Payson Sports, Inc., sells sports equipment to customers. Its fiscal year ends on December 31. The following transactions occurred in the current year: A. Purchased $250,000 of new sports equipment inventory; paid $90,000 in cash and owed the rest on account. B. Paid employees $180,300 in wages for work during the year; an additional $3,700 for the current year's wages will be paid in January of the next year. C. Sold sports equipment to customers for $750,000; received $500,000 in cash with the customers owing the rest on account. D. The cost of the equipment was $485,000. Paid $17,200 cash for utilities for the year. Received $70,000 from customers as deposits on orders of new winter sports equipment to be sold to the customers in January of the next year. E. Received a $1,930 utilities bill for December of the current year that will be paid in January of the next year.
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Home » Business » Payson Sports, Inc., sells sports equipment to customers. Its fiscal year ends on December 31. The following transactions occurred in the current year: A.