Hupta Corporation reports for the year ended December 31, 2005 sales of €9,430and cost of goods sold of €6,500. Other information as of December 31 is asfollows:Accounts ReceivableInventoryAccounts Payablea)b)d)Based on the above information for Hupta Corporation, answer questions 1-3.2. Cash paid to suppliers for year ended December 31, 2005 is:€6,480€6,460€5,520€6,560€6,200e)2004€500€400€2502005€550€380€2903. Cash collected from customers for the year ended December 31, 2005 is:a)b)€9,380€9,430€8,930€8,980€9,000

Cost of goods sold is actual cost of goods being sold to customers. On the basis of purchases, cash…

2. Cash paid to suppliers for year ended December 31, 2005 is: €6,480 €6,460 €5,520 a) b) d) e) €6,560 €6,200 3. Cash collected from customers for the year ended December 31, 2005 is: a) €9,380 b) €9,430 d) e) €8,930 €8,980 €9,000

2. Cash paid to suppliers for year ended December 31, 2005 is: €6,480 €6,460 €5,520 a) b) d) e) €6,560 €6,200 3. Cash collected from customers for the year ended December 31, 2005 is: a) €9,380 b) €9,430 d) e) €8,930 €8,980 €9,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Hupta Corporation reports for the year ended December 31, 2005 sales of €9,430
and cost of goods sold of €6,500. Other information as of December 31 is as
follows:
Accounts Receivable
Inventory
Accounts Payable
a)
b)
d)
Based on the above information for Hupta Corporation, answer questions 1-3.
2. Cash paid to suppliers for year ended December 31, 2005 is:
€6,480
€6,460
€5,520
€6,560
€6,200
e)
2004
€500
€400
€250
2005
€550
€380
€290
3. Cash collected from customers for the year ended December 31, 2005 is:
a)
b)
€9,380
€9,430
€8,930
€8,980
€9,000

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