Question
The comparative statements of financial positions of True North Company for December 31, 20X1 and 20X2, reported the following selected amounts: 20X120X2 Assets: Office supplies
The comparative statements of financial positions of True North Company for December 31, 20X1 and 20X2, reported the following selected amounts:
20X120X2Assets: Office supplies inventory$2,000$800Liabilities: Unearned rent revenue11,00010,500
The 20X2 income statement reported the following:
Revenues: Rent revenue
Interest revenue$12,000
$1,000Expenses: Office supplies expense15,000
A. The total amount of office supplies purchased during 20X2 was $___________.
B. The total amount of rent collected during 20X2 was $____________.
C. In what section of the statement of cash flows would the payments for office supplies appear?
D. In what section of the statement of cash flows would the collection for rents appear?
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