Based on the following transactions, answer the follosssasdswing questions.Calculate the revenues, expenses, and net income that would be reported on the cash basis. (Enter loss amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Revenues Expenses Net Income / (Loss) i. Inventory costing $79,800 was purchased on account. ii. Inventory costing $68,400 was sold for $114,000. Eighty percent of the sales were for cash. iii. Cash collected from credit customers (those who bought on account) totalled $22,800. iv. A lease was signed at the beginning of the year, requiring monthly payments of $1,100. The rent for the first month was paid when the lease was signed. After that, the $1,100 rent was paid on the last day of each month, to cover the following month. v. Supplies costing $ 6,300 were purchased for cash. At the end of the year, $600 of the supplies were still unused. vi. Wages of $42,800 were paid during the year. Also, wages of $600 remained unpaid at year end.

Based on the following transactions, answer the follosssasdswing questions.Calculate the revenues, expenses, and net income that would be reported on the cash basis. (Enter loss amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Revenues Expenses Net Income / (Loss) i. Inventory costing $79,800 was purchased on account. ii. Inventory costing $68,400 was sold for $114,000. Eighty percent of the sales were for cash. iii. Cash collected from credit customers (those who bought on account) totalled $22,800. iv. A lease was signed at the beginning of the year, requiring monthly payments of $1,100. The rent for the first month was paid when the lease was signed. After that, the $1,100 rent was paid on the last day of each month, to cover the following month. v. Supplies costing $ 6,300 were purchased for cash. At the end of the year, $600 of the supplies were still unused. vi. Wages of $42,800 were paid during the year. Also, wages of $600 remained unpaid at year end.

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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You are given the following data in relation to two items held in inventory. Item A Item B Purchase price Select one: O a. 230 b. 240 O c. 170 d. 196 e. 206 160 40 200 Costs incurred to date 20 10 30 Estimated selling price 170 80 250 Selling costs 24 20 44 What is the aggregate amount at which inventories of these items should be stated in the statement of financial position?
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