Record in fset with adjustmentsWhat are Skaife's Total Assets , liabilities and net income to be reported on its September 30, 2020 Balance Sheet?What are Skaife's Cash Collections from Customers following adjusting entriesWhat are Skaife's net cash inflows (outflows) from operating activities? Background information: Skaife Incorporated, a retailer, began operations on September 1, 2020 and entered into the following transactions for the month ended September 30, 2020.Sept 1: Skaife's owners invested $50,000 cash into the business in exchange for common stock.Sept 1: Purchased equipment for $6,000 cash.Sept 2: Skaife prepaid four months of rent for $12,000 cash.Sept 2: Purchased 500 units of inventory for $10/unit on account.Sept 6: Sold 300 units of inventory to customers. Customers paid $15/unit in cash.Sept 8: Paid suppliers $4,000 for inventory previously purchased.Sept 9: Purchased office supplies valued at $950 on account.Sept 12: Purchased 400 units of inventory for $12/unit with cash.Sept 16: Paid employee salaries of $2,000Sept 20: Sold 300 units of inventory for $16/unit on account.Sept 21: Paid suppliers $1,000 for inventory previously purchased.Sept 23: Customers paid $2,500 for amounts due on their accounts.Sept 26: Sold 200 units of inventory for $16/unit. Customers paid cash for their purchases.Sept 29: Paid suppliers $400 for supplies previously purchased on account.Sept 30: Sold $2,500 in gift certificates to customers.Sept 30: Purchased 300 units of inventory for $13/unit on account.Additional information:Skaife prepares monthly financial statements. Skaife depreciates all depreciable fixed assets using the straight-line method and assumes a five-year useful life with no salvage value. Skaifedetermines Cost of Goods Sold at the end of the fiscal period based on the number of units that remain in inventory and uses the FIFO method of inventory costing. Skaife counted 400 unitsin its inventory on Sept. 30. Additionally, Skaife determined that supplies valued at $300 remained on hand at the end of September. Skaife uses the percentage of sales method to estimatebad debts and estimates that 4% of credit sales will ultimately go uncollected. Skaife incurred $2,150 of salaries in September that will be paid in October.

Name: Record in fset with adjustmentsWhat are Skaife's Total Assets , liabil
Uploaded: 2024-03-05T11:47:04.000Z
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Description: Record in fset with adjustmentsWhat are Skaife's Total Assets , liabilities and net income to be reported on its September 30, 2020 Balance Sheet?What are Skaife's Cash Collections from Customers following adjusting entriesWhat are Skaife's net cash