Castaway Co. Balance Sheet ...
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Accounting
| Castaway Co. | |||
| Balance Sheet | |||
| Assets: | 20X1 | 20X2 | |
| Cash | 100,000 | 100,000 | |
| Accounts Receivable | 48,000 | 30,000 | |
| Inventory | 65,000 | 50,000 | |
| Prepaid Rent | 6,000 | 12,000 | |
| Equipment | 125,000 | 300,000 | |
| Accumulated Dep | 25,000 | 35,000 | |
| BV of Equipment | 100,000 | 265,000 | |
| Land | 50,000 | 20,000 | |
| Total Assets | $ 369,000 | $ 477,000 | |
| Liabilities: | |||
| Accounts Payable | 40,000 | 45,000 | |
| Insurance Payable | 0 | 5,000 | |
| Notes Payable | 250,000 | 200,000 | |
| Total Liabilities | 290,000 | 250,000 | |
| OE: | |||
| Stock | 69,000 | 200,000 | |
| Retained Earnings | 10,000 | 27,000 | |
| Total OE | 79,000 | 227,000 | |
| Total Liabilities + OE | 369,000 | 477,000 | |
| Castaway Co. | ||
| Income Statement | ||
| for 20X2 | ||
| Revenues | $ 200,000 | |
| COGS | 75,000 | |
| Gross Profit | 125,000 | |
| Insurance Expense | 5,000 | |
| Rent Expense | 6,000 | |
| Supplies Expense | 5,000 | |
| Depreciation Expense | 10,000 | |
| Interest Expense | 8,000 | |
| Net Income | $ 91,000 | |
What is cash paid for inventory? Please use a positive number for your answer, even though it is cash paid.
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