ford) How much cash did Calliope paywagesin 2020?e) How much cash did Calliope pay for rent in 2020?11 Calliope CorporationBalance SheetsASSETS:Dec. 31, 2020Dec. 31, 2019Cash$ 340,000$ 180,000Investments55,000145,000Accounts Receivable58,00065,000Inventory115,00095,000Prepaid RentProperty & Equipment, net20,00015,000217,000250,000Patents, net90,00025,000Total Assets$ 895,000$ 775,000LIABILITIES & STOCKHOLDERS' EQUITY:Accounts Payable$ 125,000$ 131,000Wages Payable15,00010,000Unearned Revenue8,00012,000Notes Payable325,000175,000Common Stock & APIC300,000300,000Treasury StockRetained Earnings(125,000)(25,000)247,000172,000Total Liabilities & Stockholders' Equity$ 895,000$ 775,000Calliope CorporationIncome Stmt For the Year Ended Dec 31, 2020Additional information about the 2020 transactions:> The company sold investments that had an initialcost of $90,00o for $100,000 cash.Sales$1,640,000Cost of Goods Sold910,000> The company purchased new PP&E for $47,000Depreciation Expense70,000cash.Amortization Expense10,000> The company purchased a patent for $75,000 cash.Rent Expense80,000> The company sold some of its PP&E for $4,000 cash.Wages ExpenseOther Operating Expenses220,000The PP&E that was sold had an initial cost of185,000Operating IncomeInterest Expense$130,000 and Accumulated Depreciation of$120,000.165,00010,000> The company borrowed $150,000 from a bank.Loss on Sale of PP&E6,000Gain on Sale of Investments10,000> The company declared and paid $35,000 individends.Income before taxes159,000Income Tax Expense49,000The company spent $100,000 repurchasing its stock.Net Income$ 110,000

Expenses in income statement are based on accrual basis of accounting therefore one needs to adjust…

Answered: d) How much cash did Calliope pay for…

Business

Accounting

d) How much cash did Calliope pay for wages in 2020? e) How much cash did Calliope pay for rent in 2020? II

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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