Philip Morris expects the sales for his clothing company to be $620,000 next year. Philip notes that net assets (Assets - Liabilities) will remain unchanged. His clothing firm will enjoy a 9 percent return on total sales. He will start the year with $220,000 in the bank. What will Philip's ending cash balance be?
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Home » Business » Philip Morris expects the sales for his clothing company to be $620,000 next year. Philip notes that net assets (Assets - Liabilities) will remain unchanged. His clothing firm will enjoy a 9 percent return on total sales.