Use the information given for Very Heavenly Desserts, Inc., to calculate the following: a. Cash paid for
Question:
Use the information given for Very Heavenly Desserts, Inc., to calculate the following:
a. Cash paid for salaries
b. Cash paid for income taxes
c. Cash paid for inventory items
d. Cash collected from customers
e. Cash proceeds from stockissue
Transcribed Image Text:
From the Financial Statements for Very Heavenly Desserts, Inc. Balance Sheet Income Statement Amount for the Year Beginning of the Year End of the Year Sales revenue Accounts receivable Salary expense Salaries payable Cost of goods sold Inventoryy Accounts payable Income tax expense Income taxes payable Common stock and additional $67,000 $ 8,800 3,000 11,600 $ 3,500 3,250 9,500 18,750 31,200 1,500 1,750 7,500 1,500 1,600 500,000 750,000 paid-in capital
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a Cash paid for salaries Salary expense 18750 Increase in wages payable 1...View the full answer
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Related Book For
Financial Accounting: A Business Process Approach
ISBN: 978-0136115274
3rd edition
Authors: Jane L. Reimers
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