The information below was taken from the general ledger accounts of Muhria Tran, who uses the accrual
Question:
The information below was taken from the general ledger accounts of Muhria Tran, who uses the accrual basis of accounting.
MUHRIA TRAN | ||||||||
30 June | ||||||||
2018 | 2017 | |||||||
Accounts receivable Inventory Prepaid insurance Accounts payable Wages payable Sales Cost of sales Expenses (including $47 000 depreciation) | $115 800 48 360 2 200 35 500 3 200 270 000 148 000 88 000 | $78 600 52 200 2 700 37 700 4 700 | ||||||
Required
A. Calculate the amount of cash collected from customers during 2018.
B. Calculate the amount of cash paid to suppliers for purchases during 2018.
C. Calculate the amount of cash paid to suppliers of services (including employees) during 2018.
Step by Step Answer:
Accounting
ISBN: 978-1118608227
9th edition
Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett