The income statement for Sahan Company included the following expenses for 2010: Rent expense.................$ 75,000 Interest expense...............11,700

Question:

The income statement for Sahan Company included the following expenses for 2010:

Rent expense.................$ 75,000

Interest expense...............11,700

Salaries expense.............121,000

Listed below are the related balance sheet account balances at year end for last year and this year.

Last Year This Year Prepaid rent Interest payable Salaries payable $1,500 $ 1,350 7,500 14,000

1. Compute the cash paid for rent during the year.

2. Compute the cash paid for interest during the year.

3. Compute the cash paid for salaries during the year.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...