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
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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![1. 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)
$
$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F905c94b6-664c-48ad-8fe9-215e75e9e3cc%2F624e6cb6-1e1f-419f-9065-1c34a0e63129%2Femk07qc_processed.png&w=3840&q=75)
Transcribed Image Text:1. 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)
$
$
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