The following accounts and corresponding balances were drawn from Osprey Companys Year 2 and Year 1 year end balance sheets During the year, $84,000 of unearned revenue was recognized as having been earned Rent expense for Year 2 was $24,000 Required Based on this information alone, prepare the ope...

Reconciliation of Unearned Revenue ...

The following accounts and corresponding balances were drawn from Osprey Companys Year 2 and Year 1 year-end

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The following accounts and corresponding balances were drawn from Osprey Company’s Year 2 and Year 1 year-end balance sheets:

Account Title Unearned revenue Prepaid rent Year 2 Year 1 $4,500 5,200 $6,000 3,600

During the year, $84,000 of unearned revenue was recognized as having been earned. Rent expense for Year 2 was $24,000.

Required
Based on this information alone, prepare the operating activities section of the statement of cash flows assuming the direct approach is used.

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Introductory Financial Accounting for Business

ISBN: 978-1260299441

1st edition

Authors: Thomas Edmonds, Christopher Edmonds

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Question Posted: Feb 06, 2019 05:42 AM

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The following accounts and corresponding balances were drawn from Osprey Companys Year 2 and Year 1 year-end

Question:

Account Title Unearned revenue Prepaid rent Year 2 Year 1 $4,500 5,200 $6,000 3,600

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Reconciliation of Unearned Revenue ...View the full answer

Introductory Financial Accounting for Business

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