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The following information was taken from the general ledger accounts of a company that uses the accrual basis of accounting. General Ledger Account 30 June
The following information was taken from the general ledger accounts of a company that uses the accrual basis of accounting. General Ledger Account 30 June 202130 June 2020 Sales Discount received Cost of Goods Sold expense Discount allowed 1,710,000 20,000 778,000 17,800 Bad Debts expense (written off as uncollectable) 12,000 Other expenses (including depreciation of $ 80,000) 438,000 Accounts receivable 549,220 417,220 Inventory 252,440 373,440 Prepaid Rent 24,280 35,080 Accounts payable 172,580 180,280 Accrued Salaries Payable 24,400 33,200 Required 1. Calculate cash receipts from customers during 2021. 2. Calculate cash paid to suppliers for purchases of inventory in 2021. Screenshot 3. C aid to other suppliers and employees during 2021
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