Question
(4 points) Selected information for Leia Company follows: Balance sheet accounts: 05-31-17 06-30-17 Cash $300,000 $253,000 Accounts receivable 225,000 300,000 Inventory 400,000 460,000 Prepaid rent
- (4 points) Selected information for Leia Company follows:
Balance sheet accounts: 05-31-17 06-30-17
Cash $300,000 $253,000
Accounts receivable 225,000 300,000
Inventory 400,000 460,000
Prepaid rent 60,000 95,000
Accounts payable (for inventory purchases only) 130,000 125,000
Accrued wages payable 33,000 17,000
Accrued interest payable 17,000 15,000
Unearned revenue 40,000 25,000
Income statement amounts for June 2017:
Sales revenue $860,000
Cost of goods sold 310,000
Selling, general, and administrative expenses* 250,000 * includes $25,000 of depreciation expense
Interest expense 18,000
Calculate for following for the month of June 2017:
- Cash collections from customers
- Cash payments for inventory
- Cash payments for selling, general, and administrative expenses
- Cash payments for interest
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