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5-14 A company acquired a fixed asset in exchange for common stock. Explain how this transaction should be shown, if at all,100 15.37 Cash Received from Customers Northgate Publishers, Inc., had sales of $900,000 during 20X1, 80% of them on credit apay IU JUPT 5-39 Cash Paid to Employees Northgate Publishers, Inc., reported Wage and Salary Expense of $220,000 on its 20X1

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Answer #1

Answer to Question 5-37

Total sales during the year = 9,00,000

Cash sales = 900000* 20% = 1,80,000

Credit sales = 900000* 80% = 7,20,000

Accounts Receivable schedule  

Opening Balance = 60,0000

Credit sales during the period = 7,20,000

Closing Balance = 90,000

Net Cash Received from Account Receivables = 6,90,000

Total cash received from customers = cash sales + amount received from account receivables = 1,80,000 + 6,90,000 = 8,70,000

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