The Upton Country Store Had the Following Transactions in April

question 35

Essay

The Upton Country Store had the following transactions in April:
a. Sold $25,000 of goods to customers and received $22,000 in cash and the rest are on account
b. The cost of the inventory sold was $13,000
c. The store purchased $8,000 of inventory and paid for $4,000 in cash and the rest were bought on account
d. They paid $7,000 in wages for the month
e. Received a $600 bill for utilities for the month that will not be paid until May
f. Received rent for the adjacent store front for the months of April and May in the amount of $3,000 Complete the following statements:
Cash Basis
Statement of earnings
Revenues:
Accrual Basis Statement of earnings
Revenues:

---

Definitions:

Credit Card Use

The application of credit cards as a payment method where the cardholder borrows funds to pay for goods and services with the promise to repay the borrowed amount along with any agreed-upon fees or interest.

Market Development

A growth strategy where a company seeks to increase sales by promoting its existing products in new markets or to new segments.

Marketing Strategy

A marketing strategy is a business's overall game plan for reaching prospective consumers and turning them into customers of their products or services.

Current Products

Goods or services that are being manufactured or sold right now, reflecting the latest designs, features, or technology.