Question
IMT Co. reported the following selected information for 2010: Sales revenue .......................................................................................... $865,000 Cost of goods sold .................................................................................. 360,000 Depreciation expense ............................................................................. 43,000 Salaries &
IMT Co. reported the following selected information for 2010:
Sales revenue .......................................................................................... $865,000
Cost of goods sold .................................................................................. 360,000
Depreciation expense ............................................................................. 43,000
Salaries & wages expense ......................................................178,000
Rent Expense .................................................................... 95,000
Beginning of YearEnd of Year
Accounts receivable ..................................... $ 15,000 $ 35,000
Prepaid rent .................................................. 21,00015,000
Salaries & wages payable ............................ 33,00018,000
Required: Use the above information to calculate:
i)The cash collected from customers
ii)The cash paid for depreciation
iii)The cash paid to employees
iv)The cash paid for rent
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