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Case A: Compute cash received from customers:    Sales$740,000    Accounts receivable, December 31, 2015 32,000    Accounts receivable, December...

Case A: Compute cash received from customers:    Sales$740,000    Accounts receivable, December 31, 2015 32,000    Accounts receivable, December 31, 2016 44,160 Case B: Compute cash paid for rent:    Rent expense$123,100    Rent payable, December 31, 2015 7,900    Rent payable, December 31, 2016 6,636 Case C: Compute cash paid for inventory:    Cost of goods sold$723,000    Inventory, December 31, 2015 224,130    Accounts payable, December 31, 2015 94,135    Inventory, December 31, 2016 183,787    Accounts payable, December 31, 2016 116,727  

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Answer #1

Case A:

Accounts receivable Dec 31, 2015 $32,000

Add: Sales = $740,000

Less: Accounts receivable Dec 31, 2016 = ($44,160)

Cash received from customers = $727,840.

Case B:

Rent Payable December 31, 2015 = $7,900

Rent expense = $123,100

Rent Payable December 31, 2016 = ($6,636)

Cash paid for rent = $124,364.

Case C.

Inventory, December 31, 2015 = $224,130

Add: Cost of goods sold = $723,000

Inventory, December 31, 2016 = ($183,787)

Cost of purchases = $763,343

Add: Accounts payable December 31, 2015 = $94,135

Less: Accounts payable December 31, 2016 = (116,727)

Cash paid for inventory = $740,751

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