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can i have the steps too, so i know how to do them Based on the following transactions, answer the following questions Credit sales to
can i have the steps too, so i know how to do them
Based on the following transactions, answer the following questions Credit sales to customers totalled $26,600. i. Cash sales totalled $87,400. i. Cash collections on account from customers totalled $22,800 Cost of goods sold during the period was $64,600. iv. Payments made to suppliers of inventory totalled $57,000 v. Wages of $24,700 were paid during the year. In addition, wages of $1,900 remained unpaid at year end; there were no wages unpaid at the beginning of the year. vi. Halfway through the year, a one-year insurance policy was purchased at a cost of $800. vii Calculate the revenues, expenses, and net income that would be reported on the cash basis. (Enter loss amounts using either a negative sign preceding the number e. g. -45 or parentheses e.g. (45) Revenues Expenses $ Net Income / (Loss) $ Calculate the revenues, expenses, and net income that would be reported on the accrual basis. (Enter loss amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Revenues Expenses $ Net Income / (Loss) $
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