Business, 05.02.2021 21:50 vaibhavpatel6

The following data were taken from the records of Diamond Grassblade Company at the end of their fiscal year 2020. Sales on account were $756,000 and cash sales were $2,799,000. The balance in receivables at the beginning of the year was $243,000 and was $450,000 at the end of 2020. With respect to inventory, beginning inventory was $450,000 and ending was $558,000. Cash purchases of inventory were $1,530,000 during the year. Credit purchases of inventory were $360,000. Payables (all pertaining to inventory) were $126,000 and $144,000 for beginning and ending balances, respectively. Cash paid out during 2020 for expenses were $639,000. Unpaid wages at year-end were $45,000. There were no unpaid wages at the beginning of 2020. Prepaid expenses at 12/31/2020 were $27,000. Nothing was prepaid as of January 1, 2020. Finally, operational assets (this is equipment) cost $900,000 when acquired a couple of years ago. Annual depreciation is $81,000. Required:
Based on the above data, determine the following items both on an accrual basis and a cash basis.
A. Sales revenue.
B. Cost of goods sold.
C. Depreciation expense.
D. Remaining expenses.

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The following data were taken from the records of Diamond Grassblade Company at the end of their fis...

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