For Each of the Following Independent Cases,use the Information Provided

question 102

Essay

For each of the following independent cases,use the information provided to calculate the missing cash inflow or cash outflow:
(a.)
$\begin{array}{|l|r|}\hline \text { Interest payable, beginning-year } & \$ 4,200 \\\hline \text { Interest expense } & 26,700 \\\hline \text { Interest payable, year-end } & 3,000 \\\hline \text { Cash paid for interest } & \$ \\\hline\end{array}$

(b.)
$\begin{array}{|l|r|}\hline \text { Prepaid insurance, beginning-year } & \$ 7,000 \\\hline \text { Insurance expense } & 16,800 \\\hline \text { Prepaid insurance, year-end } & 3,400 \\\hline \text { Cash paid for insurance } & \$ \\\hline\end{array}$

(c.)
$\begin{array}{|l|r|}\hline \text { Interest receivable, beginning-year } & \$ 800 \\\hline \text { Interest revenue } & 12,600 \\\hline \text { Interest receivable, year-end } & 1,200 \\\hline \text { Cash received for interest } & \$ \\\hline\end{array}$

(d.)
$\begin{array}{|l|r|}\hline \text { Accounts payable, beginning-year } & \$ 60,000 \\\hline \text { Cost of goods sold } & 244,000 \\\hline \text { Merchandise inventory, beginning-year } & 35,000 \\\hline \text { Merchandise inventory, year-end } & 40,500 \\\hline \text { Accounts payable, year-end } & 64,800 \\\hline \text { Cash paid for merchandise } & \$ \\\hline\end{array}$

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Definitions:

Accounts Payable

Liabilities representing amounts owed to creditors for goods and services received but not yet paid for.

Additional Paid-in Capital

The amount of money paid by investors for shares above the par value, typically reflecting the excess over the nominal value of shares issued.

Net Income

The remaining profit for a company after removing taxes and expenses from its total income.

Common Stock

Equity shares issued by a corporation, representing ownership interests and voting rights in the company.