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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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