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Please show all work Selected income statement and balance sheet accounts are presented below for your use in meeting the requirements of this problem. Use
Please show all work
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 2 Year 3 $400 Consulting Revenues Rent Revenues $460 320 110 $95 85 $90 100 Salaries Expense Utilities Expense Insurance Expense Rent Expense Selected Balance Sheet Account Balances at December 31, Year 1, Year 2 and Year 3, respectively Year 1 Year 2 Year 3 Consulting Accounts Receivable SAA SBB $130 Rent Receivable 85 Prepaid Salaries 10 25 Prepaid Insurance GG Prepaid Rent 60 $50 $125 $10 30 15 FF Salaries Payable Utilities Payable Rent Payable Unearned Rent Revenue 60 KK 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 DD CC Cash paid for utilities 65 EE Cash paid for insurance HH Cash paid for rent 60 175 85 December 31, Year 1 Accounts Receivable December 31, Year 2 Accounts Receivable Year 3 Cash Paid for Salaries Year 2 Cash Paid for Salaries Year 3 Cash Paid for Utilities December 31, Year 2 Utilities Payable December 31, Year 2 Prepaid Insurance 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 AA= BB- CC- DD= EF= FF GG= HH= Il KK= LL=Step by Step Solution
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