The following information is available for Kelsey Inc. Compute the following for 2011: 1. The ending balance

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The following information is available for Kelsey Inc.

Compute the following for 2011:
1. The ending balance in accounts receivable
2. The amount of cash paid for inventory
3. The amount of cost of goodssold

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Intermediate Accounting

ISBN: 978-0324592375

17th Edition

Authors: James D. Stice, Earl K. Stice, Fred Skousen

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Question Posted: Jan 28, 2012 06:33 AM

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The following information is available for Kelsey Inc. Compute the following for 2011: 1. The ending balance

Question:

Dec. 31, 2011 Dec. 31, 2010 Accounts receivable. Invento 72,000 56,000 540,000 $75,000 83,000 44,000 Accounts payable Sales Cost of goods sold Cash collected from customers Cash paid for inventory Inventory purchased on account 551,000 279,000

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1 Dec 31 Accounts receivable Jan 1 Accounts receiva...View the full answer

Intermediate Accounting

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