After adjusting entries had been made, the balance sheets of Ramiro s Company showed the following asset and liability amounts at the end of 2009 and 2010: 2010 2009 Prepaid insurance $2,400 $2,90

After adjusting entries had been made, the balance sheets of Ramiro’s Company

showed the following asset and liability amounts at the end of 2009 and

2010:

2010 2009

Prepaid insurance $2,400 $2,900

Wages payable 1,200 2,200

Unearned fees 4,200 1,900

The following amounts were taken from the 2010 income statement:

Insurance expense $ 3,800

Wages expense 19,500

Fees earned 8,900

Calculate the amount of cash paid for insurance and wages and the amount of

cash received for fees during 2010.

Leave a Comment