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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