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Home Q & A Board Other Fields Homework Help Business Accounting
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Harrison Harrison
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6 years ago
The accountant for Soybean Products gathered the following information from the accounting records for the year ended December 31, 2014:

Cash collections from customers   $520,000
Cash payments to suppliers for inventory   350,000
Cash payments to employees   62,000
Cash payments for insurance   17,000
Increase in inventory   8,700
Decrease in salary payable   1,500
Increase in accounts receivable   42,800
Increase in accounts payable *   31,600
Decrease in prepaid insurance   2,000
*Relates solely to the purchase of inventory

Calculate the following:

a. Sales
b. Cost of goods sold
c. Salary expense
d. Insurance expense
Textbook 
Financial Accounting, Canadian Edition

Financial Accounting, Canadian Edition


Edition: 5th
Authors:
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AlexmosutheAlexmosuthe
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6 years ago
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You make an excellent tutor!
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