Stepp Entertainment Has the Following Selected Balance Sheet and Income $\begin{array}{ll} & \text { For the Year Ended } \\\text { Income Statement Accounts } & December 31,2012 \\\end{array}$

question 101

Essay

Stepp Entertainment has the following selected balance sheet and income statement information:

$\begin{array}{ll} & \text { For the Year Ended } \\\text { Income Statement Accounts } & December 31,2012 \\\end{array}$
$\begin{array}{ll}\text { Income Tax Expense } &&&& \$ 15,000 \\\text { Cost of Goods Sold } &&&& 164,000 \\\text { Sales } &&&& 523,000 \\\text { Wage Expense } &&&& 88,000\end{array}$ $$\begin{array} { l c c } \text { Balance Sheet Accounts } & \text { At December } 31,2012 & \text { At December 31,2011 } \\ \text { Accounts Payable } & \$ 19,000 & \$ 17,000 \\\text { Cash } & 19,000 & 12,000 \\\text { Income Taxes layable } & 21,000 & 9,000 \\\text { Accounts Receivable } & 41,000 & 36,000 \\\text { Inventory } & 12,000 & 23,000 \\\text { Wages Iayable } & 5,000 & 12,000\end{array}$$ Determine the following items for Stepp Entertainment for the year ended December 31,2012:
a.Cash received from customers
b.Cash paid to suppliers
c.Cash paid for wages
d.Cash paid for income taxes

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Definitions:

Mortgage

A legal agreement by which a bank, building society, etc. lends money at interest in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon the payment of the debt.

Financial

Relating to finance, encompassing all aspects of managing, investing, and monitoring money and assets.

Loan

A sum of money that is borrowed, typically from a financial institution, which is expected to be paid back with interest.

Lease

A contractual agreement in which one party (the lessor) allows another (the lessee) to use an asset for a specified period of time in exchange for payment or some other consideration.