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Posted: June 26th, 2023

The following data is from a comparison of the balance sheets of Bassie Company as of Dec. 31, 2004 and Dec. 31, 2003:

How do I figure out the following?The following data is from a comparison of the balance sheets of Bassie Company as of Dec. 31, 2004 and Dec. 31, 2003:Accounts Receivable………increase $7,600Inventory……………….decrease 4,500Accounts payable…………increase 2,400Prepaid Insurance………..decrease 1,350Wages Payable……………decrease 670The following data is from Bassie’s 2004 imcome statement:Sales…………………………….$200,000Cost of Goods Sold………………….110,000Insurance Expense……………………25,000Wages Expense……………………….40,000During 2004:(a) How much cash was collected from customers?(b) How much cash was paid for inventory purchases?(c) How much cash was paid for insurance?(d) How much cash was paid for wages?

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