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The following selected information has been extracted from two balance sheets dated Dec 31, 2012 and Dec 31, 2013 of ABC Company. The following selected
The following selected information has been extracted from two balance sheets dated Dec 31, 2012 and Dec 31, 2013 of ABC Company. The following selected information has been extracted from the income statement for calendar year 2013 of ABC Company. Sales Revenue: $ 160,000 Cost of Goods Sold: $ 110,000 Salaries Expense: $ 14,000 Rent Expense: $ 10,000 Supplies Expense: $ 2,000 Depreciation Expense: $ 5,000 Based on the information provided above, provide your responses to these four questions. (Attach a sheet of paper showing your work.) (a) What was the dollar amount of salaries paid by ABC Company during 2013? _____ (b) What was the dollar amount of rent paid to landlords by ABC Company during 2013? _______ (c) What was the dollar amount of cash paid to suppliers of merchandize inventory by ABC Company during 2013? ______ (d) what was the dollar amount of cash collected from customers by ABC Company during 2013? ______
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