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  3. the company reported the following income statemen

THE Company reported the following income statement for 2021: Sales revenue ............... $298,000 Cost of...

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Accounting

THE Company reported the following income statement for 2021: Sales revenue ............... $298,000 Cost of goods sold .......... 137,000 Insurance expense ........... 43,000 Utilities expense ........... 65,000 Net income .................. $ 53,000 The following selected account balances were taken from THE Company's accounting records during 2021: January 1, 2021 December 31, 2021 Utilities payable 14,000 45,000 Inventory 29,000 18,000 Accounts receivable 32,000 87,000 Prepaid insurance 36,000 24,000 Accounts payable 41,000 53,000 The amount of cash paid for utilities during 2021 was equal to:

Group of answer choices

$58,000

$77,000

$65,000

$96,000

$34,000

$53,000

none of the above choices are correct

Answer & Explanation Solved by verified expert
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