Question

Below is a listing of the account balances at the beginning and end of 20X1 for...

Below is a listing of the account balances at the beginning and end of 20X1 for Northern Inc.

1/1/X1

12/31/X1

Cash

$ 15,000

$   8,000

Accounts Receivable

30,000

37,000

Inventory

120,000

130,000

Supplies

4,000

7,000

Equipment

300,000

400,000

Accumulated Depreciation

80,000

100,000

Accounts Payable*

8,000

12,000

Salaries Payable

10,000

15,000

Income Taxes Payable

3,000

1,000

Deferred Revenue

7,000

3,000

Common Stock

200,000

200,000

Retained Earnings

161,000

161,000

Sales Revenue

0

340,000

Sales Discounts

0

15,000

Cost of Goods Sold

0

100,000

Salaries Expense

0

80,000

Depreciation Expense

0

20,000

Supplies Expense

0

5,000

Income Tax Expense

0

30,000

*used only for inventory purchases on account

Additional Information: No equipment was sold during the year.


Required: Answer each of the following questions. Do not include decimals, cents, plus or minus signs, or parentheses in your responses. All amounts should be shown as an absolute value.

How much cash was received from customers during 20X1?
Answer: $Answer

How much cash was paid for inventory during 20X1?
Answer: $Answer

How much cash was paid for supplies during 20X1?
Answer: $Answer

How much cash was paid for new equipment purchases during 20X1?
Answer: $Answer

How much cash was paid to employees during 20X1?
Answer: $Answer

How much cash was paid for income taxes during 20X1?
Answer: $Answer

Homework Answers

Answer #1
Cash paid for inventory
Cost of goods sold $ 100,000
Less: Increase in accounts payable $    (4,000)
Add: Increase in inventory $    10,000
Cash paid for inventory $ 106,000
Cash paid for supplies
Supplies expense $ 5,000
Add: Increase in supplies inventory $ 3,000
Cash paid for supplies $ 8,000
Cash paid for new equipments (400,000-$300,000) 100000
Cash paid to employees
Salaries expense $ 80,000
Less: Increase in salaries payable $ (5,000)
Cash paid to employees $ 75,000
Cash paid for income tax
Income tax expense $ 30,000
Add: Decrease in income tax payable $    2,000
Cash paid for income tax $ 32,000

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