The following information is available for Kelsey Inc. Compute the following for 2011: 1. The ending balance
Question:
Compute the following for 2011:
1. The ending balance in accounts receivable
2. The amount of cash paid for inventory
3. The amount of cost of goodssold
Transcribed Image Text:
Dec. 31, 2011 Dec. 31, 2010 Accounts receivable. Invento 72,000 56,000 540,000 $75,000 83,000 44,000 Accounts payable Sales Cost of goods sold Cash collected from customers Cash paid for inventory Inventory purchased on account 551,000 279,000
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Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
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