TRADITIONAL HOMEWORK ITEMS - FALL 2021 - ACT 3392

General Instructions for the Traditional Homework refer to the instructions for traditional item nos. 1 to 6.

31. (10 points) Selected information for Leia Company follows:

Balance sheet accounts: 05-31-17 06-30-17

Cash $300,000 $523,000

Accounts receivable 340,000 300,000

Inventory 400,000 460,000

Prepaid rent 60,000 45,000

Accounts payable (for inventory purchases only) 130,000 110,000

Accrued wages payable 33,000 47,000

Accrued interest payable 17,000 10,000

Unearned revenue 40,000 62,000

Income statement amounts for June 2017:

Sales revenue $1,500,000

Cost of goods sold 600,000

Selling, general, and administrative expenses* 325,000 * includes $85,000 of depreciation expense

Interest expense 26,000

Calculate for following for the month of June 2017:

1. Cash collections from customers
2. Cash payments for inventory
3. Cash payments for selling, general, and administrative expenses
4. Cash payments for interest