Problem statement During August 20X1, Packer Manufacturing had the following cash receipts and disbursements: Cash received from customers Cash received from selling equipment Cash paid for salaries Cash paid to suppliers for inventory purchases $319,000 11.200 47,000 130,000 In addition, the following balance sheet account balances were shown on Packer's books: July 31, 20X1 August 31, 20X1 Accounts receivable Inventory Accounts payable Salaries payable $128,000 $135,000 33,000 25.000 21,000 25,000 8,000 5,000 Assume all sales and purchases are on account. Required From these cash basis figures and the balance sheet amounts, find these figures for the income statement. 1. Find Sales for August, 20X1 2. Find Salary Expense for August, 20X1. 3. Find Cost of Goods Sold for August, 20X1