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problem: The following balance sheets are provided for Victor Foods

 

End of Year

Beginning of Year

Cash and cash equivalents ............................

$170,000

$120,000

Accounts receivable ...........................

80,000

65,000

Inventory ..........................

140,000

130,000

Plant and equipment (net) ...................

130,000

80,000

Total assets ...................................

$520,000

$395,000

Accounts payable (for merchandise) ............

$ 65,000

$ 35,000

Wages payable ...............................

120,000

110,000

Long-term liabilities ...............................

95,000

70,000

Common stock ..............................

100,000

100,000

Retained earnings ....................................

140,000

80,000

Total liabilities and owner's equity ......................

$520,000

$395,000

Selected data from Victor Food's current year income statement:

Sales ......................................................

$1,650,000

Cost of goods sold .....................................

40,000

Wages expense......................................

260,000

find out the following [& show your work to earn partial credit in the event your responses are incorrect]:

Cash received from customers during the year ....................$______________

Indicate best answer to every problem in the space provided.

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M922643

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