Consider the Following Independent Scenarios

question 69

Essay

Consider the following independent scenarios:
a)At January 1,2016,accounts receivable was $24,000.Cash collected on accounts receivable during 2016 was $55,000.At December 31,2016,accounts receivable was $30,000.
What were the revenues earned on account during 2016?
b)At January 1,2016,accounts payable was $19,000.During 2016,expenses on account were $68,000.At December 31,2016,accounts payable was $15,000.
What was the amount of cash paid on accounts payable during 2016?
c)At January 1,2016,the balance in the prepaid insurance account was $480.On March 1,2016,the company paid $3,000 for insurance coverage for the next 12 months.What was the amount of insurance expense for 2016?
d)At January 1,2016,the balance in the supplies account was $550.At December 31,2016,the company counted $400 of supplies on hand.The company reported supplies expense in 2016 of $3,300.What was the total of supplies purchases during 2016?

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Definitions:

Sampling Distribution

The likelihood distribution of a statistical measure derived from numerous samples taken from a particular population.

Standard Deviation

An indicator of the degree of spread or variability within a dataset, showing the extent to which the values deviate from the average.

Sample Mean

The average value calculated from a sample subset of a population, used as an estimate of the population mean.

Freshmen

Freshmen at a secondary school, higher education institution, or university.