Question
5. What is the amount and direction (+ or ?) of the accounts receivable adjustment to net income in the operating activities section of the
5. What is the amount and direction (+ or ?) of the accounts receivable adjustment to net income in the operating activities section of the statement of cash flows?
6. If the company debited cost of goods sold and credited inventory for $880,000 during the year, what is the total amount of inventory purchases recorded on the debit side of the Inventory T-account and the credit side of the Accounts Payable T-account?
7. What is the total amount of the debits recorded in the Accounts Payable T-account during the year?
8. What is the combined amount and direction (+ or ?) of the inventory and accounts payable adjustments to net income in the operating activities section of the statement of cash flows?
9. If the company debited income tax expense and credited income taxes payable $1,660 during the year, what is the total amount of the debits recorded in the Income Taxes Payable account?
10. What is the amount and direction (+ or ?) of the income taxes payable adjustment to net income in the operating activities section of the statement of cash flows?
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