Question
34 The following information was taken from the financial records of Mrs. Auto Express: Accounts payable, December 31, Year 2 $ 88,000 Accounts payable, December
34 The following information was taken from the financial records of Mrs. Auto Express: Accounts payable, December 31, Year 2 $ 88,000 Accounts payable, December 31, Year 1 99.000 1 pts Operating expenses for Year 2 All purchases were made on credit. 999,000 Refer to Mrs. Auto Express. Under the indirect method, how would the change in accounts payable be reported on the statement of cash flows? as an addition to operating expenses as a deduction from operating expenses O as a deduction from net income as an addition to net income Action Signs recorded credit sales of $10,000 on the gross method. Terms are 2/20, n/30. How would the entry to this sale be recorded? Accounts receivable increases by $10,000. Sales increases by $9,800. O Cash decreases by $3,000. Sales discounts increase by $200
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