Relax Company reported the balances listed below for the year ending 31 December Year 2. Prepare a Balance Sheet to determine the balance for cash account for year 2.   Tranportation Equipment $   40,000 Cash ??? Land $ 150,000 Stockholders' equity $ 120,000 Accounts payable $   28,000 Retained earnings $   60,000 Accounts receivable $   12,000 Furniture and equipment $   15,000 Notes payable $   25,000  Rent expense  $   80,000   Group of answer choices $ 56,000 $ 28,000 $ 16,000 $ 36,000

Subject: acounting

Subject: accounting

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The following items appeared on the financial statements of Washington Company. Line Item Description Amount Accounts receivable, January 1 $13,395 Accounts receivable, December 31 6,901 Accounts payable, January 1 5,645 Accounts payable, December 31 8,721 Inventory, January 1 6,686 Inventory, December 31 16,260 Sales 73,071 Cost of goods sold 34,443 Washington Company uses the direct method to report cash flows from (used for) operating activities. Assume that all accounts payable are owed to merchandise suppliers. Cash payments for merchandise were

January February March Sales $100,000 $121,000 $165,000 Manufacturing costs 42,000 52,000 59,000 Selling and administrative expenses 29,000 33,000 36,000 Capital expenditures 40,000 The company expects to sell about 15% of its merchandise for cash. Of sales on account, 65% are expected to be collected in full in the month following the sale and the remainder the following month. Depreciation, insurance, and property tax expense represent $8,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in June, and the annual property taxes are paid in October. Of the remainder of the manufacturing costs, 80% are expected to be paid in the month in which they are incurred and the balance in the following month. All sales and administrative expenses are paid in the month incurred. Current assets as of January 1 include cash of $38,000, marketable securities of $54,000, and accounts receivable of $116,000 ($88,000 from December sales and $28,000 from November…