1. Business
  2. Accounting
  3. zena companys financial records showed the following selected items for...

Question: zena companys financial records showed the following selected items for...

Question details

Zena Company’s financial records showed the following selected items for 2015:

Advertising receipts

$650,000

Land rental revenues

$520,000

Interest paid on borrowings

$100,000

Wage expense

$190,000

Zena follows the accrual basis of accounting. The following balances were taken from Zena’s balance sheets:

12-31-14

12-31-15

Advertising receivables

20,000

25,000

Prepaid advertising costs

50,000

44,000

Unearned land rental revenue

46,000

53,000

Unearned advertising

30,000

38,000

Wages payable

34,000

25,000

Interest payable

60,000

70,000

a.

What were advertising-related revenues for 2015?

b.

What was interest expense for 2015?

c.

How much cash was paid out for wages and salaries during 2015?

d.

How much cash was collected for land rentals during 2015?

Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution