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Case X: Compute cash received from customers: Sales $700,000 25,000 34,500 Accounts receivable, Beginning balance Accounts receivable, Ending balance Compute cash paid for rent Rent expense Rent payable, Beginning balance Rent payable, Ending balance Compute cash paid for inventory Cost of goods sold Inventory, Beginning balance Accounts payable, Beginning balance Inventory, Ending balance Accounts payable, Ending balance Case Y: $147,200 14,800 12,136 Case Z: $672,000 208,320 87,494 170,822 108,493 For each of the above three separate cases, use the information provided about the current-year operations of Sahim Company to compute the required cash flow information. Assume all purchases and sales of inventory are on credit Case X: Cash received from customers 745,180 2$ 24 Case Y: Cash paid for rent 143,880 Case Z: Cash paid for inventory $ 555,988

Case X: Compute cash received from customers: Sales $700,000 25,000 34,500 Accounts receivable, Beginning balance Accounts receivable, Ending balance Compute cash paid for rent Rent expense Rent payable, Beginning balance Rent payable, Ending balance Compute cash paid for inventory Cost of goods sold Inventory, Beginning balance Accounts payable, Beginning balance Inventory, Ending balance Accounts payable, Ending balance Case Y: $147,200 14,800 12,136 Case Z: $672,000 208,320 87,494 170,822 108,493 For each of the above three separate cases, use the information provided about the current-year operations of Sahim Company to compute the required cash flow information. Assume all purchases and sales of inventory are on credit Case X: Cash received from customers 745,180 2$ 24 Case Y: Cash paid for rent 143,880 Case Z: Cash paid for inventory $ 555,988

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 2PA: To demonstrate the difference between cash account activity and accrual basis profits (net income),...
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Case X: Compute cash received from customers: Sales Accounts receivable, Beginning balance Accounts receivable, Ending balance Compute cash paid for rent Rent expense $700,000 25,000 34,500 Case Y: $147,200 14,800 12,136 Rent payable, Beginning balance Rent payable, Ending balance Compute cash paid for inventory Cost of goods sold Inventory, Beginning balance Accounts payable, Beginning balance Inventory, Ending balance Accounts payable, Ending balance Case Z: $672,000 208,320 87,494 170,822 108,493 For each of the above three separate cases, use the information provided about the current-year operations of Sahim Company to compute the required cash flow information. Assume all purchases and sales of inventory are on credit Case X: Cash received from customers 745,180 Case Y: Cash paid for rent 143,880 Case Z: Cash paid for inventory 555,988 %24 %24 %24
Transcribed Image Text:Case X: Compute cash received from customers: Sales Accounts receivable, Beginning balance Accounts receivable, Ending balance Compute cash paid for rent Rent expense $700,000 25,000 34,500 Case Y: $147,200 14,800 12,136 Rent payable, Beginning balance Rent payable, Ending balance Compute cash paid for inventory Cost of goods sold Inventory, Beginning balance Accounts payable, Beginning balance Inventory, Ending balance Accounts payable, Ending balance Case Z: $672,000 208,320 87,494 170,822 108,493 For each of the above three separate cases, use the information provided about the current-year operations of Sahim Company to compute the required cash flow information. Assume all purchases and sales of inventory are on credit Case X: Cash received from customers 745,180 Case Y: Cash paid for rent 143,880 Case Z: Cash paid for inventory 555,988 %24 %24 %24
Expert Solution
Step 1
Case X Calculation of Cash Received from Customers
  Opening Accounts Receivable $25,000
Add: Sales during the year $700,000
Less:  Closing Accounts Receivable $34,500
  Cash Received from Customers $690,500
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