Balances in the current asset and current liability accounts of Keith's Crafts Company follow:

Required:
a. If the total amount of cash received from customers in 2011 was $2,000,000, calculate the amount of sales revenue that was earned during the year.
b. If the amount of cash paid to suppliers for merchandise inventory in 2011 was $1,500,000, calculate the cost of the goods that were sold during the year.
c. If the insurance expense for 2011 was $18,000, calculate the amount of cash that was paid for insurance during the year.

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Dec. 31, 2011 Dec, 31,2010 Current assets Cash Accounts receivable Merchandise inventory Prepaid insurance $ 31,200 135,600 321,000 9,000 24,500 139,900 279,600 6,000 Current liabilities Bank loan Accounts payable (for purchases of merchandise) Dividends payable Unearned sales revenue 5,000 231,400 3,700 17,500 15,000 210.300 19,500 5.900