Question
USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT (4) QUESTIONS: The Income Statement of Dolan Corporation for 2016 included Interest Revenue for $131,000. The Cash
USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT (4) QUESTIONS:
The Income Statement of Dolan Corporation for 2016 included Interest Revenue for $131,000. The Cash ledger for the company for 2016 showed $160,600 cash paid for salaries, $14,400 cash paid for insurance, and $360,000 cash paid for inventory purchases. The following balances have been excerpted from Dolan Corporation's balance sheet:
| December 31, 2016 | December 31, 2015 | |
| Interest Receivable | $18,200 | $15,000 |
| Salaries & Wages Payable | $17,800 | $ 8,400 |
| Prepaid Insurance | $ 2,200 | $ 3,000 |
| Inventory | $33,000 | $50,000 |
| Accounts Payable | $20,000 | $35,500 |
a. Using the above information, determine Cash Received for Interest during 2016: $[Blank1]
b. Using the information presented in Question #11 above, determine the amount of Salary Expense reported on the 2016 accrual based Income Statement: $[Blank1]
c. Using the information presented in Question #11 above, determine the amount of Insurance Expense reported on the 2016 accrual based Income Statement: $[Blank1]
d. Using the information presented in Question #11 above, determine the amount of Cost of Goods Sold (COGS) that was reported on the 2016 accrual based Income Statement: $[Blank1]
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Managerial Accounting And Analysis In Multinational Enterprises
Authors: H. Peter Holzer, Hanns Martin W. Schoenfeld
1st Edition
0899250874, 978-0899250878
