Question
The following excerpts were obtained from the trial balance of Lazer Inc. Accounts receivable Supplies inventory Beg. Bal. End. Bal. $90,000 $126,000 26,000 24,600
The following excerpts were obtained from the trial balance of Lazer Inc. Accounts receivable Supplies inventory Beg. Bal. End. Bal. $90,000 $126,000 26,000 24,600 Accounts payable 110,000 130,000 Retained earnings 360,000 374,000 Required a. If sales on account were $400,000, what were cash collections for the period? $ 0 b. If $36,400 of supplies inventory was used during the period, what was the total of supplies inventory purchases for the period? $ 0 c. If $320,000 was paid on account for the period, what were the new charges on account this period? $ 0 d. If net income for the period was $20,000, what were dividends paid during the period? $ 0
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