For Each of the Following Independent Cases, Use the Information

question 223

Essay

For each of the following independent cases, use the information provided to calculate the missing cash inflow or cash outflow using the direct method.
$\begin{array}{|l|l|cc|} \hline \text { (a) } & \text { Interest payable, beginning-year } &\$4,200\\\hline \text { } & \text {Interest expense. } &26,700\\\hline \text { } & \text {Interest payable, year-end } &3,000\\ \hline\text { } & \text { Cash paid for interest } & \text { }\\\hline \text { } & \text { } & \text { }\\\hline \text { (b) } & \text { Prepaid insurance, beginning-year.} & \$7,000\\ \hline \text { } & \text { Insurance expense } &16,800\\\hline \text { } & \text {Prepaid insurance, year-end. } &3,400\\\hline \text { } & \text { Cash paid for insurance. } & \text { }\\ \hline\text { } & \text { } & \text { }\\\hline \text { (c) } & \text { Interest receivable, beginning-year } & \$800\\\hline \text { } & \text { Interest revenue } &12,600\\ \hline \text { } & \text {Interest receivable, year-end } & 1,200\\\hline \text { } & \text { Cash received for interest. } & \text { }\\\hline \text { } & \text { } & \text { }\\ \hline\text { (d) } & \text { Accounts payable, beginning-year. } & \$60,000\\\hline \text { } & \text { Cost of goods sold. } &244,000\\\hline \text { } & \text {Merchandise inventory, beginning-year. } & 35,000\\\hline \text { } & \text {Merchandise inventory, year-end } &40,500\\\hline \text { } & \text { Accounts payable, year-end } & 64,800\\\hline \text { } & \text { Cash paid for merchandise . } & \text { }\\\hline\end{array}$

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Definitions:

Visual Code

The system of symbols or representations used in visual communication, such as gestures, images, or signs, to convey messages or meaning.

Iconic Code

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