Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1 cash paid for inventory? 2 cash paid for rent ? 3 cash paid for wage? 4 cash paid for OOE? 5 Cash paid for

1 cash paid for inventory?

2 cash paid for rent ?

3 cash paid for wage?

4 cash paid for OOE?

5 Cash paid for taxes ?

image text in transcribed

400,000 Sales Less expenses: Cost of goods sold Rent expense Wage expense Tax expense Depreciation Expense Other operating expenses Net Income 80,000 72,000 26,000 15,000 4,000 46,000 243.000 157,000 12/31/18 12/31/17 25,000 25,000 34,000 26,000 22,000 20,000 28,000 15,000 160,000 260,000 156,000 235,000 Current Assets: Cash Accounts Receivable Inventory Prepaid Rent Property, Plant & Equipment Less Accumulated Depreciation Total assets Current liabilities: Accounts payable-inventory Accounts payable-other exp's Wages Payable Taxes payable Long-term liabilities: Notes payable Total liabilities 54,000 20,000 11,000 14,000 30,000 18,000 1,500 10,500 74,000 173,000 68,000 98,000 87.000 107,000 Owner's Equity Total liabilities and o. equity 260,000 235,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Operational Auditing Handbook Auditing Business Processes

Authors: Andrew Chambers, Graham Rand

1st Edition

0471970603, 978-0471970606

More Books

Students also viewed these Accounting questions