E3-24A. (Learning Objectives 3, 4: Adjust the accounts; construct the financial statements)The adjusted trial balances of Patterson Corporation at August 31, 2018, and August 31, 2017,include these amounts (in millions):2018 2017Accounts receivable............................................................... $430 $210Prepaid insurance .................................................................. 330 400Accrued liabilities payable (for other operating expenses) ..... 710 640Patterson Corporation completed these transactions (in millions) during the year endedAugust 31, 2018.Collections from customers......................................... $20,400Payment of prepaid insurance ..................................... 470Cash payments for other operating expenses............... 4,000Calculate the amount of sales revenue, insurance expense, and other operating expenses toreport on the income statement for the year ended August 31, 2018. Assume all sales are onaccount.
E3-24A. (Learning Objectives 3, 4: Adjust the accounts; construct the financial statements)
The adjusted
include these amounts (in millions):
2018 2017
Accounts receivable............................................................... $430 $210
Prepaid insurance .................................................................. 330 400
Accrued liabilities payable (for other operating expenses) ..... 710 640
Patterson Corporation completed these transactions (in millions) during the year ended
August 31, 2018.
Collections from customers......................................... $20,400
Payment of prepaid insurance ..................................... 470
Cash payments for other operating expenses............... 4,000
Calculate the amount of sales revenue, insurance expense, and other operating expenses to
report on the income statement for the year ended August 31, 2018. Assume all sales are on
account.
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 3 images
