Excerpts from the financial statements of Dunbar Manufacturing are provided below. Wages Cash payments for wages during
Question:
Excerpts from the financial statements of Dunbar Manufacturing are provided below.
Wages
Cash payments for wages during 2017 ............................................................$35,000
Salaries and wages payable as of December 31, 2017 .....................................17,000
Salaries and wages expense on the 2017 income statement .........................39,000
Rent
Prepaid rent as of December 31, 2016 .............................................................$12,000
Prepaid rent as of December 31, 2017 ...............................................................15,000
Rent expense on the 2017 income statement ...................................................21,000
Accounts Receivable
Cash collected from customers during 2017 ...................................................$38,000
Accounts receivable as of December 31, 2016 ..................................................14,000
Sales revenue on the 2017 income statement ..................................................45,000
a. Compute the salaries and wages payable as of December 31, 2016.
b. Compute the cash payments for rent during 2017.
c. Compute the accounts receivable as of December 31, 2017.
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...
Step by Step Answer:
a b c SW Salaries and Wages BS Balance Sheet ...View the full answer
