Question

The information below was taken from the general ledger accounts of, Dance Life Pty Ltd who...

The information below was taken from the general ledger accounts of, Dance Life Pty Ltd who uses the accrual basis of accounting.

Dance Life Pty Ltd

30 June

   2019

   2018

Accounts receivable

Inventory

Prepaid advertising

Accounts payable

Wages payable

Sales

Cost of sales

Wages Expenses

$231 600

96 720

4 400

71 000

6 400

540 000

296 000

88 000

$157 200

104 400

5 400

74 400

9 400

REQUIRED:

A.         Calculate the amount of cash collected from customers during 2019.

B.         Calculate the amount of cash paid to suppliers for purchases during 2019.

C.        Calculate the amount of cash paid to for wages during 2019.

Business   Accounting   
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Answer #1

The answer has been presented in the supporting sheet. For detailed answer refer to the supporting sheet.

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