(Solution) - Ru s Sports Inc sells sports equipment to customers Its fisc -(2025 Original AI-Free Solution)

Paper Details

Ru?s Sports, Inc., sells sports equipment to customers. Its fiscal year ends on December 31. The following transactions occurred in 2011:
a. Paid employees $54,200 in wages for the year; an additional $4,800 for 2011 wages will be paid in January 2012.
b. Purchased $334,000 of new sports equipment inventory; paid $90,000 in cash and owed the rest on account.
c. Sold sports equipment to customers for $410,000; received $340,000 in cash and the rest on account. The cost of the equipment was $287,000.
d. Paid $7,200 cash for utilities for the year.
e. Received $21,000 from customers as deposits on orders of new winter sports equipment to be sold to the customers in January 2012.
f. Received a $680 bill for December 2011 utilities that will be paid in January 2012.

Required:
1. Complete the following statements: