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:
b. Using the information presented in Question above, determine the amount of Salary Expense reported on the 2016 accrual based Income Statement:
c. Using the information presented in Question above, determine the amount of Insurance Expense reported on the 2016 accrual based Income Statement:
d. Using the information presented in Question above, determine the amount of Cost of Goods Sold (COGS) that was reported on the 2016 accrual based Income Statement: