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Question - IMT Co. reported the following selected information for 2010:
Sales revenue $865,000
Cost of goods sold 360,000
Depreciation expense 43,000
Salaries & wages expense 178,000
Rent Expense 95,000
Beginning of Year
End of Year
Accounts receivable
$15,000
$35,000
Prepaid rent
21,000
15,000
Salaries & wages payable
33,000
18,000
Required - Use the above information to calculate:
i) The cash collected from customers.
ii) The cash paid for depreciation.
iii) The cash paid to employees.
iv) The cash paid for rent.
For each of the following, determine the amount of net income or net loss for the year. Revenues for the year totaled $88,500 and expenses totaled $40,500
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