Direct plc provided the following information from its records for the year ended 30 September 20X9: Required:
Question:
Required:
Using the direct method of presentation, prepare the cash flows from the operating activities section of the Statement of cash flows for the year ended 30 September20X9.
Sales Cost of goods sold Other expenses Rent expense Dividends Amortisation expense PPE Advertising expense Gain on sale of equipment Interest expense 316,000 I 10400 72,000 14400 0,000 8,000 4,800 2520 320 20X9 Accounts receivable Unearned revenue Inventory 20X8 3,200 5,200 9,600 8,400 19,200 400 8,000 Prepaid advertising Accounts payable 1,200 8,80 Rent payable 0 ,200 Interest payable 40
Step by Step Answer:
000 Cash received from customers 316000 2000 1600 31...View the full answer
Financial Accounting and Reporting
ISBN: 978-0273744443
14th Edition
Authors: Barry Elliott, Jamie Elliott
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Unearned revenue is money received by an individual or company for a service or product that has yet to be provided or delivered. It can be thought of as a \"prepayment\" for goods or services that a person or company is expected to supply to the purchaser at a later date. As a result of this prepayment, the seller has a liability equal to the revenue earned until the good or service is delivered. This liability is noted under current liabilities, as it is expected to be settled within a year.
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