Assuming the following data, compute:
1.Cash collected from customers.
2.Cash paid for wages and salaries.
3.Cash paid for inventory purchases.
4.Cash paid for taxes.
|
Income Statement Amount for Year |
Balance Sheet |
||
|
Beg. of Year |
End of Year |
||
|
Sales revenue |
$225,000 |
||
|
Accounts receivable (net) |
$20,000 |
$22,000 |
|
|
Wages and salaries expense |
55,000 |
||
|
Wages and salaries payable |
14,000 |
11,000 |
|
|
Cost of goods sold |
105,000 |
||
|
Accounts payable |
24,500 |
26,000 |
|
|
Inventory |
34,000 |
28,000 |
|
|
Income tax expense |
35,000 |
||
|
Income taxes payable |
15,500 |
18,000 |
|