THE Company reported the following income statement for 2021: Sales revenue Cost of goods sold...
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THE Company reported the following income statement for 2021: Sales revenue Cost of goods sold Insurance expense Utilities expense Net income $298,000 137,000 43,000 65,000 $.53,000 The following selected account balances were taken from THE Company's accounting records during 2021: January 1, 2021 December 31, 2021 Utilities payable 14,000 45,000 Inventory 29,000 18,000 Accounts receivable 32,000 87,000 Prepaid insurance 36,000 24,000 Accounts payable 41,000 53,000 The amount of cash paid for insurance during 2021 was equal to: $31.000 O $55,000 $43,000 $54,000 $48.000 $32,000 none of the above choices are correct Question 14
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