During August 2017, Packer Manufacturing had the following cash receipts and disbursements: Cash received from customers....................................$319,000 Cash
Question:
During August 2017, Packer Manufacturing had the following cash receipts and disbursements:
Cash received from customers....................................$319,000
Cash received from selling equipment..............................11,200
Cash paid for salaries..................................................47,000
Cash paid to suppliers for inventory purchases..................130,000
In addition, the following balance sheet account balances were shown on Packer's books:
July 31 August 31
Accounts receivable..........$128,000....................$135,000
Inventory..........................33,000.......................25,000
Accounts payable................21,000.......................25,000
Salaries payable...................8,000........................5,000
Assume all sales and purchases are on account.
Required:
1. Determine sales for August 2017.
2. Determine salary expense for August 2017.
3. Determine cost of goods sold for August 2017.
Balance SheetBalance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Step by Step Answer:
Requirement 1 Accounts receivable Beginning accounts receivable Solve for sales on acc...View the full answer
Financial Reporting and Analysis
ISBN: 978-1259722653
7th edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
