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Need (C) & (D) of this question answered, especially. Only answer if you are absolutely certain. Question Selected financial statement information for Johnston Enterprises is
Need (C) & (D) of this question answered, especially. Only answer if you are absolutely certain.
Question Selected financial statement information for Johnston Enterprises is presented below. Balance Sheet Data Cash Accounts Receivable Prepaid Rent Inventory Property, Plant, and Equipment Less: Accumulated Depreciation Total Assets December 31, 2013 $104,000 306,000 15,000 340,000 1,122,000 (442,000) $1,445,000 December 31, 2014 $100,000 228,000 43,000 391,000 1,261,000 (476,000) $1,547.000 Unearned Revenue Accounts Payable (merchandise suppliers) Rent Payable Bank Loan 77,000 $102,000 68,000 391,000 85,000 $187,000 51,000 350,000 Common Stock Retained Earnings Total Liabilities & Stockholders' Equity 467,000 340,000 $1,445,000 510,000 364,000 $1.547,000 Income Statement Data for Calendar Year 2014 Sales Revenue Cost of Goods Sold Gross Profit 1,615,000 (781,000) 834,000 Expenses: Depreciation Expense Salaries Expense Interest Expense Rent Expense Loss on Sale of Equipment Net Income (153,000) (391,000) (34,000) (98,000) (12,000) $146,000 Based on the information provided above, provide your answers to the questions below in the space provided. For partial credit, please show intermediate steps. a) What was the amount of dividends declared and paid by Johnston during 2014? b) What was the amount of cash collected from customers by Johnston during 2014? c) What was the amount of rent paid by Johnston during 2014? d) What was the amount of cash paid to suppliers of merchandise by Johnson during 2014Step by Step Solution
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