Question
The following information is available for Rong & Zhao Shoe Company. Rong & Zhao Shoe Company Partial Balance Sheets as of December 31 2021 2020
The following information is available for Rong & Zhao Shoe Company.
| Rong & Zhao Shoe Company | ||||||
| Partial Balance Sheets | ||||||
| as of December 31 | ||||||
| 2021 | 2020 | |||||
| Assets | ||||||
| Cash | $ | 30,000 | $ | 15,000 | ||
| Accounts receivable | 50,000 | 80,000 | ||||
| Inventory | 20,000 | 30,000 | ||||
| Liabilities | ||||||
| Accounts payable | $ | 55,000 | $ | 62,000 | ||
In addition, in 2021: Net income was $260,000. Depreciation expense was $20,000. Sales totaled $700,000. Cost of goods sold totaled $295,000. Required: Prepare the entry for the amount of cash paid to merchandise suppliers during 2021.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
South Western Federal Taxation 2015 Essentials Of Taxation Individuals And Business Entities
Authors: James Smith, William Raabe, David Maloney, James Young
18th Edition
9781285438290
