Homework Answers
for August 2014
(1)
sales = ending accounts receivable + cash received from customers - beginning accounts receivables
= $140000 + $350000 - $128000
= $362000
(2)
salary expense = ending salaries payable + cash paid for salaries - beginning salaries payable
= $5000 + $47000 - $8000
= $44000
(3)
Purchases = ending accounts payable + cash paid to suppliers for inventory purchase - beginning accounts payable
= $140000 + $24000 - $21000
= $143000
Cost of goods sold = beginning inventory + purchases - ending inventory
= $33000 + $143000 - $25000
= $151000
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