Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Balance Sheet June 30th, Year 5 The following are all transactions that happened during Year 6: Made sales on account of $250,000 Collected accounts receivable

image text in transcribed Balance Sheet June 30th, Year 5 The following are all transactions that happened during Year 6: Made sales on account of $250,000 Collected accounts receivable of $258,000 Purchased merchandise on account of $154,000 Determined cost of goods sold was $140,000 Paid accounts payable (for merchandise purchased) of $143,000 Paid wages to employees of $52,500 Accrued wages expense (and wages payable) of $1,500 at June 30th, Year 6. Paid insurance premium of $18,000 to extend coverage for three years. Allocated $5,000 of prepaid insurance to insurance expense. Recorded Year 6 total income tax expense (and income tax payable) of $13,000 Paid income taxes to government of $11,500 (this represents the final portion of Year 5 taxes and initial installments of Year 6 taxes). Depreciation for the year $10,000 Required 1: What is the amount of Cash received from customers? \$ Required 2: What is the amount of cash generated (used) by Inventory in year 6 ? $ Required 3: What is the amount of cash generated (used) by accounts receivables in year 6 ? \$ Required 4: What is amount of cash generated (used) by Operations in Year 6? \$ Required 5: What is ending balance of Cash at the end of Year 6? \$ Required 6: What is ending balance of Accounts Receivables at the end of Year 6? \$ Required 7: What is ending balance of Accounts Payable at the end of Year 6? \$

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

Frank Woods Business Accounting Volume 2

Authors: Frank Wood, Alan Sangster

11th Edition

0273712136, 9780273712138

More Books

Students also viewed these Accounting questions