000. Expenses included $340,000 for cost of goods sold, $70,000 in salary expense, $20,000 in depreciation expense, and $130,000 in other expenses.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    Autos of Red Deer Inc reported the following financial

    statements #6750
    Autos of Red Deer Inc reported the following financial statements

    Autos of Red Deer Inc. reported the following financial statements for 2017:

    Autos of Red Deer Inc.

    Income Statement

    For the Year Ended December 31, 2017

    (In Thousands)

    Sales revenue .................................................... $710

    Cost of goods sold ............................................... 340

    Salary expense ..................................................... 70

    Depreciation expense .............................................. 20

    Other expense ...................................................... 130

    Total expense ...................................................... 560

    Net income ........................................................ $150

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    Compute the following:

    a. Collections from customers

    b. Payments for inventory?

    Autos of Red Deer Inc reported the following financial statements

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