Question: Can someone please help me figure this problem out Collect $25,000 of Accounts Receivables; $5,000 interest on bonds; $80,000 related to cash sales (related cost
Collect $25,000 of Accounts Receivables; $5,000 interest on bonds; $80,000 related to cash sales (related cost of goods sold was $14,000) Paid $15,000 of Accounts Payable; $21,000 of Notes Payable; $5,000 of Income Tax Payable; $25,000 wages: and $5,000 of selling expenses Purchased inventory costing $32,000 of which $16,000 was purchased on account Made sales on account totaling $85.000 (related cost of goods sold $16,000) On June 30, 2015, purchased a second delivery truck for $15,000 paving cash. The truck has a useful Ife of 10 years and a salvage value of $3,000
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
