1 Practice Problem Set - Week 6 Background: You've landed a job at Goldman Sachs and the first question someone asks you about is the following. How do you respond to them? Comparative Balance Sheets Cash Rent Receivable Dues Receivable December 31 20X4 $7,995 20X3 $6,490 570 230 2,800 2,500 Interest Receivable 310 520 Prepaid Rent 150 250 Supplies 780 260 Prepaid General Expenses 350 510 Investments 6,800 8,000 Furniture and Fixtures 7,000 3,600 Accumulated Depreciation on Furniture and Fixtures (1120) (750) Total $25.635 $21.610 Accounts Payable (supplies only) $1,300 $5,200 Rent Payable 890 440 Interest Payable 170 230 Deferred Rent 600 640 Dues Received in Advance 305 100 Unearned Interest 770 300 Accrued General Expenses 250 400 Notes Payable 5,850 4,300 Members' Equity 15.500 10.000 Total $25.635 $21.610 Supplemental Information: Rent revenue in 20X4 Cash paid for rent in 20X4 Dues revenue in 20X4 Cash received for interest in 20X4 Purchase of investments in 20X4 Loss on sale of investments in 20X4 Supplies expense for 20X4 $6,300 $4.150 $8,750 $1,940 $4,000 $ 950 $1,820 All purchases of supplies were on account. Fumiture and fixtures with an original cost of $2,000 and accumulated depreciation of $1,200 were sold for $1,400 in 20X4 Borrowings of $3,000 were made on notes payable in 20X4 Cash paid for interest was $1,260 in 20X4 There were no dividends or other distributions to members The only change this year in Members' Equity is for the closing of the excess of accrual basis revenues over accrual basis expenses. Based on the above info., what is the cash received for rent in 20X4, rent expense in 20X4, cash received for dues 20X4, cash received from sale of investments in 20X4, cash payments on notes in 20X4, and the furniture/fixture purchases in 20x42