Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Finance & Accounting (https://www.askmehelpdesk.com/forumdisplay.php?f=411)
-   -   Cash Basis vs Accural Basis (https://www.askmehelpdesk.com/showthread.php?t=222584)

  • Jun 2, 2008, 07:17 PM
    nappyroots
    Cash Basis vs Accural Basis
    Mostert Music Company had the following transactions in March:
    a. Sold instruments to customers for $10,000; received $6,000 in cash and the rest on account. The cost of the instruments was $7,000.
    b. Purchased $4,000 of new instruments inventory; paid $1,000 in cash and owed the rest on account.
    c. Paid $600 in wages for the month.
    d. Received a $200 bill for utilities that will be paid in April.
    e. Received $1,000 from customers as deposits on orders of new instruments to be sold to the customers in April.
    Complete the following statements:

    My answer is 5,400 is this correct?
  • Jun 2, 2008, 08:59 PM
    morgaine300
    Your answer to what? I don't see a question.

    It's also usually useful to see how you come up with answers so that we can see what, if anything, you've done incorrectly.
  • Mar 2, 2010, 10:22 PM
    oats2010
    Mostert Music Company had the following transactions in March:

    1.

    Sold instruments to customers for $10,000; received $6,000 in cash and the rest on account.

    The cost of the instruments was $7,000.
    2.

    Purchased $4,000 of new instruments inventory; paid $1,000 in cash and owed the rest on account.
    3.

    Paid $600 in wages for the month.
    4.

    Received a $200 bill for utilities that will be paid in April.
    5.

    Received $1,000 from customers as deposits on orders of new instruments to be sold to the customers in April.

    Complete the following statements:

    [Click to enlarge]
  • Mar 3, 2010, 02:42 AM
    morgaine300

    You should start your own thread. I still don't see a question. Complete what statements? And you need to read the guidelines for posting at the top of this forum in bold red print.

  • All times are GMT -7. The time now is 09:10 PM.