During August 2014, Packer Manufacturing had the following cash receipts and disbursements:
Cash received from customers .......... $319,000
Cash received from selling equipment ....... 11,200
Cash paid for salaries ............. 47,000
Cash paid to suppliers for inventory purchases .... 130,000
In addition, the following balance sheet account balances were shown on Packer€™s books

Assume all sales and purchases are on account.

Required:
1. Determine sales for August 2014.
2. Determine salary expense for August 2014.
3. Determine cost of goods sold for August2014.

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July 31 August 31 Accounts receivable Inventory Accounts payable Salaries payable $128,000 33,000 21,000 8,000 $135,000 25,000 25,000 5,000