$8$ Assignment $-$ Chapters $14$&$15$

Question $4,$ EF$14$A$-29($similar to$)$

HW Score: $12\mathrm{.}4\%,1\mathrm{.}12$ of $9$ points

Part $2$ of $2$

Points: $0\mathrm{.}39$ of $1$

Consider the following facts:

a$.$ Beginning and ending Accounts Receivable are $$28,000$ and $$25,000,$ respectively. Credit sales for the period total $$61,000.$

b$.$ Cost of goods sold is $$74,000.$

c$.$ Beginning Merchandise Inventory balance is $$22,000,$ and ending Merchandise Inventory balance is $$19,000.$

d$.$ Beginning and ending Accounts Payable are $$13,000$ and $$15,000,$ respectively.

Requirements

Compute cash collections from customers.

Compute cash payments for merchandise inventory.

Requirement $1.$ Compute cash collections from customers.

Select the labels and enter the amounts to compute cash collections from customers. $($Abbreviations used: Beg. $=$ Beginning; End. $=$ Ending.$)$

Requirement $2.$ Compute cash payments for merchandise inventory.

Select the labels and enter the amounts to compute cash payments for merchandise inventory. $($Abbreviations used: A$/$P $=$Accounts Payable; A$/$R $=$Accounts Receivable; Beg. $=$ Beginning; COGS $=$ Cost of Goods Sold; End. $=$ Ending; Inv. $=$ Inventory; Merch. $=$ Merchandise.$)$

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