Cash-to-accrual assignment 1. Slater Company uses the cash basis of accounting. Slater Company collected $950,000 from its customers during 2019. Customers owed Slater $150,000 of accounts receivable at the beginning of 2019, and $190,000 of accounts receivable at the end of 2019. What is Slater's sales revenue for 2019 under the accrual basis of accounting? 2. Merry Company uses the cash basis of accounting. Merry Company made $600,000 in payments to its suppliers during the year. Merry's beginning inventory was $20,000, and its ending inventory was $35,000. In addition, Merry had a beginning accounts payable of $40,000 and an ending accounts payable of $70,000. What is Merry's cost of goods sold under the accrual basis of accounting? 3. Little Company uses the cash basis of accounting. Little Company made $28,000 in payments to its suppliers during the year. Little's beginning inventory was $2,000, and its ending inventory was $1,000. In addition, Little had a beginning accounts payable of $7,000 and an ending accounts payable balance of $4,000. What is Little's cost of goods sold under the accrual basis of accounting? H O Search

Cash-to-accrual assignment 1. Slater Company uses the cash basis of accounting. Slater Company collected $950,000 from its customers during 2019. Customers owed Slater $150,000 of accounts receivable at the beginning of 2019, and $190,000 of accounts receivable at the end of 2019. What is Slater's sales revenue for 2019 under the accrual basis of accounting? 2. Merry Company uses the cash basis of accounting. Merry Company made $600,000 in payments to its suppliers during the year. Merry's beginning inventory was $20,000, and its ending inventory was $35,000. In addition, Merry had a beginning accounts payable of $40,000 and an ending accounts payable of $70,000. What is Merry's cost of goods sold under the accrual basis of accounting? 3. Little Company uses the cash basis of accounting. Little Company made $28,000 in payments to its suppliers during the year. Little's beginning inventory was $2,000, and its ending inventory was $1,000. In addition, Little had a beginning accounts payable of $7,000 and an ending accounts payable balance of $4,000. What is Little's cost of goods sold under the accrual basis of accounting? H O Search

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Cash-to-accrual assignment
1. Slater Company uses the cash basis of accounting. Slater Company collected $950,000
from its customers during 2019. Customers owed Slater $150,000 of accounts receivable
at the beginning of 2019, and $190,000 of accounts receivable at the end of 2019. What is
Slater's sales revenue for 2019 under the accrual basis of accounting?
2. Merry Company uses the cash basis of accounting. Merry Company made $600,000 in
payments to its suppliers during the year. Merry's beginning inventory was $20,000, and
its ending inventory was $35,000. In addition, Merry had a beginning accounts payable of
$40,000 and an ending accounts payable of $70,000. What is Merry's cost of goods sold
under the accrual basis of accounting?
(((
3. Little Company uses the cash basis of accounting. Little Company made $28,000 in
payments to its suppliers during the year. Little's beginning inventory was $2,000, and its
ending inventory was $1,000. In addition, Little had a beginning accounts payable of
$7,000 and an ending accounts payable balance of $4,000. What is Little's cost of goods
sold under the accrual basis of accounting?
&

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Doll Company is selling sounds and lights equipment. The company's fiscal year ends on March 31. The following information relates to the obligation of the company as of March 31, 2021: Trade Payables Accounts payable for suppliers, goods, and services purchases on open account amount to P1,670,000 as of March 31, 2021 before considering of the following items: On March 31, 2021, the company has a P50,000 debit balance in its accounts payable to a supplier, resulting from a P50,000 advance payment for goods odered by the company. The balance also includes an advance payment of P20,000 made by a customer to Doll in anticipation of a purchase to be made by the customer in April 2021. Additional information: A. Goods were in transit to the company from a vendor on March 31, 2021. The invoice cost was P35,000. The goods were shipped FOB seller on March 29, 2021 and were received on April 4, 2021. B. Goods shipped FOB destination on March 21, 2021, from a vendor to the company were…
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