What impact will each of the following have on profit for the period and total assets? (i).
Question:
What impact will each of the following have on profit for the period and total assets?
(i). Purchase inventory on credit for $20 000.
(ii). Sell goods on credit for $30 000 (cost of goods sold was $14 000).
(iii). Pay accounts payable of $20 000.
(iv). Receive $30 000 from accounts receivable.
(v). Pay $10 000 for wages during the period, and owe $2000 for other work done during this period that will not be paid to next period.
(vi). Issue share capital of $50 000
(vii). Declare and pay dividends of $5000.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Financial Accounting An Integrated Approach
ISBN: 9780170411028
7th Edition
Authors: Ken Trotman, Elizabeth Carson
Question Posted: