The Balance Sheets of Red House Painters Include the Following

question 95

Essay

The balance sheets of Red House Painters include the following: $$\begin{array} { l r c } &12 / 31 / 18 &12 / 31 / 17\\\text { Interest Receivable } & \$ 0 & \$ 4,300 \\\text { Supplies } & 3,000 & 5,000 \\\text { Salaries and Wages Payable } & 3,800 & 5,600 \\\text { Unearned Service Revenue } & 4,000 & - 0 -\end{array}$$
The income statement for 2018 shows the following: $$\begin{array} { l r } \text { Interest Revenue } & \$ 18,400 \\\text { Service Revenue } & 72,700 \\\text { Supplies Expense } & 8,700 \\\text { Salaries and Wages Expense } & 39,000\end{array}$$
Instructions
Calculate the following for 2018:
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:

Central Tendency

A statistical measure that identifies a single value as representative of an entire distribution of data.

Rating Errors

Mistakes or biases that occur when evaluating the performance or abilities of individuals, which can affect the accuracy and fairness of assessments.

Performance Feedback

The process of providing employees with information and assessments regarding their job performance and areas for improvement.

Self-Assessment

The use of information by employees to determine their career interests, values, aptitudes, and behavioral tendencies.