The following general equation can be used to determine missing information about balance sheet accounts: Use this

Question:

The following general equation can be used to determine missing information about accounts:

Use this equation to determine the missing information in each of the following in dependent situations. For each case, assume that the year-end is June 30. You can also use an accounting equation spreadsheet to determine the missing information.
a. On June 30, 2017, LaSalle Ltd. (LaSalle) owed its employees $456,000. During fiscal 2017, LaSalle's employees earned $3,750,000 and were paid $3,360,000. How much did LaSalle owe its employees on July 1, 2016?
b. On July 1, 2017, Gambo Ltd. (Gambo) had $975,000 of inventory on hand. During fiscal 2018, Gambo sold $980,000 of inventory and purchased $2,445,000 of inventory. How much inventory did Gambo have on June 30, 2018?
c. Norquay Inc. (Norquay) purchases all of its inventory on credit. On July 1, 2017, Norquay had $750,000 of inventory on hand and on June 30, 2018 it had $600,000 of inventory. Cost of goods sold during fiscal 2018 was $2,850,000. The beginning and ending balances in Norquay's accounts payable account on July 1, 2017 and June 30, 2018 were $405,000 and $309,000 respectively. How much did Norquay pay its suppliers during fiscal 2018?
d. On July 1, 2016, Holstein Inc. (Holstein) had $1,110,000 of accounts receivable and on June 30, 2017 it had $1,260,000 of accounts receivable. During fiscal 2017, Holstein collected $6,450,000 from customers. What amount of credit sales did Holstein make during fiscal 2017? Assume all of Holstein€™s sales were on credit.
e. Kanata Inc. (Kanata) capitalizes the cost of decorating a new store and amortizes them over five years. On July 1, 2017 the balance in Kanata€™s unamortized store decoration costs account on the balance sheet was $445,000. On June 30, 2018 the balance in the account was $485,000. During fiscal 2018, the amorization expense for store decoration costs was $90,000. What amount of store decoration costs did Kanata capitalize during fiscal 2018? Assume that Kanata doesn€™t have a separate contra-asset account for accumulating amorization for thisaccount.

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