1. Determine sales for August 20X1. 2. Determine salary expense for August 20X1. 3. Determine cost of goods sold for August 20X1.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Cash received from customers
Cash received from selling equipment
Cash paid for salaries
Cash paid to suppliers for inventory purchases
$319,000
11,200
47,000
130,000
50
points
In addition, the following balance sheet account balances were shown on Packer's books:
July 31,
August 31,
еВook
20X1
20X1
$128,000
33,000
21,000
8,000
$ 135,000
25,000
25,000
Accounts receivable
Print
Inventory
Accounts payable
Salaries payable
References
5,000
Assume all sales and purchases are on account.
Required:
1. Determine sales for August 20X1.
2. Determine salary expense for August 20X1.
3. Determine cost of goods sold for August 20X1.
1.
Sales on account
$
56,000
2. Salary expense
$
34,000
3. Cost of goods sold
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Transcribed Image Text:Chrome File Edit View History Bookmarks Profiles Tab Window Help Thu Apr 7 4:25 PM Mc C Solved: During x b Search results f x Mc BF170 CHA001 Craw McGraw-Hill Ed x Question 2 - BF X Problems / Disc X b Home | bartleby x G take screenshot x + Hill Hill ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/q... O K M Gmail YouTube Мaps Translate BF170 Project 1 Help Save & Exit Submit Saved Check my work 2 Cash received from customers Cash received from selling equipment Cash paid for salaries Cash paid to suppliers for inventory purchases $319,000 11,200 47,000 130,000 50 points In addition, the following balance sheet account balances were shown on Packer's books: July 31, August 31, еВook 20X1 20X1 $128,000 33,000 21,000 8,000 $ 135,000 25,000 25,000 Accounts receivable Print Inventory Accounts payable Salaries payable References 5,000 Assume all sales and purchases are on account. Required: 1. Determine sales for August 20X1. 2. Determine salary expense for August 20X1. 3. Determine cost of goods sold for August 20X1. 1. Sales on account $ 56,000 2. Salary expense $ 34,000 3. Cost of goods sold Mc Graw Hill < Prev 2 of 2 Next > APR 7 étv ...
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