During August 20X1, Packer Manufacturing had the following cash receipts and disbursements: Cash received from customers ................................................
Question:
During August 20X1, Packer Manufacturing had the following cash receipts and disbursements:
Cash received from customers ................................................ $319,000
Cash received from selling equipment ....................................... 11,200
Cash paid for salaries .................................................................... 47,000
Cash paid to suppliers for inventory purchases ...................... 130,000
In addition, the following balance sheet account balances were shown on Packer’s books:
Assume all sales and purchases are on account.
Required:
1. Determine sales for August 20X1.
2. Determine salary expense for August 20X1.
3. Determine cost of goods sold for August 20X1.
Step by Step Answer:
Financial Reporting And Analysis
ISBN: 9781260247848
8th Edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer