Calculate the revenues, expenses, net income

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Reference no: EM133560868

Question: Based on the following trBased on the following transactions, answer the following questions. (1) Purchased inventory with a cost of $23,500 on account. (2) Sales on account to customers totalled $51,700. (3) Payments made to employees for wages totalled $15,400. (4) Cash collections from customers settling their accounts totalled $44,400. (5) Invoice received from the utility company for $2,000 is due in 30 days. (6) Payments totalling $17,500 were made to suppliers to settle part of the balance owing to them. (7) Received a deposit of $1,700 from a customer for goods to be delivered next month. Calculate the revenues, expenses, net income that would be reported on the accrual basis. (Enter loss amounts using either negative sign preceding the number e.g. -45 or parentheses e.g. (45).)ansactions, answer the following questions.

(1) Purchased inventory with a cost of $23,500 on account.

(2) Sales on account to customers totalled $51,700.

(3) Payments made to employees for wages totalled $15,400.

(4) Cash collections from customers settling their accounts totalled $44,400.

(5) Invoice received from the utility company for $2,000 is due in 30 days.

(6) Payments totalling $17,500 were made to suppliers to settle part of the balance owing to them.

Reference no: EM133560868

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