While reviewing the Taber Business' income statement for the year, you find that it had sales of
Question:
While reviewing the Taber Business' income statement for the year, you find that it had sales of \(\$ 81500\), cost of goods sold of \(\$ 50000\) and wages expense of \(\$ 30200\). A review of its beginning and ending balance sheets shows a decrease in accounts receivable of \(\$ 3400\), an increase in inventory of \(\$ 4500\), an increase in wages payable of \(\$ 3300\) and an increase in accounts payable of \(\$ 7800\).
Required:
Determine the business' collections from customers, payments to suppliers and payments to employees for the year.
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Related Book For
Accounting Information For Business Decisions
ISBN: 9780170253703
2nd Edition
Authors: Billie Cunningham, Loren A. Nikolai, John Bazley, Marie Kavanagh, Geoff Slaughter, Sharelle Simmons
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