An analysis of cash records and account balances of High-Rise Properties, Inc., for 2012 is as follows:

Required:
Determine the amounts that should be included on the 2012 income statement for
(1) Salaries expense,
(2) Rent revenue, and
(3) Insuranceexpense.

Transcribed Image Text:

Account Balances Jan. 1, 2012 Account Balances Dec. 31, 2012 S26,300 Cash Received or Paid in 2012 Salaries Payable. Unearned Rent.... $22,800 6,750 2,900 8,200 1,700 Paid for salaries. Received for rent__^... Paid for insurance. .. S112,000 56,400 17,500