I. Purchased inventory with a cost of $26,300 on account. li. Sales on account to customers totalled $59,300. lii. Payments made to employees for wages totalled $19,000. iv. Cash collections from customers settling their accounts totalled $42,100. v. Invoice received from the utility company for $3700 is due in 30 days. Vi. Payments totalling $21,000 were made to suppliers to settle part of the balance owing to them Vii. Received a deposit of $2,600 from a customer for goods to be delivered next month. Calculate the revenue, expenses, 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) GA ←A

I. Purchased inventory with a cost of $26,300 on account. li. Sales on account to customers totalled $59,300. lii. Payments made to employees for wages totalled $19,000. iv. Cash collections from customers settling their accounts totalled $42,100. v. Invoice received from the utility company for $3700 is due in 30 days. Vi. Payments totalling $21,000 were made to suppliers to settle part of the balance owing to them Vii. Received a deposit of $2,600 from a customer for goods to be delivered next month. Calculate the revenue, expenses, 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) GA ←A

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 5EA: Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200....

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a. Record Navis, Incorporated's sales for a month at $75,000. The items sold cost $62,500. Navis records sales at the total invoice amount. b. Record the return of $7,500 of the above sales within the 30-day return period. c. Record the receipt of payment on the remainder of the month's sales, assuming that customers purchasing $50,000 took advantage of a 2 percent cash discount for early payment. None of the customers taking advantage of the cash discount were among those that returned their purchases. Complete this question by entering your answers in the tabs below. Required A Required B Required C Record the receipt of payment on the remainder of the month's sales, assuming that customers purchasing $50,000 took advantage of a 2 percent cash discount for early payment. None of the customers taking advantage of the cash discount were among those that returned their purchases. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first…
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Using the following information: a. Beginning cash balance on March 1, $80,00. b. Cash receipts from sales, $306,000. c. Cash payments for direct materials, $135,000. d. Cash payments for direct labor, $73,000. e. Cash payments for overhead, $41,000. f. Cash payments for sales commissions, $7,000 g. Cash payments for interest, $110 (1% of beginning loan balance of $11,000) h. Cash repayment of loan, $11,000. Prepare a cash budget for March for Gado Company. GADO COMPANY Cash Budget March Total cash available Less: Cash payments for Total cash payments Loan activity Loan balance, end of month D-pptx A Presentation3.pptx 1 Jarvis CST 141.00...pptx A Musical Theatre Hi...ppt re to search
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As of November 5, Calexico had the following selected transactions Purchase of furniture on account: 24,000 Purchase of steel trash bin for cash: 1,800 Sales of merchandise for 40,000 less than 10 on terms 30% down and the balance 2/10 n/30 Paid for the repair of one air-conditioning unit: 3,280 Collected a customer's account: 15,880 How much was the total amount debited to Cash?
Prime entries.