Calculate certain information for direct method (Learning Objective 4) 1015 min. Requirements Compute the following items for
Question:
Calculate certain information for direct method (Learning Objective 4)
10–15 min.
Requirements Compute the following items for the statement of cash flows:
1. The beginning and ending Accounts Receivable balances are $30,000 and
$32,000, respectively. Credit sales for the period total $60,000. How much are cash collections?
2. Cost of Goods Sold is $100,000. Beginning Inventory balance is $23,000, and ending Inventory balance is $17,000. Beginning and ending Accounts Payable are
$15,000 and $13,000, respectively. How much are cash payments for inventory?
AppendixLO1
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Related Book For
Financial Accounting
ISBN: 9781292019543
3rd Global Edition Edition
Authors: Robert Kemp, Jeffrey Waybright, Pearson Education
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