The income statement of Dolan Corporation for 2020 included…

The income statement of Dolan Corporation for 2020 included the following items:  Interest revenue  $141,000 Salaries and wages expense 210,000 Insurance expense      21,200   The following balances have been excerpted from Dolan Corporation’s balance sheets: December 31, 2020 December 31, 2019 Interest receivable $18,200  $15,000 Salaries and wages payable 17,800  8,400 Prepaid insurance 2,200 3,000   The cash paid for salaries and wages during 2020 was:

Gregg Corp. reported revenue of $1,650,000 in its accrual ba…

Gregg Corp. reported revenue of $1,650,000 in its accrual basis income statement for the year ended June 30, 2021. Additional information was as follows: Accounts receivable June 30, 2020  $400,000 Accounts receivable June 30, 2021 530,000 Uncollectible accounts written off during the fiscal year 15,000   Under the cash basis, Gregg should report revenue of:

Use the following information for questions 35 through 37. T…

Use the following information for questions 35 through 37. The following trial balance of Reese Corp. at December 31, 2020 has been properly adjusted. Reese Corp.Trial BalanceDecember 31, 2020 Dr.  Cr.  Cash $     875,000 Accounts receivable (net) 2,695,000 Inventory 2,085,000 Property, plant, and equipment (net) 8,269,000 Accounts payable and accrued liabilities $  1,761,000 Income taxes payable  654,000 Deferred income tax liability  85,000 Common stock  2,350,000 Additional paid-in capital  3,680,000 Retained earnings, 1/1/20 3,490,000 Net sales and other revenues  13,560,000 Costs and expenses 11,180,000 Income tax expense 476,000 $25,580,000 $25,580,000 Other financial data for the year ended December 31, 2020: Included in accounts receivable is $1,200,000 due from a customer and payable in quarterly installments of $150,000. The last payment is due December 29, 2022. During the year, estimated tax payments of $525,000 were charged to income tax expense. The current and future tax rate on all types of income is 30%. In Reese’s December 31, 2020 balance sheet: