CASH PAID FOR INVENTORY PURCHASES Using the following information, compute cash collected from…
CASH PAID FOR INVENTORY PURCHASES
Using the following information, compute cash collected from customers.
Sales | $10,000 |
Cost of goods sold | $ 5,300 |
Operating expenses | $ 3,800 |
End of Year | Beginning of Year | |
Prepaid operating expenses | $1,000 | $ 700 |
Accounts payable | $1,350 | $1,200 |
Inventory | $2,500 | $2,100 |
Accounts receivable | $1,400 | $1,375 |
