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Austin Company reported Net sales of $1,200,000 and Accounts Receivable, net of $78,500. The Day’s sales uncollected (rounded to whole days) is:

The gain or loss from retirement of debt is reported under cash flows from operating activities on the statement of cash flows using the indirect method.

The balance sheet is based on the accounting equation.

Investing activities do not include the:

All of the following are asset accounts except:

Austin Company reported Net sales of $1,200,000 and Accounts Receivable, net of $78,500. The Day’s sales uncollected (rounded to whole days) is:

All of the following are asset accounts except:

Refer to the following selected financial information from Fernandez Incorporated. Compute the company’s profit margin for Year 2.    Year 2 Year 1 Net sales $ 478,500   $ 426,250   Cost of goods sold   276,300     250,120   Interest expense   9,700     10,700   Net income before tax   67,250     52,680   Net income after tax   46,050     39,900   Total assets   317,100     288,000   Total liabilities   181,400     167,300   Total equity   135,700     120,700  

The balance sheet is based on the accounting equation.

The accrual basis of accounting: