Excerpts from the financial statements of Dunbar Manufacturing are provided below. Wages____________________________________________ Cash payment for wages during
Question:
Excerpts from the financial statements of Dunbar Manufacturing are provided below.
Wages____________________________________________
Cash payment for wages during 2012$35,000
Wages payable as of December 31, 2012 17,000
Wage expense on the 2012 income statement 39,000
Rent______________________________________________
Prepaid rent as of December 31, 2011$12,000
Prepaid rent as of December 31, 2012 15,000
Rent expense on the 2012 income statement 21,000
Accounts Receivable ________________________________
Cash collected from customers during 2012$38,000
Accounts receivable as of December 31, 2011 14,000
Sales revenue on the 2012 income statement 45,000
a. Compute the wages payable as of December 31, 2011.
b. Compute the cash payment for rent during 2012.
c. Compute the accounts receivable as of December 31, 2012.
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
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