Reference no: EM132666971
Carbon Car Parts Store is a small store selling car parts and accessories. It just started in business. These transactions and events occurred during August and September Year 3. Ignore income taxes.
Transaction
August Year 3
(1) Issued common stock and received $225,000 in cash.
(2) Purchased inventory from various suppliers, on credit (with accounts payable); cost is $100,000.
(3) Made credit sales of $70,000 (with accounts receivable).
(4) Made cash sales of $50,000.
(5) Determined that inventory costing $90,000 was sold.
(6) Paid $75,000 on inventory purchases from (2).
(7) Paid salaries of $12,000 in cash.
(8) Paid rent of $7,000 on the store in cash.
Transaction
September Year 3
(9) Purchased inventory; cost is $220,000; put $200,000 on credit and paid cash for the remaining balance.
(10) Made credit sales of $90,000 (with accounts receivable).
(11) Made cash sales of $65,000.
(12) Determined that inventory costing $110,000 was sold.
(13) Collected $60,000 on accounts receivable (from (3)).
(14) Paid $25,000 on inventory purchases (from (2)).
(15) Paid $15,000 on inventory purchases (from (9)).
(16) Paid salaries of $16,000 in cash
(17) Paid rent of $6,000 on store in cash.
Problem 1: Prepare the accrual basis income statement and the cash basis statement for the month of September.
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