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During the most recent month, Campbell Company began operations with a cash balance of $0 and made cash sales of $162,000. During this same time...

During the most recent month, Campbell Company began operations with a cash balance of $0 and made cash sales of $162,000. During this same time period, the company paid $64,000 in cash expenses. Additionally, the company purchased supplies on account $68,000, made sales on account, $180,000, and paid cash on account $12,000.  a) If cash at the end of the month totals $148,000, how much cash was received on account?  b) What is the total amount still to be paid? c) What is the total amount still to be received?

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a). $62,000 b).... View the full answer

3 comments
  • how did you get these numbers?
    • sassovince
    • May 05, 2016 at 7:31pm
  • a) 148,000 - 86,000 = 62,000 b). 68,000 - 12,000 = 56,000 c). 180,000 - 62,000 = 118,000
    • Magut
    • May 05, 2016 at 7:33pm
  • 86,000 is the cash remaining after paying expenses meaning cash received on account is the difference between available cash at end month and the cash remaining after paying exepenses
    • Magut
    • May 05, 2016 at 7:37pm

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Here is the answer... View the full answer

7 comments
  • 180,000-62,000=118 still to be paid
    • Financegeek
    • May 05, 2016 at 7:30pm
  • how did you get 62,000?
    • sassovince
    • May 05, 2016 at 7:31pm
  • cash receipt - cash payments
    • Financegeek
    • May 05, 2016 at 7:32pm
  • 162,000-64,000-12,000= 86,000
    • Financegeek
    • May 05, 2016 at 7:34pm
  • 148,000-86,000=62,000
    • Financegeek
    • May 05, 2016 at 7:34pm
  • still to paid = 68,000-12,000=56,000
    • Financegeek
    • May 05, 2016 at 7:35pm
  • still to received =180,000-62,000=118,000
    • Financegeek
    • May 05, 2016 at 7:35pm

 a. Cash sales $ 162,000 - Cash expenses (64,000) - Cash paid on... View the full answer

Please find attached the complete &... View the full answer

Solution-Campbell Company.xlsx

Cash Sales
Cash Expenses
Paid On Account
Cash Balance
Closing Cash
Cash Collected from Accounts Receivable 162000
64000
20000
78000
148000
70000 Supplies Credit Sales 68000 180000 Accounts Payable...

Hi, Its Simple  a) Cash at the end = Cash at the beginning + Cash Sales - Cash paid for expenses - Cash paid on account +... View the full answer

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