The following information is provided for Kelly Plumbing Supply. Cash received from customers during December 2017................$387,000 Cash
Question:
Cash received from customers during December 2017................$387,000
Cash paid to suppliers for inventory during December 2017...........131,000
Cash received from customers includes all $139,000 of the accounts receivable that were outstanding at November 30, 2017. Accounts receivable at December 31, 2017 totaled $141,000.
Accounts payable (to suppliers of inventory) decreased by $19,000 from November 30, 2017 to December 31, 2017. The balance in the inventory account decreased by $39,000 over the same period.
Required:
What is gross profit for the month of December under accrual accounting?
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
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We first determine sales revenue by analyzing Accounts receivable Accounts Receivable Beginning bala...View the full answer
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Related Book For 
Financial Reporting and Analysis
ISBN: 978-1259722653
7th edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
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