Debit Credit

Cash $ 4,000

Accounts receivable 24,000

Supplies 8,000

Inventory 40,000

Equipment 60,000

Accumulated depreciation $ 12,000

Accounts payable (for inventory) 44,000

Salaries payable 14,000

Unearned sales revenue 2,000

Income tax payable 6,000

Common stock 44,000

Retained earnings 14,000

$136,000 $136,000

At the end of 2023, Alpha again converted its books from cash basis to accrual basis, and prepared a balance sheet and income statement on an accrual basis.

The following information was available as of December 3A, 2023:

Cash receipts from customers $352.000

Cash payments:

For supplies $18,000

To vendors (for inventory) 178,000

To employees 120,000

To stockholder: 4,000

For other operating expenses (OB) 10,000

For the 2022 taxes paid on March 1S, 2023 6,000

(Satisfies its 2022 income tax liability - see the 2022 trial balance)

Other information:

Alpha owed vendors (for inventory) $36,000

Customers owed Alpha 34,000

Alpha owed employees 26,000

Physical count of inventory 30,000

Physical count of supplies 4,000

Ending unearned sales revenue 6,000

Income tax rate for 2023 25%

Alpha depreciates its equipment using the straight-line method over 5 years with no salvage value. Assume that the balance given for other operating expenses (OE) is the same for both cash and accrual Alpha uses the periodic inventory system.

The answers should be salaries expense: $126,000 and supplies expense: $22,000

How do you get these values?