The Cougar Creamery enters into the following transactions during the month of June: 1. Purchase inventory on account for $165,000; 2. Pay $40,000 in salaries to employees for work performed during the month; 3. Sell merchandise that cost $120,000 to customers on account for $200,000 4. Collect $180,000 in cash from customers on account; and 5. Pay for inventory previously purchased on account for $145,000. Prepare a preliminary income statement based on those transactions. Cougar Creamery Preliminary Income Statement

The Cougar Creamery enters into the following transactions during the month of June: 1. Purchase inventory on account for $165,000; 2. Pay $40,000 in salaries to employees for work performed during the month; 3. Sell merchandise that cost $120,000 to customers on account for $200,000 4. Collect $180,000 in cash from customers on account; and 5. Pay for inventory previously purchased on account for $145,000. Prepare a preliminary income statement based on those transactions. Cougar Creamery Preliminary Income Statement

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Description: Please help me Homework i1incesThe Cougar Creamery enters into the following transactions during the month of June:1. Purchase inventory on account for $165,000;2. Pay $40,000 in salaries to employees for work performed during the month;3. Sell merch

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 5EA: Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200....

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