nichola122
Sep 27, 2011, 03:47 PM
Philip Morris expects the sales for his clothing company to be $500,000 next year. Philip notes that net assets (Assets - Liabilities) will remain at 50 percent of Sales. His clothing firm will enjoy a 9 percent return on total sales. He will start the year with $100,000 in the bank.
What would Philip's ending cash balance be?
What would Philip's ending cash balance be?