Reference no: EM132793227
Question - Zena Company's financial records showed the following selected items for 2015:
Advertising receipts $300,000 Land rental revenues $950,000
Interest paid on borrowings $31,000 Wage expense $400,000
Zena follows the accrual basis of accounting. The following balances were taken from Zena's balance sheets:
12-31-15 12-31-14
Advertising receivables 28,000 31,000
Prepaid advertising costs 40,000 32,000
Wages payable 30,000 45,000
Interest payable 62,000 50,000
Unearned land rental revenue 45,000 22,000
Required -
a. What were advertising-related revenues for 2015?
b. What was interest expense for 2015?
c. How much cash was paid out for wages and salaries during 2015?
d. How much cash was collected for land rentals during 2015?
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