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Balance Sheet 12/31/20X1 12/31/20X2 Assets Cash 64,000 100,000 Accounts Receivable 22,000 20,000 Inventory 10,000 14,000 Prepaid Rent 4,000 7,000 Total Assets 100,000 141,000 Liabilities Accounts
Balance Sheet | ||||
12/31/20X1 | 12/31/20X2 | |||
Assets | ||||
Cash | 64,000 | 100,000 | ||
Accounts Receivable | 22,000 | 20,000 | ||
Inventory | 10,000 | 14,000 | ||
Prepaid Rent | 4,000 | 7,000 | ||
Total Assets | 100,000 | 141,000 | ||
Liabilities | ||||
Accounts Payable | 5,000 | 1,000 | ||
Notes Payable | 10,000 | 25,000 | ||
Total Liabilities | 15,000 | 26,000 | ||
Owners Equity | ||||
Stock | 75,000 | 90,000 | ||
Retained Earnings | 10,000 | 25,000 | ||
Total Equity | 85,000 | 115,000 | ||
Total Liabilities + Equity | 100,000 | 141,000 |
The Income Statement includes the following information:
Revenues | $116,346 |
COGS | (45,000) |
Rent Expense | (3,000) |
Insurance Expense | (2,000) |
What is the Cash Received from Customers?
Balance Sheet | ||||
12/31/20X1 | 12/31/20X2 | |||
Assets | ||||
Cash | 64,000 | 100,000 | ||
Accounts Receivable | 22,000 | 20,000 | ||
Inventory | 10,000 | 14,000 | ||
Prepaid Rent | 4,000 | 7,000 | ||
Total Assets | 100,000 | 141,000 | ||
Liabilities | ||||
Accounts Payable | 5,000 | 1,000 | ||
Notes Payable | 10,000 | 25,000 | ||
Total Liabilities | 15,000 | 26,000 | ||
Owners Equity | ||||
Stock | 75,000 | 90,000 | ||
Retained Earnings | 10,000 | 25,000 | ||
Total Equity | 85,000 | 115,000 | ||
Total Liabilities + Equity | 100,000 | 141,000 |
The Income Statement includes the following information:
Revenues | $132,000 |
COGS | (42,927) |
Rent Expense | (3,000) |
Insurance Expense | (2,000) |
What is the Cash Paid for Inventory? Show this as a positive number
Balance Sheet | ||||
12/31/20X1 | 12/31/20X2 | |||
Assets | ||||
Cash | 64,000 | 100,000 | ||
Accounts Receivable | 22,000 | 20,000 | ||
Inventory | 10,000 | 14,000 | ||
Prepaid Rent | 4,000 | 7,000 | ||
Total Assets | 100,000 | 141,000 | ||
Liabilities | ||||
Accounts Payable | 5,000 | 1,000 | ||
Notes Payable | 10,000 | 25,000 | ||
Total Liabilities | 15,000 | 26,000 | ||
Owners Equity | ||||
Stock | 75,000 | 90,000 | ||
Retained Earnings | 10,000 | 25,000 | ||
Total Equity | 85,000 | 115,000 | ||
Total Liabilities + Equity | 100,000 | 141,000 |
The Income Statement includes the following information:
Revenues | $132,000 |
COGS | (46,000) |
Rent Expense | (3,000) |
Insurance Expense | (1,880) |
What is the Cash Paid for Insurance? Show this as a positive number, even though it's cash paid.
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