Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

D Question 6 3 pts Salamander, Inc. has an Accounts Payable balance of $14,600 at the beginning of February 2020. During February they purchased $24.600

image text in transcribed
D Question 6 3 pts Salamander, Inc. has an Accounts Payable balance of $14,600 at the beginning of February 2020. During February they purchased $24.600 in inventory on account and their ending balance on February 29, 2020 in Accounts Payable was $9,200. How much did Salamander pay on Accounts Payable in February 2020? O $30.000 O $24,600 O $15.400 O $10,000 Question 7 3 pts From the following list of financial statement items, use the appropriate amounts to calculate net income: Revenues. $21.000; Liabilities, $6,000: Expenses, $11,000; Assets, $34.000. Dividends. $8,000 $2,000 $28.000 O $37,000 $10,000 Question 8 3 pts Under accrual accounting Revenues are recognised in the period in which goods and services are provide to customers Net income must be the same as the change in cash during a period Expense cannot be recognized until cash is paid for goods or services Revenue cannot be recognized until cash is received from customers

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Analysis And Decision Making

Authors: David E. Vance

1st Edition

0071406654, 9780071406659

More Books

Students also viewed these Accounting questions