6 Required information [The following information applies to the questions displayed below. Part 6 of 15 Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows: 0.33 points Skipped Cash Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Ending Balance $ 80,800 65,400 87,800 234,000 234,000 78,000 156,000 $ 390,000 Beginning Balance $ 96,800 70,400 80,000 247,200 224,000 56,000 168,000 $ 415, 200 eBook Print References Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity $ 51,200 39,800 96,000 112,000 91,000 $ 390,000 $ 91,000 51,200 80,000 96,000 97,000 $ 415,200 During the year, Ravenna paid a $9,600 cash dividend and it sold a piece of equipment for $4,800 that had originally cost $10,800 and had accumulated depreciation of $7,200. The company did not retire any bonds or repurchase any of its own common stock during the year. 6-a. If the company debited cost of goods sold and credited inventory for $640,000 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? 6-b. What is the total amount of the debits recorded in the Accounts Payable T-account during the year? 6-c. What does the amount of these debits represent? 6 During the year, Ravenna paid a $9,600 cash dividend and it sold a piece of equipment for $4,800 that had originally cost $10,800 and had accumulated depreciation of $7,200. The company did not retire any bonds or repurchase any of its own common stock during the year. Part 6 of 15 - 6-a. If the company debited cost of goods sold and credited inventory for $640,000 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? 6-b. What is the total amount of the debits recorded in the Accounts Payable T-account during the year? 6-c. What does the amount of these debits represent? 0.33 points Skipped Complete this question by entering your answers in the tabs below. eBook Req 6A Req 6B Req 6C Print References What does the amount of these debits represent? Sales Purchases Supplier payments Cash collections 6 Retained earnings Total liabilities and stockholders' equity yl, UUU $ 390,000 yi, UUU $ 415,200 Part 6 of 15 During the year, Ravenna paid a $9,600 cash dividend and it sold a piece of equipment for $4,800 that had originally cost $10,800 and had accumulated depreciation of $7,200. The company did not retire any bonds or repurchase any of its own common stock during the year. 0.33 points Skipped 6-a. If the company debited cost of goods sold and credited inventory for $640,000 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? 6-b. What is the total amount of the debits recorded in the Accounts Payable T-account during the year? 6-c. What does the amount of these debits represent? eBook Complete this question by entering your answers in the tabs below. Print References Reg 6A Reg 6B Req 6C What is the total amount of the debits recorded in the Accounts Payable T-account during the year? Total amount of debits recorded 7 Income taxes payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity 39,800 96,000 112,000 91,000 $ 390,000 51,200 80,000 96,000 97,000 $ 415, 200 Part 7 of 15 0.33 points During the year, Ravenna paid a $9,600 cash dividend and it sold a piece of equipment for $4,800 that had originally cost $10,800 and had accumulated depreciation of $7,200. The company did not retire any bonds or repurchase any of its own common stock during the year. Skipped 7-a. 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? 7-b. What does this amount represent? eBook Print References Complete this question by entering your answers in the tabs below. Req 7A Req 7B 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? Amount 7 Income taxes payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity 39,800 96,000 112,000 91,000 $ 390,000 51,200 80,000 96,000 97,000 $ 415,200 Part 7 of 15 0.33 points During the year, Ravenna paid a $9,600 cash dividend and it sold a piece of equipment for $4,800 that had originally cost $10,800 and had accumulated depreciation of $7,200. The company did not retire any bonds or repurchase any of its own common stock during the year. Skipped 7-a. 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? 7-b. What does this amount represent? eBook Print References Complete this question by entering your answers in the tabs below. Req 7A Req 7B What does this amount represent? Cash paid to suppliers Cost of goods sold 8 Net property, plant, and equipment Total assets 156,000 $ 390,000 168,000 $ 415,200 Part 8 of 15 Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity $ 51,200 39,800 96,000 112,000 91,000 $ 390,000 $ 91,000 51,200 80,000 96,000 97,000 $ 415,200 0.33 points During the year, Ravenna paid a $9,600 cash dividend and it sold a piece of equipment for $4,800 that had originally cost $10,800 and had accumulated depreciation of $7,200. The company did not retire any bonds or repurchase any of its own common stock during the year. eBook Print References 8-a. If the company debited income tax expense and credited income taxes payable $1,180 during the year, what is the total amo the debits recorded in the Income Taxes Payable account? 8-b. What does the amount of these debits represent? Complete this question by entering your answers in the tabs below. Req 8A Req 8B If the company debited income tax expense and credited income taxes payable $1,180 during the year, what is the total amount of the debits recorded in the Income Taxes Payable account? Total amount of debits recorded 8 Net property, plant, and equipment Total assets 156,000 $ 390,000 168,000 $ 415, 200 $ 91,000 51,200 Part 8 of 15 Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity $ 51,200 39,800 96,000 112,000 91,000 $ 390,000 80,000 96,000 97,000 $ 415,200 0.33 points During the year, Ravenna paid a $9,600 cash dividend and it sold a piece of equipment for $4,800 that had originally cost $10,800 and had accumulated depreciation of $7,200. The company did not retire any bonds or repurchase any of its own common stock during the year. eBook Print References 8-a. If the company debited income tax expense and credited income taxes payable $1,180 during the year, what is the total amount of the debits recorded in the Income Taxes Payable account? 8-b. What does the amount of these debits represent? Complete this question by entering your answers in the tabs below. Req 8A Req 8B What does the amount of these debits represent? Taxes payable Tax refunds Cash paid for income taxes Total assets $ 390, VUU 9 $ 415, 200 Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity $ 51,200 39,800 96,000 112,000 91,000 $ 390,000 $ 91,000 51,200 80,000 96,000 97,000 $ 415,200 Part 9 of 15 0.33 points During the year, Ravenna paid a $9,600 cash dividend and it sold a piece of equipment for $4,800 that had originally cost $10,800 and had accumulated depreciation of $7,200. The company did not retire any bonds or repurchase any of its own common stock during the year. eBook Print References 9-a. 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? 9-b. What does this adjustment represent? Complete this question by entering your answers in the tabs below. Req 9A Req 9B What does this adjustment represent? Tax paid Income tax expenses O No taxes are payable