Question
Fill in the missing amounts in the following schedules. April May June Sales* $80,000 $60,000 ? Cash Receipts: From cash sales $ ? $ ?
Fill in the missing amounts in the following schedules.
April May June
Sales* $80,000 $60,000 ?
Cash Receipts:
From cash sales $ ? $ ? $45,000
From sales on account* ? 34,000 ?
Total Cash Receipts
Account Payable, 12/31/20 300,000 euros
Purchase on goods and services on accounts during 20x1 1,200
Payments of accounts payable during 20x1 ?
Accounts Payable, 12/31/20 400,000
Accounts receivable, 12/31/20 340,000 yen*
Sales on accounts during 2020 900,000
Collections on accounts during 2020 780,000
Accounts receivable, 12/31/20x1 ?
Accumulated Depreciation 12/31/20x1 $810,000
Depreciation Expense during 2020 150,000
Accumulated Depreciation 12/31/20x2 ?
Retains Earnings, 12/31/20 $2.050,000
Net Income for 20x1 400,000
Dividends paid in 20x1 -0-
Retained Earnings 12/31/x1 ?
*Half of each month's sales on account. March sales amounted to $60,000
* 60% of sales is collected in the month of sale; 40% is collected in the following month
* yen is the Japanese national currency.
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