Question

Complete this question by entering your answers in the tabs below.

Fill in the missing amounts in the following schedules.

	April May June Sales* $276,000 $207,000 Cash receipts: From cash sales $156,600 From sales on account† 117,300 Total cash receipts ​

Accounts payable, 12/31/x0	€654,000
Purchase of goods and services on account during 20x1	276,000
Payments of accounts payable during 20x1
Accounts payable, 12/31/x1	€872,000

Accounts receivable, 12/31/x0	¥1,880,000	‡
Sales on account during 20x1	4,716,000
Collections of accounts receivable during 20x1	(4,044,000)
Accounts receivable, 12/31/x1

Accumulated depreciation, 12/31/x0	$423,000
Depreciation expense during 20x1	84,000
Accumulated depreciation, 12/31/x1

Retained earnings, 12/31/x0	$1,550,100
Net income for 20x1	305,400
Dividends paid in 20x1	0
Retained earnings, 12/31/x1

*Half of each month’s sales are on account. March sales amounted to $207,000.

†60% of credit sales is collected in the month of sale; 40% is collected in the following month.

‡Yen is the Japanese national currency.

Answer 1

Requirement			Apr	May	Jun
		Sales	$2,76,000	$2,07,000	$3,13,200
		Cash Receipts
		From cash sales	$1,38,000	$1,03,500	$1,56,600
		From sales on account	$1,24,200	$1,17,300	$1,35,360
		Total cash receipts	$2,62,200	$2,20,800	$2,91,960
Requirement		Accounts Payable 12/31/x0		€6,54,000	A
		Purchase of goods and services on account during 20x1		€2,76,000	B
		Payment of accounts during 20x1		-€58,000	-(A+B-C)
		Accounts payable 12/31/x1		€8,72,000	C
Requirement		Accounts Receivable 12/31/x0		¥18,80,000	A
		Sales on account during 20x1		¥47,16,000	B
		Collection of accounts receivable during 20x1		-¥40,44,000	C
		Accounts Receivable 12/31/x1		¥25,52,000	A+B+C
Requirement		Accumulated depreciation, 12/31/x0		$4,23,000	A
		Depreciation expense for 20x1		$84,000	B
		Accumulated depreciation, 12/31/x1		$5,07,000	A+B
Requirement		Retained earnings 12/31/x0		$15,50,100	A
		Net income for 20x1		$3,05,400	B
		Dividends paid in 20x1		$0	C
		Retained earnings 12/31/x1		$18,55,500	A+B-C