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:

Sum of Squares

is a statistical technique used to measure the dispersion or variation within a data set, calculated by squaring the differences from the mean and summing them.

Regression Trend Line

A graphical representation in statistics that shows the relationship between two variables and forecasts trends and future values.

Exponential Smoothing

A time-series forecasting method for univariate data that applies decreasing weights to past observations.

Mean Absolute Deviation

A measure of dispersion in a data set calculated as the average of the absolute deviations from a central point, typically the mean or median.