question archive During August 2017, Packer Manufacturing had the following cash receipts and disbursements: Cash received from customers
During August 2017, Packer Manufacturing had the following cash receipts and disbursements: Cash received from customers
Subject:AccountingPrice: Bought3
During August 2017, Packer Manufacturing had the following cash receipts and disbursements: Cash received from customers....................................$319,000 Cash received from selling equipment..............................11,200 Cash paid for salaries..................................................47,000 Cash paid to suppliers for inventory purchases..................130,000 In addition, the following balance sheet account balances were shown on Packer s books: July 31 August 31 Accounts receivable..........$128,000....................$135,000 Inventory..........................33,000.......................25,000 Accounts payable................21,000.......................25,000 Salaries payable...................8,000........................5,000 Assume all sales and purchases are on account. Required: 1. Determine sales for August 2017. 2. Determine salary expense for August 2017. 3. Determine cost of goods sold for August 2017.
