Ragg Shop, Inc. (RSI), recognized $3,800 of sales revenue on account and collected $2,950 of cash from
Question:
Ragg Shop, Inc. (RSI), recognized $3,800 of sales revenue on account and collected $2,950 of cash from accounts receivable. Further, RSI recognized $1,200 of operating expenses on account and paid $900 cash as partial settlement of accounts payable.
Required
Based on this information alone:
a. Prepare the operating activities section of the statement of cash flows under the direct method.
b. Prepare the operating activities section of the statement of cash flows under the indirect method.
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Step by Step Answer:
a Operating Activities Direct Method Cash receipts from customers 2950 Cas...View the full answer
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Related Book For 
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
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