hw9 - 270,000 Find the cash payments for purchases the cash...

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ORIE 350 Homework #9
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P15-1B P16-1A
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Alternatively, the manufacturing overhead account would be closed out to Cost of Goods Sold, and would not appear on the balance sheet at all. Additional Problem: Bobmart Company has the following annual and year-ending data: Year: 2005 Year: 2004 Net Sales 1,200,000 1,350,000 Cost of Goods Sold 640,000 670,000 Salaries Expense 210,000 240,000 Salaries Payable 24,000 16,000 Inventory 340,000 390,000 Accounts Payable 120,000 135,000 Accounts Receivable 240,000
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Unformatted text preview: 270,000 Find the cash payments for purchases, the cash collected from customers, and the cash salaries paid to employees for Bobmart for fiscal 2005. CPP = CGS + ∆ Inv. – ∆ A/P = 640,000 +(340,000 – 390,000) – (120,000 – 135,000) CPP = $605,000 CCfC = Net Sales – ∆ A/R = 1,200,000 – (240,000 – 270,000) = $1,230,000 CSPE = Salaries Expense – ∆ Salaries Payable = 210,000 – (24,000 – 16,000) = $202,000...
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