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Question PLEASE SHOW STEP BY STEP SOLUTIONS. I NEED TO UNDERSTAND HOW YOU GOT BOTH ANSWERS Carter Corporation made sales of $900 million during 2014. Of this amount, Carter collected cash for all but $27 million. The company’s cost of goods sold was $290 million, and all other expenses for the year totaled $375 million. Also during 2014, Carter paid $375 million for its inventory and $255 million for everything else. Beginning cash was $70 million. Carter’s top management is interviewing you for a job and they ask two questions: a. How much was Carter’s net income for 2014? b. How much was Carter’s cash balance at the end of 2014? You will get the job only if you answer both questions correctly. (Enter all amounts in millions.)

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Question

PLEASE SHOW STEP BY STEP SOLUTIONS. I NEED TO UNDERSTAND HOW YOU GOT BOTH ANSWERS 
Carter

Corporation made sales of $900 million during 2014. Of this amount, Carter collected cash for all but $27 million. The company’s cost of goods sold was $290 million, and all other expenses for the year totaled $375 million. Also during 2014, Carter paid $375 million for its inventory and $255 million for everything else. Beginning cash was $70 million. Carter’s top management is interviewing you for a job and they ask two questions:

a. How much was Carter’s net income for 2014?

b. How much was Carter’s cash balance at the end of 2014?

You will get the job only if you answer both questions correctly. (Enter all amounts in millions.)

 
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