3.16 Accounting 211 - Credit Sales Cash Collections Ending...

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Accounting 211 Tuesday, March 16th, 1999 Announcements: Exam #2 Results: Range = 30-96, Average = 70.7% Lecture notes: Cash Flow Statement Classifications Operations: everyday profit seeking activities Investing: acquisitions and dispositions of long term assets Financing: issuance and retirement of debt and equity *see page 1184, sample exam #3--questions 43-52 ACCOUNTS RECEIVABLE Credit Sales Cash Collections
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INVENTORY Purchases Cost of Goods Sold ACCOUNTS PAYABLE Cash Payments Purchases Example:
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1/1/98 12/31/98 Accounts Receivable 15,000 19,000 Inventory 21,000 15,000 Accounts Payable 41,000 49,000 98 Net Sales = $79,000 Cost of Goods Sold = $45,000 Cash Collected from Customers
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ACCOUNTS RECIEVABLE Beginning Balance = 15,000
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Unformatted text preview: Credit Sales Cash Collections Ending Balance = 19,000 Credit Sales > Cash Collected by $4,000 Net Sales 79,000- AR- 4,000 Cash Collected 75,000 Cash Payments to Suppliers INVENTORY Beginning Balance = 21,000 Purchases Cost of Goods Sold Ending Balance = 15,000 COGS > Purchases by $6,000 COGS 45,000- Inventory- 6,000 Purchases 39,000 ACCOUNTS PAYABLE Cash Payments Beginning Balance = 41,000 Purchases 49,000 Purchases > Cash by $8,000 Purchases 39,000- AP- 8,000 Cash Payments 31,000 Example: 1/1/97 12/31/97 Inventory 75,000 83,000 Accounts Receivable 100,000 81,000 Accounts Payable 51,000 45,000 Prepaid Rent 20,000 25,000...
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