Reference no: EM131826834
Problem - 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 sown on Packer's books:
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July 31
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August 31
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Accounts receivable
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$128,000
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$135,000
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Inventory
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33,000
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25,000
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Accounts payable
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21,000
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25,000
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Salaries payable
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8,000
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5,000
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Assume all sales an purchase 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.
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