Randolph Company starts business on January 1, 2020. The following transactions occurred in 2020 Total sales...

  

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Randolph Company starts business on January 1, 2020. The following transactions occurred in 2020 Total sales equals $90,250 and 80% of these sales were cash sales. 2- Merchandise inventory costing $55,000 was purchased on account. Cost of goods sold during the year was $45,000. Payments made to suppliers of merchandise inventory totalled $35,000. Wages of $34,000 were paid during the year. In addition, wages of $4,500 remained unpaid at year end. 1- 3- 4- 5- Office supplies costing $5,000 were purchased on account during the year. $4,500 of the supplies were still unused at the end of the year. 7- Paid $700 for the office supplies that were purchased on account. có 6- Based on the foregoing transactions for Randolph Company, net income (loss) that would be reported under the accrual basis equals O a. $16,250 O b. $6,250 O c. ($3,750) O d. $2,250 Randolph Company starts business on January 1, 2020. The following transactions occurred in 2020 Total sales equals $90,250 and 80% of these sales were cash sales. 2- Merchandise inventory costing $55,000 was purchased on account. Cost of goods sold during the year was $45,000. Payments made to suppliers of merchandise inventory totalled $35,000. Wages of $34,000 were paid during the year. In addition, wages of $4,500 remained unpaid at year end. 1- 3- 4- 5- Office supplies costing $5,000 were purchased on account during the year. $4,500 of the supplies were still unused at the end of the year. 7- Paid $700 for the office supplies that were purchased on account. có 6- Based on the foregoing transactions for Randolph Company, net income (loss) that would be reported under the accrual basis equals O a. $16,250 O b. $6,250 O c. ($3,750) O d. $2,250

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