Assets Liabilities and Equity

Cash 10,000 Accounts Payable 19,000

Accounts receivables 34,000 Wages Payable 4,000

Inventory 60,000 Income Tax Payable 1,000

Prepaid Insurance 4,000 Notes Payables 80,000

Capital Assets 200,000 Common Shares 100,000

Accumulated depreciation (40,000) Retained Earnings 64,000

Total Assets 268,000 Total Liabilities and Equity 268,000

The following are all transactions that happened during Year 6:

Made all sales on account of $270,400

Collected accounts receivable of $250,760

Purchased merchandise on account of $134,000

Determined cost of goods sold was $140,000

Paid accounts payable (for merchandise purchased) of $143,000

Paid wages to employees of $52,500

Accrued wages expense (and wages payable) of $1,500 at June 30th, Year 6.

Paid insurance premium of $18,000 to extend coverage for three years.

Allocated $5,000 of prepaid insurance to insurance expense.

Recorded Year 6 total income tax expense (and income tax payable) of $13,000

Paid income taxes to government of $11,500 (this represents the final portion of Year 5 taxes and initial installments of Year 6 taxes).

Depreciation for the year $10,000

Required 1: What is the amount of Cash received from customers? $

Required 2: How much is the net income (loss) of the year 6? $

Required 3: What is the amount of cash generated (used) by accounts receivables? $

Required 4: What is amount of cash generated (used) by Operations in Year 6? $

Required 5: What is ending balance of Cash at the end of Year 6? $

Required 6: What is ending balance of Accounts Receivables at the end of Year 6? $

Required 7: What is ending balance of Retained Earnings at the end of Year 6? $