FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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During Year 1, Cowboy Ice Cream Company purchased $25,000 of inventory on account. COC sold inventory on account that cost, $18,800 for $28,100. Cash payments on accounts payable were $15,600. There was $25,000 cash collected from accounts receivable , CIC also paid $4,500 cash for operating expenses. Assume that CIC started the accounting period with $20,500 in both cash and common stock.
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