During 2020, Scorpio Foods Inc. made sales of $4,600 (assume all on account) and collected...
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During 2020, Scorpio Foods Inc. made sales of $4,600 (assume all on account) and collected cash of $4,700 from customers. Operating expenses totalled $1,200, all paid in cash. At December 31, 2020, Scorpio Foods's customers owed the company $300. Scorpio Foods owed creditors $800 on account. All amounts are in millions Requirements 1. For these facts, show what Scorpio Foods Inc. would report on the following 2020 financial statements: Income statement Balance sheet 2. Suppose Scorpio Foods had used cash-basis accounting. What would Scorpio Foods Inc. have reported for these facts? . Requirement 1. For these facts, show what Scorpio Foods Inc. would report on the following 2020 financial statements: Income Statement and Balance Sheet. Financial statement Accounts (in millions) Income Statement Balance Sheet
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