Question
5 On December 31, 2022, Wellstone Company reported net profit of $70,000 and sales of $210,000. The company also reported beginning and ending accounts receivable
5 | On December 31, 2022, Wellstone Company reported net profit of $70,000 and sales of $210,000. The company also reported beginning and ending accounts receivable at $20,000 and $25,000, respectively. Wellstone will report cash collected from customers in its 2022 statement of cash flows (direct method) in the amount of ______.
|
6
. | Pickering Company's prepaid insurance was $8,000 as of December 31, 2021, and $10,000 as of December 31, 2022. Pickering reported insurance expense of $15,000 on the 2022 statement of profit or loss. What amount would be reported in the statement of cash flows as insurance paid using the direct method?
|
7 | Dooling Corporation reported balances in the following accounts for the current year:
Cost of goods sold was $7,500. What was the amount of cash paid to suppliers?
|
8. | Sneed Corporation reported balances in the following accounts for the current year:
Income tax expense was $230 for the year. What was the amount paid for taxes?
|
9. | S Company reported net profit for 2022 in the amount of $400,000. The company's financial statements also included the following:
What is net cash provided by operating activities under the indirect method?
|
10. | Creble Company reported net profit for 2022 in the amount of $40,000. The company's financial statements also included the following:
In the statement of cash flows what is net cash provided by operating activities under the indirect method?
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started