Monday
July 28, 2014

Homework Help: college- accounting

Posted by gaba on Tuesday, September 28, 2010 at 6:32pm.

We just starting the chapters in accounting in school. We have about 10 problems to do. I will post one problem here and i need someone to show me how exactly they got it, so i understand and it could help me work on the other 9.

here it is-

The comparative Balance Sheets of Savoy Company reported the following selected end-of-year balances:

12/31/2009

Assets: Office Supplies inventory- $3,000
liabilities: Unearned Rent Revenue- $9,000

12/31/2010

Assets: Office Supplies inventory- $2,000
liabilities: Unearned Rent Revenue- $7,000

The 2010 Income Statement reported the following amounts:

For the Year Ended 12/31/2010

Revenues: Rent Revenue- $18,000
Expenses: Office supplies expenses- $6,000


a. The total amount of office supplies that were purchases during 2010 was: $____________

b. The total amount of cash that was collected from tenanats during 2010 was: $_____________



I would really appreciate if someone can take the time out and just briefly explain how they get the answers to this. So i can do the rest of the 9. they are all very similar.

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