Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 1. patton corporation had the following items on i

1. Patton Corporation had the following items on its financial statements for two recent years:...

70.2K

Verified Solution

Question

Accounting

1. Patton Corporation had the following items on its financial statements for two recent years: Year 2 Year 1 Sales $2,500,000 $2,000,000 Cost of goods sold 1,975,000 1,600,000 Cash 500,000 475,000 Temporary investments 150,000 150,000 Accounts receivable (net) 200,000 175,000 Inventory 325,000 300,000 Accounts payable 450,000 400,000

Based on these data, calculate Patton Corporations working capital for Year 2.

A) $725,000

b)$1,625,000

c)$2,050,000

d)None of these choices are correct.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Accounting
1.2K views

Tutorial 7 1.         X, Y and Z run a Townsville based import/export business in partnership and have done...

Electrical Engineering
1.2K views

Read Request for Comment IETF RFC 1155 and 1157 specifying the network management protocol standard and...

Physics
1.2K views

Q 46 Consider a uniformly charged hemispherical shell What can you say about the direction...

Physics
1.2K views

Work done by external agent on a test charge q in moving it in an...

Physics
1.2K views

2 10 m s 4 10 m s 3 15 m s A lift coming...

Geometry
1.2K views

c Fewer classmates have chores than don t have chores Do Not Have Chores 8...

Statistics
1.2K views

Provide an appropriate response The mean score of a competency test is 77 with a...

Statistics
1.2K views

2 The table below shows the price in dollars of a gallon of gas in...

Accounting
1.2K views

Current Attempt in Progress An asset group is being evaluated for an impairment...

Accounting
1.2K views

In 2023-24, a taxpayer receives dividends of 66,270 and has no other income....

Accounting
1.2K views

Based on the single period results, will Jo be happy with the investment?

Accounting
1.2K views

Check my work 1 The Giles Agency u Teren 12% trnded e discount en advertising...