Homework Answers
1) Cash payments for rent= Rent expense+Prepaid rent, December 31-Prepaid rent January 1
= $90000+22200-17700
= $94500
2) Cash payments for salaries= Salaries and wages expense+Salaries and wages payable, January 1-Salaries and wages payable, December 31
= $162000+6000-24000
= $144000
3) Cash receipts from customers= Sales revenue+Accounts receivable, January 1-Accounts receivable, December 31
= $480000+48000-21000
= $507000
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Collected
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Received
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6
Paid
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7
Performed
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the following account balances:
Cash $25,000
Retained Earnings $53,000 (at January 1, 2022)
Prepaid Insurance $18,000
Advertising Expense $22,000
Cost of Goods Sold $29,000
Interest Revenue $31,000
Copyright $28,000
Supplies $12,000
Accounts Receivable $51,000
Common Stock $91,000
Accounts Payable $50,000
Patent $21,000
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Inventory $59,000
Building $34,000
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Equipment $45,000
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the following account balances:
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Retained Earnings $53,000 (at January 1, 2022)
Prepaid Insurance $18,000
Advertising Expense $22,000
Cost of Goods Sold $29,000
Interest Revenue $31,000
Copyright $28,000
Supplies $12,000
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Accounts Payable $50,000
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Income Tax Expense $21,000
Inventory $59,000
Building $34,000
Salaries Expense $14,000
Sales Revenue $79,000
Dividends $11,000
Equipment $45,000
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