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Question
The following selected account balances are taken from a merchandising company's records:| Dec. 31 | Dec. 31, | For the | |
| 2015 | 2014 | Year 2015 | |
| Merchandise inventory | $ 15,600 | $ 21,200 | |
| Accounts receivable | 42,000 | 36,000 | |
| Accounts payable | 32,400 | 27,400 | |
| Salaries payable | 4,400 | 3,000 | |
| Total assets | 234,000 | 286,000 | |
| Sales | $312,000 | ||
| Cost of goods sold | 165,600 | ||
| Salaries expense | 48,000 |
(a) Calculate the cash payments made during 2015 for merchandise. Assume all of the company's accounts payable balances result from merchandise purchases.
(b) Calculate the cash receipts from customer sales during 2015.
(c) Calculate the cash payments for salaries during 2015.
Answer
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