Kinesis Company paid or collected during 2021 the following items:Insurance premiums paid25,450Salaries paid116,300Interest collected53,750 The following balances were from Kinesis Company’s balance sheets: December 31, 2020December 31, 2021Prepaid insurance 2,400 1,700Interest receivable 4,700 3,200Salaries payable12,30010,600The insurance expense on the income statement for 2021 wasThe interest revenue on the income statement for 2021 wasThe salary expense on the income statement for 2021 was

Kinesis Company paid salaries and insurances and received interest income in 2021. These are cash…

Answered: Kinesis Company paid or collected…

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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Kinesis Company paid or collected during 2021 the following items:

Insurance premiums paid	25,450
Salaries paid	116,300
Interest collected	53,750

The following balances were from Kinesis Company’s balance sheets:

	December 31, 2020	December 31, 2021
Prepaid insurance	2,400	1,700
Interest receivable	4,700	3,200
Salaries payable	12,300	10,600

The insurance expense on the income statement for 2021 was

The interest revenue on the income statement for 2021 was

The salary expense on the income statement for 2021 was

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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