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7. (5 points) Zena Company's financial records showed the following selected items for 2015: Advertising receipts Interest paid on borrowings $560,000 $100,000 Land rental revenues
7. (5 points) Zena Company's financial records showed the following selected items for 2015: Advertising receipts Interest paid on borrowings $560,000 $100,000 Land rental revenues Wage expense $450,000 $240,000 Zena follows the accrual basis of accounting. The following balances were taken from Zena's balance sheets: 12-31-14 12-31-15 Advertising receivables 28,000 25,000 Prepaid advertising costs 40,000 44,000 Wages payable 30,000 25,000 Interest payable 62,000 68,000 Unearned land rental revenue 45,000 38,000 a. What were advertising-related revenues for 2015? b. What was interest expense for 2015? How much cash was paid out for wages and salaries during 2015? d. How much cash was collected for land rentals during 2015
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