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Treat each part of this problem as independent of the others.
a)At January 1,2012,the amount of accounts receivable was $20,000.Cash collected on accounts receivable during the year was $75,000.At December 31,2012,the amount of accounts receivable was $30,000.What were the revenues earned on account during 2012?
b)At January 1,2012,accounts payable was $17,000.During 2012,expenses on account were $28,000.At December 31,2012,accounts payable was $15,000.What was the amount of cash paid on accounts payable during 2012?
c)At January 1,2012,the balance in the Retained Earnings account was $7,200.During the year,revenue earned was $19,800 and expenses incurred were $7,400.At December 31,2012,the balance in the retained earnings account was $14,200.What was the amount of cash dividends paid to stockholders during 2012?
Baby Formula
A specially formulated food designed for infants, typically made from cow's milk or soybean protein, enriched with necessary nutrients.
Price Increase
A general rise in the prices of goods and services over a period of time, decreasing purchasing power.
Income Effect
The change in an individual's or economy's income and how that change will affect the quantity demanded of a good or service.
Apartment Rents
The payment made periodically by a tenant to a landlord for the use and occupancy of an apartment.
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