The following balances for Experts Inc. were obtained from its accounting information system. As of December...
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The following balances for Experts Inc. were obtained from its accounting information system. As of December 31 Prior Year Current Year Supplies $1,700 $2,400 Accounts receivable 6,000 4,900 Salaries payable 1,500 700 Prepaid lease expense 0 2,200 Note: Round your answers to the following questions to the nearest dollar. For example, enter 50 for 50.49 and enter 51 for 50.5. 1. If supplies expense in the income statement is $9,000, what was the cost of supplies purchased in the current year? $ 2. Assuming no write-offs of accounts receivable, what was the cash collected on accounts receivable in the current year if revenue recognized in the income statement for the current year is $268,900? $ 3. If salaries paid during the year were $100,000, what was salaries expense for the current year? $ 4. If a 3-month lease payment made in advance was $3,300, what was Lease Expense (Short-Term) for the current year? $ On approximately what date was the payment made? ◆ The following balances for Experts Inc. were obtained from its accounting information system. As of December 31 Prior Year Current Year Supplies $1,700 $2,400 Accounts receivable 6,000 4,900 Salaries payable 1,500 700 Prepaid lease expense 0 2,200 Note: Round your answers to the following questions to the nearest dollar. For example, enter 50 for 50.49 and enter 51 for 50.5. 1. If supplies expense in the income statement is $9,000, what was the cost of supplies purchased in the current year? $ 2. Assuming no write-offs of accounts receivable, what was the cash collected on accounts receivable in the current year if revenue recognized in the income statement for the current year is $268,900? $ 3. If salaries paid during the year were $100,000, what was salaries expense for the current year? $ 4. If a 3-month lease payment made in advance was $3,300, what was Lease Expense (Short-Term) for the current year? $ On approximately what date was the payment made? ◆
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1 Cost of supplies purchased in the current year Cost of supplies used Supplies Prior year Supplies ... View the full answer
Related Book For
Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
Posted Date:
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