Reference no: EM132479032
Question 1: Aspen Co. began 2018 with Supplies of $1,000. Aspen purchased $7,400 of supplies during the year. A physical count at December 31 showed supplies on hand of $450. How much Supplies Expenses should be reported on the 2018 Income Statement?
Question 2: Aspen's 2018 Income Statement reflects Service Revenue = $12,000. Deferred Revenue on January 1 was $2,400 and $800 at December 31. How much cash was collected from customers in advance during 2018?
Question 3: Aspen began 2018 with Prepaid Insurance of $1,500. Premiums paid during 2018 were $18,000. If $2,100 of insurance was still in force at December 31, how much Insurance Expense should be reported on the 2018 Income Statement?
Question 4: Aspen reported Salary Expense of $103,400 on its 2018 Income Statement. Beginning Salary Payable was $4,200 and Ending Salary Payable was $7,600. How much cash was paid for salaries during 2018?
Question 5: During 2018, Aspen's collected $150,000 from customers on account and wrote-off $6,000 of accounts as uncollectible. The balance of A/R on January 1 and December 31, respectively, was $22,500 and $17,900. Assuming all sales were on account, how much Sales Revenue should Aspen report on its 2018 Income Statement?
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