After adjusting entries had been made, the balance sheets of Matuska Company showed the following asset and

Question:

After adjusting entries had been made, the balance sheets of Matuska Company showed the following asset and liability amounts at the end of 20x7 and 20x8:

The following amounts were taken from the 20x8 income statement:

Calculate the amount of cash paid for insurance and wages and the amount of cash received for fees during 20x8?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Principles of Accounting

ISBN: 978-0618736614

10th edition

Authors: Belverd Needles, Marian Powers, Susan Crosson

See More Books

Question Posted: Aug 01, 2016 12:59 PM

See More Questions

After adjusting entries had been made, the balance sheets of Ramiro's Company showed the following asset and liability amounts at the end of 2009 and 2010: The following amounts were taken from the...
After adjusting entries had been made, Infosys Companys balance sheets showed the following asset and liability amounts at the end of 2013 and 2014: The following amounts were taken from the 2014...
On December 31, the adjusted trial balance of Domino Inc. shows the following selected data: Analysis shows that adjusting entries had been made, and included above, for (1) 59,700 of services...
The registers values in AX and BX can be exchanged using stack operations that are: Select one: a. PUSH bx PUSH ax POP bx POP AX b. none C. PUSH ax PUSH bx POP ax POP bx d. PUSH ax POP ax PUSH bx POP...
Deglman Manufacturing Company uses a simple manufacturing accounting system. At the end of its fiscal year on August 31, 2011, the adjusted trial balance contains the following accounts. Physical...
A special event that is considered incidental generated $470,000 in gross revenues and had direct costs of $350,000 resulting in net cash of $120,000 received. (Note: Record the revenues to Special...
What are the two key financial objectives in the management of a company? How can a focus on these objectives create ethical dilemmas?
Suppose the herbicide manufacturer mentioned in the chapter can vertically integrate into just one of the downstream retail businesses, either home gardening or farming, but not both. Which one would...
Identify the characteristics of the logarithmic function below. If a value is a non-integer then type it as a reduced fraction. f(x) = log(15 - 5x) +6 The domain is The range is The vertical...
Your friend, the crack circuit designer, has offered to redesign one of the units in the multicycle MIPS processor to be much faster. Using the delays from Table 7.6, which unit should she work on to...
Waldemar Gott, a lawyer, received $72,000 on October 1 to represent a client in real estate negotiations over the next 12 months. 1. Record the entries required in Gott's records on October 1 and at...
The income statement for Leon Company included the following expenses for 20xx: Rent expense ......................... $ 78,000 Interest expense ........................ 11,700 Salaries expense...
With reference to Example 2.25, suppose that we discover later that the job was completed on time. What is the probability that there had been a strike? In exercise The completion of a construction...
How is internal rate of return (IRR) calculated?
Under what circumstances might an organization use short-term debt financing?
What are the legal requirements of boards?
What is the primary difference between conventional budgeting and zero-based budgeting?
How is net present value (NPV) calculated?
A piston/cylinder has 2 kg water at 1000 kPa, 200C that is now cooled with a constant loading on the piston. This isobaric process ends when the water reaches a state of saturated liquid. Find the...
Identify one local business that uses a perpetual inventory system and another that uses a periodic system. Interview an individual in each organization who is familiar with the inventory system and...
Managers and accountants often encounter transactions with which they are unfamiliar. Use your analytical skills to analyze and record in journal form the following transactions, which have not yet...
Open a general journal form like the one in Exhibit 2-4, and label it Page 10. After opening the form, record the following transactions in the journal: Dec.14 Purchased equipment for $6,000, paying...
Delux Design Company creates radio and television advertising for local businesses in the twin cities. The following alphabetical list shows Delux Design's account balances as of January 31, 2011:...
EnviroSpecialists is an environmental engineering company that provides assessments of the effect of new construction and proposed development on the surrounding landscape. Customers include large...
Discuss the impact of cross-cultural allusions in global literature, particularly in terms of fostering understanding and dialogue between diverse communities
The correct entry should be Debit: Armstrong, Capital $48,000 Credit: Cash $58,000 Debit: Jackson, Capital $5,000 Debit: Tanner, Capital $5,000

After adjusting entries had been made, the balance sheets of Matuska Company showed the following asset and

Question:

20x8 20x7 Prepaid insurance 1,200 $1,450 600 ,100 950 Wages payable Unearned fees 2,100 Insurance expense Wages expense Fees earned $1,900 9,750 4,450

Step by Step Answer:

Prepaid insurance is a current asset which indicates the cost of the insurance paid in advance but h...View the full answer

Principles of Accounting

Students also viewed these Cost Accounting questions