Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. skidmore music company had the following transacti

Skidmore Music Company had the following transactions in March: a. Sold instruments to customers for...

80.2K

Verified Solution

Question

Accounting

image

Skidmore Music Company had the following transactions in March: a. Sold instruments to customers for $16,800; received $10,700 in cash and the rest on account. The cost of the instruments was $7,100. b. Purchased $4,500 of new instruments inventory; paid $1100 in cash and owed the rest on account. c. Paid $640 in wages to employees who worked during the month. d. Received $3,800 from customers as deposits on orders of new instruments to be sold to the customers in April e. Received a $120 bill for March utilities that will be paid in April Complete the following statements: Cash Basis Income Statement Accrual Basis Income Statement Revenues Cash sales Customer deposits Expenses Inventory purchases Wages paid Revenues Sales to customers Expenses Cost of sales Wages expense Utilities expense Net income Net income

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

Q

Suppose that a category of world class runners are known to run a marathon (26 miles)...

Basic Math
Q

Consider a turbine; working substance is air. cp=1.0 kJ/kgK ,    k=1.4 v1=0.03 ,    v2=0.08 m3/kg ,     p1=2.5 bar; state 1 is...

Mechanical Engineering
Q

1 A total charge Q is broken into two parts Q and Q placed at...

Physics
Q

In the diagram below of circle O GO 8 and m GOJ 60 8 G...

Geometry
Q

ferentiatle woth respect to x y x 7x 4 2 3

Basic Math
Q

S The equity sections for Atticus Group at the beginning of the year January 1...

Basic Math
Q

The histogram shows the projected ages of householders in the near future How many householders...

Basic Math
Q

What is 6 5 B 0 2 1 0 D 2 8 2 5 rounded...

Statistics
Q

5 Given f x 9x5 6x 7x 5 how many sign changes are there in...

Algebra
Q

All of the following are official item categories of Form 10-K except: Select one: A....

Accounting
Q

Thunder Corp. has a selling price of $25 per unit, variable costs of $20 per...

Accounting
Q

Which of the following method(s) considers the time value of money when analyzing potential capital...

Accounting