The following information is taken from the 2022 general ledger of Preminger Company. Instructions In each case,
Question:
The following information is taken from the 2022 general ledger of Preminger Company.
Instructions
In each case, compute the amount that should be reported in the operating activities section of the statement of cash flows under the direct method.
Transcribed Image Text:
Rent expense Prepaid rent, January 1 Prepaid rent, December 31 Salaries and wages expense Salaries and wages payable, January 1 Salaries and wages payable, December 31 Sales revenue Accounts receivable, January 1 Accounts receivable, December 31 Rent $ 30,000 5,900 7,400 $ 54,000 2,000 Salaries 8,000 $160,000 Sales 16,000 7,000
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Cash payments for rent Rent expense 30000 Add Increase in prepaid rent 1500 Cash payments for r...View the full answer
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Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119493631
9th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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