DE17-12 Exterra Communications reported the following financial statements for 20X3: EXTERRA COMMUNICATIONS Income Statement Year Ended June
Question:
DE17-12 Exterra Communications reported the following financial statements for 20X3: EXTERRA COMMUNICATIONS Income Statement Year Ended June 30, 20X3 Computing cash-flow amounts (Obj. 4) Thousands Assets Sales revenue.. Cost of goods sold Depreciation expense. Salary expense Other expense... Total expenses. Net income. Thousands $660 $340 40 50 150 580 $ 80 EXTERRA COMMUNICATIONS Comparative Balance Sheet June 30, 20X3 and 20X2 20X3 20X2 Liabilities 20X3 20X2 Current: Current: Cash. $ 39 $ 16 Accounts payable. $ 53 $ 42 Accounts receivable. 54 48 Salary payable. 25 21 Inventory.. 80 84 Accrued liabilities 6 Prepaid expenses. 3 2 Long-term notes payable. 63 =% 11 68 Long-term investments. 85 90 Plant assets, net... 215 185 Stockholders' Equity Common stock. 40 37 Retained earnings 289 246 Total $476 $425 Total $476 $425 Compute the following operating cash flows:
a. Collections from customers.
b. Payments for inventory.
Step by Step Answer:
Accounting
ISBN: 9780130906991
5th Edition
Authors: Charles T. Horngren, Walter T. Harrison, Linda S. Bamber, Betsy Willis, Becky Jones