Suppose your firm receives a 15m order in the last week of, Ask an Expert

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Suppose your firm receives a $15M order in the last week of the fiscal year. You fill the order with $11.1M of inventory. The customer picks up the product before year end and pays you $9.0M and promises to pay the rest in 60 days time. Your firm’s tax rate is 40%. At end of the year, the effect on your financial statements is? Earnings Receivables a. $3.90M $15M b. $3.90M $6.0M c. $2.34M $6.0M d. $3.60M $15 M e. $2.34M $3.9M

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