Question

Consider the following facts:
a. Beginning and ending Accounts Receivable are $ 20,000 and $ 24,000, respectively. Credit sales for the period total $ 62,000.
b. Cost of goods sold is $ 76,000.
c. Beginning Merchandise Inventory balance is $ 27,000, and ending Merchandise Inventory balance is $ 22,000.
d. Beginning and ending Accounts Payable are $ 14,000 and $ 9,000, ­respectively.

Requirements
1. Compute cash collections from customers.
2. Compute cash payments for merchandise inventory.



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  • CreatedJanuary 16, 2015
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