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(4 points) Selected information for Leia Company follows: Balance sheet accounts: 05-31-17 06-30-17 Cash $300,000 $253,000 Accounts receivable 225,000 300,000 Inventory 400,000 460,000 Prepaid rent

  1. (4 points) Selected information for Leia Company follows:

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

Cash $300,000 $253,000

Accounts receivable 225,000 300,000

Inventory 400,000 460,000

Prepaid rent 60,000 95,000

Accounts payable (for inventory purchases only) 130,000 125,000

Accrued wages payable 33,000 17,000

Accrued interest payable 17,000 15,000

Unearned revenue 40,000 25,000

Income statement amounts for June 2017:

Sales revenue $860,000

Cost of goods sold 310,000

Selling, general, and administrative expenses* 250,000 * includes $25,000 of depreciation expense

Interest expense 18,000

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

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