Business, 24.01.2020 23:31 veerdenz8373

Selma operates a contractor's supply store. she maintains her books using the cash method. at the end of the year, her accountant computes her accrual basis income that is used on her tax return. for 2016, selma had cash receipts of $1,400,000, which included $200,000 collected on accounts receivable from 2015 sales. it also included the proceeds of a $100,000 bank loan. at the end of 2016, she had $250,000 in accounts receivable from customers, all from 2016 sales.

a. selma's accrual basis gross receipts for 2016 are

selma paid cash for all of the purchases. the total amount paid for merchandise in 2016 was $1,300,000. at the end of 2015, she had merchandise on hand with a cost of $150,000. at the end of 2016, the cost of merchandise on hand was $300,000.

the cost of goods sold for 2016 under the accrual method is

the gross profit from merchandise sales for 2016 under the accrual basis is

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Selma operates a contractor's supply store. she maintains her books using the cash method. at the en...

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