Solved

Hidalgo Company Has the Following Selected Balance Sheet and Income For the Y ear\text {For the Y ear}

Question 185

Essay

Hidalgo Company has the following selected balance sheet and income statement information: For the Y ear\text {For the Y ear}
Ended\text {Ended}
December 31\text {December 31} , \quad 20×520 \times 5
Income statement accounts:\text {Income statement accounts:}
 Cost of goods sold $310,000 Income tax expense 27,000 Sales 465,000 Wage expens e 83,000\begin{array}{ll}\text { Cost of goods sold } & \$ 310,000 \\\text { Income tax expense } & 27,000 \\\text { Sales } &465,000 \\\text { Wage expens e }&83,000\end{array}



 At December 3120×520×4Selected balance sheet accounts: Accounts p ay able $27,000$23,000 Accounts receivable 12,00010,000 C ash 15,00011,000 Income taxes payable 15,0006,000 Inventory 21,00016,000 W ages p ayable 7,0004,000\begin{array}{lll}\text { At December 31} &\underline { 20 \times 5 } & \underline { 20 \times 4 }\\\text {Selected balance sheet accounts:}\\\text { Accounts p ay able } & \$ 27,000 & \$ 23,000 \\\text { Accounts receivable } & 12,000 & 10,000 \\\text { C ash } & 15,000 & 11,000 \\\text { Income taxes payable } & 15,000 & 6,000 \\\text { Inventory } & 21,000 & 16,000 \\\text { W ages p ayable } & 7,000 & 4,000\end{array} Determine the following items for Hidalgo Company for the year ended December 31, 20X5:
a. cash received from customers
b. cash paid to suppliers
c. cash paid for wages
d. cash paid for income taxes

Correct Answer:

verifed

Verified

W age expenseblured image blured image
Less:Increas e ...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents