In June, Oceania Hospital makes cash sales of $20,000 and credit sales of $50,000 (all to be
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Question:
In June, Oceania Hospital makes cash sales of $20,000 and credit sales of $50,000 (all to be collected in July). It pays wages of $15,000 and owes $6000 for June expenses (all to be collected in July).
- What is the profit using cash accounting?
- What is the profit using accrual accounting?
- Solve the accounting equation for the missing figures in the table below:
Assets ($) | Liabilities ($) | Equity ($) |
66,000 | 32,000 | (a) |
(b) | 296,000 | 364,000 |
146,000 | (c) | 75,000 |
(d) | 15,000 | 42,000 |
963,000 | 432,000 | (e) |
198,000 | (f) | 126,000 |
Related Book For
Financial Accounting An Integrated Approach
ISBN: 9780170411028
7th Edition
Authors: Ken Trotman, Elizabeth Carson
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