The Following Selected Account Balances Are Taken from a Merchandising

question 2

Essay

The following selected account balances are taken from a merchandising company's records:
$\begin{array} { | l | r | r | r | } \hline & \text { Dec. 31 } & \text { Dec. 31, } & \text { For the } \\\hline & 20 \mathrm { X } 2 & 20 \mathrm { X } 1 & \text { Year } 20 \mathrm { X } 2 \\\hline \text { Merchandise inventory } & \$ 4,600 & \$ 21,200 & \\\hline \text { Accounts receivable } & 42,000 & 36,000 & \\\hline \text { Accounts payable } & 32,400 & 27,400 & \\\hline \text { Salaries payable } & 4,400 & 3,000 & \\\hline & & & \\\hline \text { Total assets } & 234,000 & 286,000 & \\\hline \text { Sales } & & & \$ 312,000 \\\hline \text { Cost of goods sold } & & & 165,600 \\\hline \text { Salaries expense } & & & 48,000 \\\hline\end{array}$ (a) Calculate the cash payments made during 20X2 for merchandise. Assume all of the company's accounts payable balances result from merchandise purchases.
(b) Calculate the cash receipts from customer sales during 20X2.
(c) Calculate the cash payments for salaries during 20X2.

---

Definitions:

Relapse

A return to previous behavior or condition, often used to describe the recurrence of substance use or the worsening of psychological symptoms after a period of improvement.

Food Diary

A tool for tracking what, when, and how much one eats, often used to monitor eating habits for weight loss or to identify food intolerances.

Bulimia

An eating disorder characterized by episodes of binge eating followed by behaviors such as vomiting or excessive exercise to prevent weight gain.

Cognitive Perspective

An approach in psychology that emphasizes the study of how people think, perceive, remember, and learn, focusing on the processes involved in cognitive functions.