The Income Statement of Dolan Corporation for 2012 included Interest Revenue for $131,000. The Cash...
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The Income Statement of Dolan Corporation for 2012 included Interest Revenue for $131,000. The Cash ledger for the company for 2012 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, 2012: Interest Receivable $18,200 Salaries & Wages Payable $17,800 Prepaid Insurance $2,200 Inventory $33,000 Accounts Payable $20,000 December 31, 2011: Interest Receivable $15,000 Salaries & Wages Payable $8,400 Prepaid Insurance $3,000 Inventory $50,000 Accounts Payable $35,500 a. Using the above information, determine Cash Received for Interest during 2012 b. determine the amount of Salary Expense reported on the 2012 accrual based Income Statement c. determine the amount of Insurance Expense reported on the 2012 accrual based Income Statement d. determine the amount of Cost of Goods Sold (COGS) that was reported on the 2012 accrual based Income Statement Just not sure what to do, any help is appreciated, Thanks
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