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Castaway Co. Balance Sheet Assets: 20X1 20X2 Cash 100,000 100,000 Accounts Receivable 48,000 30,000 Inventory 65,000 50,000 Prepaid Rent 6,000 12,000 Equipment 125,000 300,000 Accumulated
Castaway Co. | |||
Balance Sheet | |||
Assets: | 20X1 | 20X2 | |
Cash | 100,000 | 100,000 | |
Accounts Receivable | 48,000 | 30,000 | |
Inventory | 65,000 | 50,000 | |
Prepaid Rent | 6,000 | 12,000 | |
Equipment | 125,000 | 300,000 | |
Accumulated Dep | 25,000 | 35,000 | |
BV of Equipment | 100,000 | 265,000 | |
Land | 50,000 | 20,000 | |
Total Assets | $ 369,000 | $ 477,000 |
Liabilities: | |||
Accounts Payable | 40,000 | 45,000 | |
Insurance Payable | 0 | 5,000 | |
Notes Payable | 250,000 | 200,000 | |
Total Liabilities | 290,000 | 250,000 | |
OE: | |||
Stock | 69,000 | 200,000 | |
Retained Earnings | 10,000 | 27,000 | |
Total OE | 79,000 | 227,000 | |
Total Liabilities + OE | 369,000 | 477,000 |
Castaway Co. | ||
Income Statement | ||
for 20X2 | ||
Revenues | $ 200,000 | |
COGS | 75,000 | |
Gross Profit | 125,000 | |
Insurance Expense | 5,000 | |
Rent Expense | 6,000 | |
Supplies Expense | 5,000 | |
Depreciation Expense | 10,000 | |
Interest Expense | 8,000 | |
Net Income | $ 91,000 |
What is cash paid for inventory? Please use a positive number for your answer, even though it is cash paid.
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