Silberman Company transactions are listed below. Indicate the amount of revenue, expense, and cash flow that results
Question:
a. $5,000 of supplies were purchased in August for cash. $1,500 of the supplies were consumed in August, and $2,500 were consumed in September.
b. $15,000 of merchandise was sold in September. $6,000 of the sales were on credit.
c. Merchandise that cost Silberman $7,500 was sold in September. Silberman had paid $5,000 for the merchandise in August. The rest was paid for in September.
d. $50,000 was borrowed in August. $2,500 will be repaid each month for 20 months beginning in September. (Ignore interest.)
e. $25,000 of equipment was purchased and paid for in August. $500 of the equipments revenue-generating ability was consumed in September; the remainder will be consumed in thefuture.
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Related Book For
Financial Accounting Information For Decisions
ISBN: 978-0324672701
6th Edition
Authors: Robert w Ingram, Thomas L Albright
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