. Compute the amount of interest paid (i.e., cash) in July. At June 30, $200 was due.

2. What was the cash received on the sale of office equipment?

3. Assuming that the office equipment has a five year estimated life and no depreciation is taken during the month of purchase or sale, how much equipment was purchased this year?

4. How old is the office equipment that was sold during the month?

5. How much cash was paid on Accounts Payable during the month? Assume only inventory purchases are charged to (flow through) accounts payable. (In other words, no other expenses besides inventory purchases are recorded in accounts payable.

6. What was the beginning balance in Accounts Payable?

7. How much of accounts receivable were written off this month?

8. If prepaid advertising at the beginning of the period was $800, what was the total cash outlay for advertising?

9. How much cash was used to pay salaries during the month? Assume the balance in Salaries Payable on July 1 was $500.

10. What was the balance of retained earnings at the beginning of the year?

11. If office supplies valued at $500 were on hand at the beginning of the month, what were the total purchases of these supplies during the month?

12. What was the beginning balance of the allowance for doubtful accounts?

13. If 95% of sales are made on credit, what was the beginning balance in Accounts Receivable (7/1/18)?

14. How much cash was received on accounts receivable in July?

15. What was the beginning balance in Dividends Payable?

16. What was the cash used to pay dividends in July?

17. What was the beginning balance in inventory (7/1/18)?

18. Does the company record purchases using the gross method or net method?

19. How much common stock was retired during the month of July?

20. If there was no physical count done for inventory as of July 31st, what would you estimate Ending Inventory (at July 31st) to be?

USF Rocks Inc. Handout Problem The adjusted trial balance of USF Rocks, Inc. as of July 31, 2018 is presented below. Notice that the total debits and credits for each account are indicated (including beginning balances) rather than the usual account balances. USF Rocks' fiscal year end is June 30. Thus, the only activity included relates to beginning balances (if appropriate) and activity in the month of July (i.e., one month). Accounts Payable 34,900 52,000 umulate 780 45 nse All IAccount Common Stock 10,000 Dividends Declared 5 ivide 700 Insurance Expense 66,000 nventOn 40 Office Equi 40,000 4,200 Paid-In Capital in Excess of Par 20,000 Purchase Returms and Allowance 900 in rni Salaries 12,000 1,500 Sales Discounts Using the trial balance of gross balances for USF Rocks and the additional information given below answer the following questions about the operations of USF Rocks. 1. Compute the amount of interest paid (i.e., cash) in July. At June 30, $200 was due. 2. What was the cash received on the sale of office equipment? 3. Assuming that the office equipment has a five year estimated life and no depreciation is taken 4. How old is the office equipment that was sold during the month? 5. How much cash was paid on Accounts Payable during the month? Assume only inventory during the month of purchase or sale, how much equipment was purchased this year? purchases are charged to (flow through) accounts payable. (In other words, no other expenses besides inventory purchases are recorded in accounts payable. What was the beginning balance in Accounts Payable? How much of accounts receivable were "written off this month? If prepaid advertising at the beginning of the period was $800, what was the total cash outlay for 6. 7. 8. advertising? 9. How much cash was used to pay salaries during the month? Assume the balance in Salaries Payable on July 1 was $500. What was the balance of retained eamings at the beginning of the year? If office supplies valued at $500 were on hand at the beginning of the month, what were the total 10. 11. purchases of these supplies during the month? 12. What was the beginning balance of the allowance for doubtful accounts? 13. If 95% of sales are made on credit, what was the beginning balance in Accounts Receivable 14 How much cash was received on accounts receivable in July? 15. What was the beginning balance in Dividends Payable? 16. What was the cash used to pay dividends in July? 17. What was the beginning balance in inventory (7/1/18)? 18. Does the company record purchases using the gross method or net method? 19. How much common stock was retired during the month of July? 20. If there was no physical count done for inventory as of July 31st, what would you estimate (7/1/18)? Ending Inventory (at July 31t) to be? Using the trial balance of gross balances for USF Rocks and the additional information given below answer the following questions about the operations of USF Rocks. 1. Compute the amount of interest paid (i.e., cash) in July. At June 30, $200 was due. 2. What was the cash received on the sale of office equipment? 3. Assuming that the office equipment has a five year estimated life and no depreciation is taken 4. How old is the office equipment that was sold during the month? 5. How much cash was paid on Accounts Payable during the month? Assume only inventory during the month of purchase or sale, how much equipment was purchased this year? purchases are charged to (flow through) accounts payable. (In other words, no other expenses besides inventory purchases are recorded in accounts payable. What was the beginning balance in Accounts Payable? How much of accounts receivable were "written off this month? If prepaid advertising at the beginning of the period was $800, what was the total cash outlay for 6. 7. 8. advertising? 9. How much cash was used to pay salaries during the month? Assume the balance in Salaries Payable on July 1 was $500. What was the balance of retained eamings at the beginning of the year? If office supplies valued at $500 were on hand at the beginning of the month, what were the total 10. 11. purchases of these supplies during the month? 12. What was the beginning balance of the allowance for doubtful accounts? 13. If 95% of sales are made on credit, what was the beginning balance in Accounts Receivable 14 How much cash was received on accounts receivable in July? 15. What was the beginning balance in Dividends Payable? 16. What was the cash used to pay dividends in July? 17. What was the beginning balance in inventory (7/1/18)? 18. Does the company record purchases using the gross method or net method? 19. How much common stock was retired during the month of July? 20. If there was no physical count done for inventory as of July 31st, what would you estimate (7/1/18)? Ending Inventory (at July 31t) to be