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Please show all work from AA-LL Selected income statement and balance sheet accounts are presented below for your use in meeting the requirements of this
Please show all work from AA-LL
Selected income statement and balance sheet accounts are presented below for your use in meeting the requirements of this problem. Use the relationships between revenues, expenses, assets, liabilities and owners' equity to figure out the numerical values for the unknowns Selected Income Statement Account Balances for the Years Ended December 31, Year 2 and Year 3 respectively: Year 3 Year 2 Consulting Revenues Rent Revenues $400 110 $460 320 Salaries Expense Utilities Expense Insurance Expense Rent Expense $90 100 $95 85 60 50 75 80 Selected Balance Sheet Account Balances at December 31, Year 1, Year 2 and Year 3, respectively: Year 1 SAA 50 Year 2 SBB 85 Year 3 $130 LL Consulting Accounts Receivable Rent Receivable Prepaid Salaries Prepaid Insurance Prepaid Rent 10 40 25 60 GG 70 20 70 60 Salaries Payable Utilities Payable Rent Payable $50 $125 $10 15 FF 30 55 JJ 15 Unearned Rent Revenue 60 60 Selected Additional Information Related to Cash Flows for the Years Ended December 31, Year 2 and Year 3, respectively Year 2 Year 3 Cash collected from clients $640 $690 Cash collected from tenants. 200 240 Cash paid for salaries Cash paid for utilities Cash paid for insurance Cash paid for rent DD 65 85 60 175 December 31, Year 1 Accounts Receivable December 31, Year 2 Accounts Receivable AA= BB Year 3 Cash Paid for Salaries Year 2 Cash Paid for Salaries DD= Year 3 Cash Paid for Utilities EE= December 31, Year 2 Utilities Payable December 31, Year 2 Prepaid Insurance FF= GG= Year 3 Cash Paid for Insurance - December 31, Year 2 Rent Payable December 31, Year 2 Unearned Rent Revenue December 31, Year 3 Rent Receivable - LL=Step by Step Solution
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