Quench Company provided the following information: Cash sales 640,000 Cash collected on accounts receivable 4,400,000 Accounts receivable, January 1 1,100,000 Accounts receivable, December 31 950,000 Bad debts written off 60,000 Purchases 3,500,000 Inventory, December 31 840,000 Gross profit on sales 30% What is the inventory on January 1?

Quench Company provided the following information: Cash sales 640,000 Cash collected on accounts receivable 4,400,000 Accounts receivable, January 1 1,100,000 Accounts receivable, December 31 950,000 Bad debts written off 60,000 Purchases 3,500,000 Inventory, December 31 840,000 Gross profit on sales 30% What is the inventory on January 1?

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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