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Record the following transactions 1 . Sales to customers totaled $ 2 million, of which $ 1 . 6 million was on credit, and the
Record the following transactions Sales to customers totaled $ million, of which $ million was on credit, and the remainder was cash sales. The cost of goods sold totaled $ Purchased $ of inventory on credit. Paid $ cash to employees as wages. This amount includes the wages payable on December Collected $ million cash from customers as payment on outstanding accounts receivable. Paid $ million cash to suppliers on outstanding accounts payable. Sold machinery for $ cash on January The machinery had cost $ and at the time of sale it had a net book value of $ Paid miscellaneous expenses totaling $ cash. Sold common stock for $ cash. Invested $ of excess cash in shortterm marketable securities Declared and paid a cash dividend of $ As part of the yearend audit, the internal audit staff identified the following additional information: a $ of prepaid rent was consumed during the year. b The equipment had a useful life of years and the machinery of years. The company uses straightline depreciation. No depreciation should be recorded for machinery in Item above. c The intangible assets had a remaining useful life of years. d Interest on the bank loan and bonds payable was percent. During the year, interest payments totaling $ had been paid in cash.Balance Sheet
Record the following transactions
Sales to customers totaled $ million, of which $ million was on credit, and the remainder was cash sales. The cost of goods sold totaled $
Purchased $ of inventory on credit.
Paid $ cash to employees as wages. This amount includes the wages payable on December
Collected $ million cash from customers as payment on outstanding accounts receivable.
Paid $ million cash to suppliers on outstanding accounts payable.
Sold machinery for $ cash on January The machinery had cost $ and at the time of sale it had a net book value of $
Paid miscellaneous expenses totaling $ cash.
Sold common stock for $ cash.
Invested $ of excess cash in shortterm marketable securities
Declared and paid a cash dividend of $
As part of the yearend audit, the internal audit staff identified the following additional information:
a $ of prepaid rent was consumed during the year.
b The equipment had a useful life of years and the machinery of years. The company uses straightline depreciation. No depreciation should be recorded for machinery in Item above.
c The intangible assets had a remaining useful life of years.
d Interest on the bank loan and bonds payable was percent. During the year, interest payments totaling $ had been paid in cash.Balance Sheet
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