Ramakrishnan, Inc., reported 2021 net income of $20 million and depreciation of $3,400,000. The top part of Ramakrishnan, Inc.’s, 2021 and 2020 balance sheets is reproduced below (in millions of dollars): 2021 2020 2021 2020 Current assets: Current liabilities: Cash and marketable securities $ 25 $ 26 Accrued wages and taxes $ 43 $ 35 Accounts receivable 98 92 Accounts payable 69 60 Inventory 170 144 Notes payable 60 55 Total $ 293 $ 262 Total $ 172 $ 150
Ramakrishnan, Inc., reported 2021 net income of $20 million and depreciation of $3,400,000. The top part of Ramakrishnan, Inc.’s, 2021 and 2020 balance sheets is reproduced below (in millions of dollars): 2021 2020 2021 2020 Current assets: Current liabilities: Cash and marketable securities $ 25 $ 26 Accrued wages and taxes $ 43 $ 35 Accounts receivable 98 92 Accounts payable 69 60 Inventory 170 144 Notes payable 60 55 Total $ 293 $ 262 Total $ 172 $ 150
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Ramakrishnan, Inc., reported 2021 net income of $20 million and
| 2021 | 2020 | 2021 | 2020 | ||||||||||||
| Current assets: | Current liabilities: | ||||||||||||||
| Cash and marketable securities | $ | 25 | $ | 26 | Accrued wages and taxes | $ | 43 | $ | 35 | ||||||
| 98 | 92 | Accounts payable | 69 | 60 | |||||||||||
| Inventory | 170 | 144 | Notes payable | 60 | 55 | ||||||||||
| Total | $ | 293 | $ | 262 | Total | $ | 172 | $ | 150 | ||||||
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