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IOnline teaching and learning resource from Cengage Learning- Google Chrome now.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker-&takeAssignmentSessi; plant, and equipment during the year Enter all amounts as positive numbers. a. Calculate the amount of cash received from customers during 2013. 252600 b. Calculate the acquisition cost of merchandise purchased during 2013. 162000 c. Calculate the amount of cash paid to suppliers of merchandise during 2013. d. Calculate the amount of cash paid to salaried employees during 2013. 67300 e. Calculate the amount of cash paid to insurance companies during 2013. f. Calculate the amount of cash paid to landlords for space rented during 2013. g. Calculate the amount of dividends paid during 2013. h. Calculate the amount of cash received when property, plant, and equipment were s Partially Correct

Explanation / Answer

Computation of Cash Paid to insurance Companies Closing Balance of Prepaid Insurance 12000 Insurance expense Booked 5000 Less: Beginning Bal of Prepaid Insurance 9000 Payment made to Insurance Companies 8000 Computation of Cash Paid to landlored for space Closing Balance of Prepaid Rent - Rent Expense booked $12,000.00 Less: Beginning Bal of Prepaid Rent $2,000.00 Payment made to landlord $10,000.00 Computation of amount of Dividend Beginning Bal of Dividend $9,000.00 Dividend declared (as Per W/Note-1) $9,300.00 Less: Closing Balance of Dividend Payable $2,600.00 Dividend Paid $15,700.00 w/Note-1Computation of amount of Dividend Declared Opening Balance Retained Earning $11,500.00 Income trff $9,600.00 Less: Closing Balance of Retained Earning $11,800.00 Dividend declared $9,300.00 Computation of Cash Received from Property Plant Sold Original Value of Property Sold (W/n-2) $10,000.00 Depreciation on Property Sold (W/N-3) $5,000.00 Book Value $5,000.00 Profit on sale of Property $3,200.00 Cash received on Sale of Property & Plant $8,200.00 W/N-2Computation of amount of original value of Plant sold Closing Balance of Plant Equipment $90,000.00 Less: Beginning Bal of Plant Equipment $100,000.00 Original Value of Plant Sold $10,000.00 W/N-3Computation of Depreciation related with Propert Plant sold Beginning Bal of Accumulated Dep $20,000.00 Depreciation expense for the period $20,000.00 Less: Closing Bal of Accumulated Dep $35,000.00 Deprericital related with plant sold $5,000.00 Computation of Cash paid to Supplier Beg Balance of Account Payable $18,000.00 Purchase Made (W/Note-4) $128,000.00 Less: Closing Balance of Account Payable $20,000.00 Cash Paid to Supplier $126,000.00 W/Note-4: Computation of Inventory Purchase Opening Balance of Inventory $48,000.00 Less:Cost of Goods Sold $145,000.00 Less: Closing Balance of Inventory $65,000.00 purchase Made during the period $128,000.00

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