Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A sole proprietorship reports the following numbers. Cash Collections from sales $375,000 Cash payments for inventory 300,000 Inventory 1/1 57,000 12/31 $51,000 Accounts receivable 1/1
A sole proprietorship reports the following numbers.
| Cash Collections from sales |
| $375,000 |
|
|
| |
| Cash payments for inventory |
| 300,000 |
|
|
| |
| Inventory | 1/1 | 57,000 |
| 12/31 | $51,000 | |
| Accounts receivable | 1/1 | 25,000 |
| 12/31 | 22,000 | |
| Accounts payable | 1/1 | 26,000 |
| 12/31 | 15,000 | |
What is the sales number that must be reported on Schedule C?
Group of answer choices
$372,000
$375,000
$297,000
$378,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
