For each of the following three separate cases, use the information provided about the calendar-year 2016 operations
Question:
Case X: Compute cash received from customers:
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $515,000
Accounts receivable, December 31, 2015 . . . . . . . . . . . . . 27,200
Accounts receivable, December 31, 2016 . . . . . . . . . . . . . 33,600
Case Y: Compute cash paid for rent:
Rent expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $139,800
Rent payable, December 31, 2015 . . . . . . . . . . . . . . . . . . . . 7,800
Rent payable, December 31, 2016 . . . . . . . . . . . . . . . . . . . . 6,200
Case Z: Compute cash paid for inventory:
Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . $525,000
Inventory, December 31, 2015 . . . . . . . . . . . . . . . . . . . 158,600
Accounts payable, December 31, 2015 . . . . . . . . . . . . . . 66,700
Inventory, December 31, 2016 . . . . . . . . . . . . . . . . . . . 130,400
Accounts payable, December 31, 2016 . . . . . . . . . . . . . . 82,000
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Case X Sales revenue 515000 Accounts receivable Dec 31 2015 27200 Account...View the full answer
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