The following information was obtained from Knox Company's income statement for 20-2, balance sheets as of December 31, 20-2 and 20-1, and auxiliary records: Operating expenses for 20-2 $350,400 Depreciation expense for 20-2 22,000 (Included in operating expenses.) 20-2 20-1 Supplies and prepayments $9,600 $6,700 Accrued and withheld payroll taxes 2,900 3,800 Compute the amount of cash paid for operating expenses in 20-2
The following information was obtained from Knox Company's income statement for 20-2, balance sheets as of December 31, 20-2 and 20-1, and auxiliary records: Operating expenses for 20-2 $350,400 Depreciation expense for 20-2 22,000 (Included in operating expenses.) 20-2 20-1 Supplies and prepayments $9,600 $6,700 Accrued and withheld payroll taxes 2,900 3,800 Compute the amount of cash paid for operating expenses in 20-2
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Cash Paid for Operating Expenses
The following information was obtained from Knox Company's income statement for 20-2, balance sheets as of December 31, 20-2 and 20-1, and auxiliary records:
| Operating expenses for 20-2 | $350,400 | |
| 22,000 | (Included in operating expenses.) |
| 20-2 | 20-1 | |
| Supplies and prepayments | $9,600 | $6,700 |
| Accrued and withheld payroll taxes | 2,900 | 3,800 |
Compute the amount of cash paid for operating expenses in 20-2
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