Among other items, the Kelly Companys income statement for the year shows sales revenue of $77,500, cost

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Among other items, the Kelly Company’s income statement for the year shows sales revenue of $77,500, cost of goods sold of $46,300, and salaries expense of $21,200. An analysis of its beginning and ending balance sheets for the year shows an increase in accounts receivable of $2,900, a decrease in inventory of $7,100, a decrease in accounts payable of $5,600, and a decrease in salaries payable of $2,800.

Required: Determine the company’s collections from customers, payments to suppliers, and payments to employees for the year.  plo47

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Accounting Information For Business Decisions

ISBN: 9780030224294

1st Edition

Authors: Billie Cunningham, Loren A. Nikolai, John Bazley

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