An analysis of cash records and account balances of High-Rise Properties, Inc., for 2012 is as follows:
Question:
Required:
Determine the amounts that should be included on the 2012 income statement for
(1) Salaries expense,
(2) Rent revenue, and
(3) Insuranceexpense.
Transcribed Image Text:
Account Balances Jan. 1, 2012 Account Balances Dec. 31, 2012 S26,300 Cash Received or Paid in 2012 Salaries Payable. Unearned Rent.... $22,800 6,750 2,900 8,200 1,700 Paid for salaries. Received for rent__^... Paid for insurance. .. S112,000 56,400 17,500
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1 Salaries expense Cash paid for 2012 salaries 112000 Plus Net increase in salaries payabl...View the full answer
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Related Book For
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
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