Question

The following information is provided for Kelly Plumbing Supply.
Cash received from customers during December 2014 ......... $387,000
Cash paid to suppliers for inventory during December 2014 ....... 131,000
Cash received from customers includes November accounts receivables of $139,000. Sales totaling $141,000 were made on account during December and are expected to be collected in January 2015. Cash paid to suppliers in December included payments of $19,000 for inventory purchased and used in November. All inventory purchased in December and $39,000 of inventory purchased in November was used in December.

Required:
What is gross profit for the month of December under accrual accounting?



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  • CreatedSeptember 10, 2014
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