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Selected balance sheet information for the Locket Martin at November 30, and December 31, 2020 is presented below: Nov. 30 Dec. 31 Dr. Cr. Dr.
Selected balance sheet information for the Locket Martin at November 30, and December 31, 2020 is presented below: Nov. 30 Dec. 31 Dr. Cr. Dr. Cr. Account Receivable 227 Tax Payable 50 95 240 Inventories 120 160 Account Payable 130 145 Wages Payable 170 147 The following cash flow information also is available: a. Cash collected from credit customers: $2.113 b. Cash paid for tax: $33 c. Cash paid to suppliers of inventory: $1.425 (the entire accounts payable amounts relate to inventory purchases). d. Cash paid to emplovees for wages: $378. Required: 1. Determine the following for the month of December (Show the T-accounts): a. Sales revenue? (Show the T-accounts) (8 points) b. Cost of good sold? (Show the T-accounts) (16 points) c. Tax expense? (Show the T-accounts) (8 points) d. Wage expense? (Show the T-accounts) (8 points) 2. Prepare journal entries (record transaction) for all above questions. (10 points)
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