Cash Payments for Operating Expenses Problems

Question Description

There are 4 questions need to be solved about intermediate accounting

ex. Selected information for Leia Company follows:

Balance sheet accounts:05-31-1706-30-17

Cash$300,000$253,000

Accounts receivable225,000300,000

Inventory400,000460,000

Prepaid rent60,00095,000

Accounts payable (for inventory purchases only)130,000125,000

Accrued wages payable33,00017,000

Accrued interest payable17,00015,000

Unearned revenue40,00025,000

Income statement amounts for June 2017:

Sales revenue$860,000

Cost of goods sold310,000

Selling, general, and administrative expenses*250,000* includes $25,000 of depreciation expense

Interest expense18,000

Calculate for following for the month of June 2017:

• Cash collections from customers
• Cash payments for inventory
• Cash payments for selling, general, and administrative expenses
• Cash payments for interest

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