Among other items, the Kelly Companys income statement for the year shows sales revenue of $77,500, cost
Question:
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
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Accounting Information For Business Decisions
ISBN: 9780030224294
1st Edition
Authors: Billie Cunningham, Loren A. Nikolai, John Bazley
Question Posted: