Slimwood Corporation made sales of $750 million during 2021. Of this amount, Slimwood collected cash for $670 million. The company's cost of goods sold was $255 million, and all other expenses for the year totaled $225 million. Also during 2021, Slimwood paid $390 million for its inventory and $295 million for everything else. Beginning cash was $120 million.
a. How much was Slimwood's net income for 2021?
b. How much was Slimwood's cash balance at the end of 2021?
Answers: 2
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Slimwood Corporation made sales of $750 million during 2021. Of this amount, Slimwood collected cash...
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