Comparative Balance Sheet of HULT Company

Comparative Balance Sheet of HULT Company in $9 onlyHULT Company

The comparative balance sheet of HULT Company, for 2014 & 2013 appears below in condensed form:

20142013
Cash$ 68,000$ 42,500
Accounts receivable (net)61,00070,200
Inventories121,000205,000
Prepaid Rent

Equipment, net

2,500

359,500

4,000

246,000

$612,000$567,700
Accounts payable$ 54,750$ 122,250
Dividends payable5,0000
Common stock425,000350,000
Retained earnings127,25095,450
$612,000$567,700

Additional data for the current year are as follows:

  • Sales of 2014 were $950,000
  • Cost of goods sold $410,000
  • Rent expense $32,000
  • Net income, $71,800.
  • Depreciation expense, $12,000

1) Determine the amount of cash would HULT collect from its customers during 2014.Required:

2) Determine the amount of cash HULT paid for rent during 2014.

3) Determine the amount of cash HULT paid to suppliers during 2014.

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Balance Sheet of HULT Company

Balance Sheet of HULT Company in $10 only

The comparative balance sheet of HULT Company, for 2014 & 2013 appears below in condensed form:

20142013
Cash$ 68,000$ 42,500
Accounts receivable (net)61,00070,200
Inventories121,000205,000
Prepaid Rent

Equipment, net

2,500

359,500

4,000

246,000

$612,000$567,700
Accounts payable$ 54,750$ 122,250
Dividends payable5,0000
Common stock425,000350,000
Retained earnings127,25095,450
$612,000$567,700

Additional data for the current year are as follows:

  • Sales of 2014 were $950,000
  • Cost of goods sold $410,000
  • Rent expense $32,000
  • Net income, $71,800.
  • Depreciation expense, $12,000