Assers Cash Accounts receivable Inventory Plant and equipment, net of depreciation Total assets Liabilities and...
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Accounting
Assers
Cash
Accounts receivable
Inventory
Plant and equipment, net of depreciation
Total assets
Liabilities and Stockholders' Equity
Accounts pavabla
Common stork
Retained earnings
Total liabilities and stockholders' equity
71,000
131,000
45, 500
215,000
$ 462,500
76,000
307,000
79,500
$ 462,500
Mic
Graw
Hill
67F
Partly sunny
TES-605 accountants have made the following estimates:
- Sales for April, May, June, and July will be $260,000, $280,000, $270,000, and $290,000, respectively.
- All sales are on credit. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at March 31 will be collected in April.
- Each month's ending inventory must equal 25% of next month's cost of goods sold. The cost of goods sold is 70% of sales. The company pays for 40% of its merchandise purchases in the month of the purchase and the remaining 60% in the month following the purchase. All of the accounts payable at March 31 are
Assers
Cash
Accounts receivable
Inventory
Plant and equipment, net of depreciation
Total assets
Liabilities and Stockholders' Equity
Accounts pavabla
Common stork
Retained earnings
Total liabilities and stockholders' equity
71,000
131,000
45, 500
215,000
$ 462,500
76,000
307,000
79,500
$ 462,500
Mic
Graw
Hill
67F
Partly sunny
TES-605 accountants have made the following estimates:
- Sales for April, May, June, and July will be $260,000, $280,000, $270,000, and $290,000, respectively.
- All sales are on credit. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at March 31 will be collected in April.
- Each month's ending inventory must equal 25% of next month's cost of goods sold. The cost of goods sold is 70% of sales. The company pays for 40% of its merchandise purchases in the month of the purchase and the remaining 60% in the month following the purchase. All of the accounts payable at March 31 are
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