Among other items, the Andy's Business' income statement for the year shows sales revenue of ($ 156000),
Question:
Among other items, the Andy's Business' income statement for the year shows sales revenue of \(\$ 156000\), cost of goods sold of \(\$ 92600\) and salaries expense of \(\$ 24400\). An analysis of its beginning and ending balance sheets for the year shows an increase in accounts receivable of \(\$ 5800\), a decrease in inventory of \(\$ 14200\), a decrease in accounts payable of \(\$ 11200\) and a decrease in salaries payable of \(\$ 5600\).
Required:
Determine the business' collections from customers, payments to suppliers and payments to employees for the year.
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Related Book For
Accounting Information For Business Decisions
ISBN: 9780170253703
2nd Edition
Authors: Billie Cunningham, Loren A. Nikolai, John Bazley, Marie Kavanagh, Geoff Slaughter, Sharelle Simmons
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