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PLEASE SHOW YOUR WORK, AS SPECIFIC AS POSSIBLE, THANK YOU. 6. During 2020, Powell had the following cash receipts and cash disbursements: Cash collected from
PLEASE SHOW YOUR WORK, AS SPECIFIC AS POSSIBLE, THANK YOU.
6. During 2020, Powell had the following cash receipts and cash disbursements: Cash collected from account customers $4,700,000 Cash paid for employee salaries $2,700,000 Cash paid for utilities $680,000 In addition, Powell began 2020 with a balance in salaries payable of $ 700,000 and a $1,400,000 balance in accounts receivable. There was no balance in utilities payable at the beginning of 2020. At 12/31/2020, Powell determined that the amount owed to employees is $300,000, the amount owed to the utility company is $120,000 and the amount still to be received from account customers is $900,000 6a. What is the amount of salary expense that Powell will report on its 2020 Income Statement? Salary Expense 6b. What is the amount of credit sales revenue that Powell will report on its 2020 Income Statement? Sales Revenue 6c. What is the amount of utility expense that Powell will report on its 2020 Income Statement? Utility ExpenseStep by Step Solution
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