Taylor Brothers began operations in 2014. The following selected information was extracted from its financial records: REQUIRED:
Question:
Taylor Brothers began operations in 2014. The following selected information was extracted from its financial records:
REQUIRED:
a. Compute gross sales (accrual basis) for 2014 and 2015.
b. Calculate the amount of cash paid to suppliers during 2015 for inventory.
c. Compute the balance in the prepaid insurance account as of December 31, 2014, and December 31, 2015.
Transcribed Image Text:
2015 2014 Sales returns Cost of goods sold Inventory Accounts receivable Insurance expense Cash collected on sales Accounts payable Cash paid for insurance $25,000 $20,000 250,000 130,000 95,000 35,000 350,000 105,000 65,000 375,000 110,000 150,000 50,000 500,000 115,000 90,000
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a Ending accounts receivable Beginning accounts receivable Gross sales Sales returns Cash ...View the full answer
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