Question
Below is the data provided by a company regarding its receipts and disbursements. December 31January 1 Accounts Receivable225,000215,000 Notes Receivable100,000120,000 Accounts Payable130,000110,000 Notes Payable180,000270,000 Prepaid
Below is the data provided by a company regarding its receipts and disbursements.
December 31January 1
Accounts Receivable225,000215,000
Notes Receivable100,000120,000
Accounts Payable130,000110,000
Notes Payable180,000270,000
Prepaid Insurance40,00025,000
Cash Sales480,000
Collections of A/R net of 40,000 discounts1,500,000
Collections of Notes Receivable90,000
Bank Loan - 1 year dated Dec. 3190,000
Purchase Returns and Allowances50,000
Cash Purchases130,000
Payments of A/P net of 15,000 discounts1,400,000
Payments of Notes Payable300,000
Insurance200,000
Other Expenses620,000
Sales Returns and Allowances55,000
REQUIRED:
Compute for the GROSS SALES under the accrual basis of accounting:
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Accounting
Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett
9th edition
1118608224, 1118608227, 730323994, 9780730323990, 730319172, 9780730319177, 978-1118608227
