2. Matlock Co. has the following items: Service Revenue ($105K), A/R balance [January 1] ($53K), Unearned Revenue balance [January 1] ($36K), A/R balance [December 31] ($48K), Unearned Revenue balance [December 31] ($45K). What is Matlocks reported cash collections on its cash-based income statement?

3. Matlock Co. has the following items: Expenses ($92K), Prepaid Expenses [January 1] ($13K), Accrued Expenses [January 1] ($20K), Prepaid Expenses [December 31] ($10K), Accrued Expenses [December 31] ($16K). What is Matlocks reported cash disbursements on its cash-based income statement?

4. Matlock Co. has the following items: Cash disbursements ($78K), Prepaid Expenses [January 1] ($16K), Accrued Expenses [January 1] ($18K), Prepaid Expenses [December 31] ($20K), Accrued Expenses [December 31] ($25K). What is Matlocks reported expenses on its accrual income statement?

5. Matlock Co. provided services worth $1,500 to its customers in April and collected the receivables in full in May. In Matlocks cash-based income statement, how much would it report for revenues in April?

6. For #6, for Matlocks accrual income statement, how much would it report for revenues in May?

7. Matlock borrows $125,000, signing a 3-year, 5% note on February 1. Assuming the company prepares quarterly adjusting entries, which account will Matlock debit in its March 31 adjusting entry?

8. For #7, what will be the dollar amount of that adjusting entry (to the nearest dollar)?

9. If Matlock reports $1.2M of net sales and its CGS is 80% of net sales, what is the dollar amount of gross profit on the income statement?

10. If Matlock declares $2,000 of dividends for the year, which account will be debited in its year-end entry to close the dividends account?