The adjusted trial balances of Patterson Corporation at August 31, 2016, and Aug

Question

The adjusted trial balances of Patterson Corporation at August 31, 2016, and August 31, 2015, include these amounts (in millions) EEB (Click the icon to view the trial balance amounts.) Patterson Corporation complete these transactions (in millions) during the year ended August 31, 2016 Click the icon to view the transactions.) Requirement 1. Compute the amount of sales revenue, insurance expense, and other operating expenses to report on the income statement for the year ended August 31 2016 The sales revenue for the year ended August 31, 2016 is The insurance expense for the year ended August 31, 2016 is The other operating expense for the year ended August 31, 2016 is Trial balance amounts Receivables Prepaid insurance Accrued liabilities payable (for other operating expenses) 2016 S 480 320 730 2015 200 470 660 Transactions Patterson completed these transactions (in millions) during the year ended August 31, 2016 Collections from customers Payment of prepaid insurance Cash payments for other operating expenses $ 20,400 490 4,200

Explanation / Answer

Cash collection from customer = opening receivables + current year sales - closing receivables.
Sales = $20400+$480-$200= $ 20680

Insurance expenses = $470+$490-$320= $ 640

Other operating expense = $4200-$660+$730=$4270.

Thanks

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