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HomeworkFall2009Solutions 4&5

HomeworkFall2009Solutions 4&5 - HOMEWORK Fall 2009...

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HOMEWORK - Fall 2009 – Solutions 4. (5 points) X Company Note that there are different ways you can document/format your solutions. One possible way follows. Also, note that we will NOT worry about the change in prepaid insurance because we were not asked to calculate insurance payments or insurance expense. a. What was wages expense for 2008? Wages paid (given) $500,000 Minus the decrease in wages payable (cash used to reduce the liability) - 5,000 Wages expense $495,000 b. What was office rental expense for 2008? Office rental payments (given) $700,000 Minus the increase in prepaid office rent (cash used to prepay the rent) - 6,000 Plus the increase in office rent payable (no cash used, but expense incurred) + 4,000 Office rental expense $698,000 c. What were insurance premiums receipts for 2008? Insurance premiums revenues (given) $600,000 Plus the increase in unearned insurance (cash received, but revenue not earned) + 2,000 Insurance premiums receipts $602,000 d. What was interest income for 2008?
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