Homework Answers
| Ans. | *Calculation of Cash received from customers: | |
| Particulars | Amount | |
| Sales | $785,000 | |
| Add :- Beginning accounts receivable | $60,000 | |
| Less :- Ending accounts receivable | ($68,000) | |
| Cash received from customer | $777,000 | |
| *Calculations of Cash paid for merchandise purchased : | ||
| Particulars | Amount | |
| Cost of goods sold | $450,000 | |
| Add :- Ending Merchandise inventory | $109,000 | |
| Less :- Beginning Merchandise inventory | ($99,000) | |
| Purchase during 2002 | $460,000 | |
| Add :- Beginning accounts payable | $36,000 | |
| Less :- Ending accounts payable | ($31,000) | |
| Cash paid for merchandise purchased | $465,000 |
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