Panjim Trading Company's cash T-account for 2015. Based on Panjim's 2015 cash T-account, which one of...

 

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Panjim Trading Company's cash T-account for 2015. Based on Panjim's 2015 cash T-account, which one of the following statements must be true? During 2015, Panjim's total merchandise sales were $60,000. During 2015, Panjim's total merchandise purchases were $44,000. . During 2015, Panjim issued $75,000 of debt. Panjim did not record any tax expense for 2015. PANJIM TRADING COMPANY T-ACCOUNT 2015 Cash Bal 1/1 Collections from customers Common stock issued Five-year bank loan Sale of used van Bal 12/31 225,000 60,000 44,000 Payments to suppliers 20,000 13,000 Purchase of machinery 75,000 100,000 Salaries paid 10,000 4,000 Dividends paid 5,000 Interest payment 1.000 Garage rental prepayment 223,000 Panjim Trading Company's cash T-account for 2015. Based on Panjim's 2015 cash T-account, which one of the following statements must be true? During 2015, Panjim's total merchandise sales were $60,000. During 2015, Panjim's total merchandise purchases were $44,000. . During 2015, Panjim issued $75,000 of debt. Panjim did not record any tax expense for 2015. PANJIM TRADING COMPANY T-ACCOUNT 2015 Cash Bal 1/1 Collections from customers Common stock issued Five-year bank loan Sale of used van Bal 12/31 225,000 60,000 44,000 Payments to suppliers 20,000 13,000 Purchase of machinery 75,000 100,000 Salaries paid 10,000 4,000 Dividends paid 5,000 Interest payment 1.000 Garage rental prepayment 223,000

Answer rating: 100% (QA)

The amount of 60000 is cash collections from customers and not total merchandise sales that ma... View the full answer