The income statement for Leon Company included the following expenses for 20xx: Rent expense ......................... $ 78,000

Question:

The income statement for Leon Company included the following expenses for 20xx:
Rent expense ......................... $ 78,000
Interest expense ........................ 11,700
Salaries expense ....................... 124,500
Listed below are the related account balances at year end for last year and this year

1. Compute the cash paid for rent during the year?
2. Compute the cash paid for interest during the year?
3. Compute the cash paid for salaries during the year?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...