The Balance Sheets of Professional Painters Include the Following $\text { The income statement for } 2016 \text { shows the following: }$

question 89

Essay

The balance sheets of Professional Painters include the following: $\begin{array}{lrr}&12/31/16&12/31/15\\\text { Interest Receivable } & \$ 0 & \$ 4,800 \\\text { Supplies } & 3,300 & 5,000 \\\text { Salaries and Wages Payable } & 5,900 & 7,600 \\\text { Unearned Service Revenue } & 2,500 & -0-\end{array}$

$\text { The income statement for } 2016 \text { shows the following: }$
$\begin{array}{lr}\text { Interest Revenue } & \$ 19,400 \\\text { Service Revenue } & 76,700 \\\text { Supplies Expense } & 6,700 \\\text { Salaries and Wages Expense } & 39,000\end{array}$ Instructions
Calculate the following for 2016:
1. Cash received for interest.
2. Cash paid for supplies.
3. Cash paid for salaries and wages.
4. Cash received for revenue.

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Definitions:

Cost Per Unit

This refers to the total expense incurred to produce, store, and sell one unit of a product or service.

Materials

The raw items or components used in the production of goods.

Equivalent Unit

A measure used in cost accounting to express the amount of work done by incomplete units in terms of fully completed units.

Weighted-Average Method

An inventory costing method where the cost of goods sold and ending inventory values are based upon the average cost of all items available for sale during the period.