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The Income Statement of Dolan Corporation for 2016 included Interest Revenue for $131,000. The Cash ledger for the company for 2016 showed $160,600 cash paid for salaries, $14,400 cash paid for insurance, and $360,000 cash paid for inventory purchases. The following balances have been excerpted from Dolan Corporation's balance sheet:
December 31, 2016
December 31, 2015
$18,200
$15,000
$17,800
$ 8,400
$ 2,200
$ 3,000
$33,000
$50,000
$20,000
$35,500
a. Using the above information, determine Cash Received for Interest during 2016:
b. Using the information presented in Question above, determine the amount of Salary Expense reported on the 2016 accrual based Income Statement:
c. Using the information presented in Question above, determine the amount of Insurance Expense reported on the 2016 accrual based Income Statement:
d. Using the information presented in Question above, determine the amount of Cost of Goods Sold (COGS) that was reported on the 2016 accrual based Income Statement:
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