Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. i. purchased inventory with a cost of $26,900 on a

i. Purchased inventory with a cost of $26,900 on account ...

60.1K

Verified Solution

Question

Accounting

i. Purchased inventory with a cost of $26,900 on account
ii. Sales on account to customers totalled $54,900.
iii. Payments made to employees for wages totalled $13,200
iv. Cash Collections from customers settling their accounts totalled $42700
v. Invoice received from the utility company for $4000 is due in 30 days
vi. Payments totalling $2380 were made to suppliers to settle part of the balance owing to them.
vii. Received a deposit of $2900 from a customer for goods to be delivered next month.
A. Calculate the revenues, expenses, net income that would be reported on the cash basis.
(Enter the loss amounts using either a negative preceding the number e.g.-45 or parentheses e.g (45))

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Chemistry
1.2K views

the Diels -Alder reaction between Maleic Anhydride and furan ( balanced chemical equation and theoretical yield) -...

Mechanical Engineering
1.2K views

Supercharging of an engine is used to increase the inlet air density so that more fuel...

Advance Math
1.2K views

Write the following complex numbers in polar form, as ??^??. 1/3+4i

Geometry
1.2K views

17 30 students return to the playing Over the course each person produces The room...

Basic Math
1.2K views

Solve y y 2y 0 Solve 2y 4y 2y 0 Solve v 9v 0

Calculus
1.2K views

How is the graph of the function obtained from the graph of f y f...

Accounting
1.2K views

Unter Components manufactures low-cost navigation systems...

Accounting
1.2K views

Melia Company is having problems with its seasonal financing needs. Based on the information retrieved...

Accounting
1.2K views

Need help with the following ROE questions: 1.) 2.) Colby's 2022 ROE is:...

Accounting
1.2K views

Part II: Dana Boar, controller of Digital Electronics Canada, developed the figures requested by...

Accounting
1.2K views

On January 1, 2020, the Hardin Company budget committee has reached agreement on the following...

Accounting
1.2K views

Security of data and information is critical in todays business. Discuss the ethical issues, and...