An analysis of cash records and account balances of Wells, Inc., for 2012 is as follows: Required:

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An analysis of cash records and account balances of Wells, Inc., for 2012 is as follows:

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

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Accounting concepts and applications

ISBN: 978-0538745482

11th Edition

Authors: Albrecht Stice, Stice Swain

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Question Posted: Dec 30, 2011 03:28 AM

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An analysis of cash records and account balances of Wells, Inc., for 2012 is as follows: Required:

Question:

Account Balances Jan. 1, 2012 Account Balances Dec. 31, 2012 S3,000 5,000 Cash Received or Paid in 2012 $2,600 4,500 Wages Payable Unearned Rent. Prepaid Insurance.... Paid for wages. Received for rent... Paid for insurance ···· 100 120 $29,600 12,000 720

Step by Step Answer:

1 Wages payable balance at December 31 2012 3000 Add cash wages paid in 2012 29600 Total 32600 Less ...View the full answer

Accounting concepts and applications

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