question archive The following information has been gathered by the accountant for Knock Knock Ltd
The following information has been gathered by the accountant for Knock Knock Ltd
Subject:BusinessPrice: Bought3
The following information has been gathered by the accountant for Knock Knock Ltd.: Information related to sales and customers: Credit sales made in the year $333,000 Cash sales in the year 44,700 Accounts receivable, beginning Accounts receivable, ending 15,000 19,200 Information related to merchandise: Cost of goods sold $ 125,500 11,300 Inventory, beginning Inventory, ending Accounts payable to suppliers, beginning HER 20,100 8,800 Accounts payable to suppliers, ending 13,900 $ 65,500 4,600 Information related to employees: Salaries expense reported Vacation pay expense reported Accrued salaries payable, beginning Accrued salaries payable, ending 2,900 4,400 400 750 Accrued vacation payable, beginning Accrued vacation payable, ending. Required: a) Determine cash received from customers. b) Determine cash paid to suppliers. c) Determine cash paid to employees.
