Reference no: EM131752984
January 1, 2019 December 31, 2019
ASSETS:
Cash ? 59,000
Accounts receivable 71,000 ?
Inventory ? 90,000
Prepaid insurance 13,000 ?
Investments ? ?
Land ? 73,000
LIABILITIES + EQUITY:
Accounts payable 39,000 32,000
Salaries payable 11,000 ?
Unearned revenue 10,000 21,000
Notes payable ? ?
Common stock 104,000 130,000
Retained earnings 58,000 67,000
ABC Company's 2019 income statement is given below:
Sales revenue 385,000
Cost of goods sold 194,000
Salaries expense 79,000
Insurance expense 62,000
Loss on sale of land 17,000
Net income 33,000
The following cash flows were taken from ABC Company's 2019 statement of cash flows:
Cash collected from customers 404,000
Cash received from the sale of land 16,000
Cash received from bank loans 15,000
Cash received from the issue of common stock ?
Cash paid to purchase inventory <207,000>
Cash paid for salaries <71,000>
Cash paid for insurance <59,000>
Cash paid to purchase land <57,000>
Cash paid to purchase investments <24,000>
Cash paid for dividends ?
Calculate the balance in the prepaid insurance account at December 31, 2019. Do not use decimals in your answer.
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