Reference no: EM132569615

THE Company reported the following income statement for 2021:

Sales revenue ............... $365,000
Cost of goods sold .......... 183,000
Insurance expense ........... 48,000
Utilities expense ........... 79,000
Net income .................. $ 55,000

The following selected account balances were taken from THE Company's accounting records during 2021:

                                        January 1, 2021                December 31, 2021
Utilities payable                         37,000                             24,000
Inventory                                 18,000                              33,000
Accounts receivable                      62,000                          39,000
Prepaid insurance                           29,000                         36,000
Unearned revenue                           14,000                          22,000
Accounts payable                               53,000                     41,000

Question 1: The amount of cash paid for utilities during 2021 was equal to:

Group of answer choices

Option 1: $58,000

Option 2: $92,000

Option 3: $66,000

Option 4: $79,000

Option 5: $67,000

Option 6: $91,000

Option 7: none of the above choices are correct