Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

am I doing it right? and how can I do 3 and 4? 3) Alan-Scott Co. began the year with an accounts receivable balance of

am I doing it right? and how can I do 3 and 4?

image text in transcribed

image text in transcribed

3) Alan-Scott Co. began the year with an accounts receivable balance of $98,400, and ended the year with an accounts receivable balance of $42,600. During the year, Alan-Scott Co. recorded $476,900 of sales on account. How much cash did Alan-Scott Co. collect from its customers during the year? 4) Dawn's Pillow Co. began the year with an accounts payable balance related to inventory purchases of $21,000. The balance in the account at the end of the year was $32,900. During the year, Dawn's Pillow Co. purchased $173,000 of inventory on account. How much cash did Dawn's Pillow Co. pay for inventory purchases during the year? 5) Fill in the table by indicating if it is an increasing (t) or decreasing (-) transaction. Also indicate if it is an operating (O), investing (I), or financing (F), activity + or O, I, or F 8,200 a. Cash payment of dividends b.Cash payment for inventory 119,350 4,000_ Cash payment for expenses d. Cash payment for wages58,250 675 f. Cash payment for purchase of equipment 31,400 20,500 e. Cash payment for interest expense g. Cash payment for repayment of debt h. Cash collection of accounts receivable i. Cash collection of interest revenue 420,000+ Cash collection of dividend revenue K. Cash proceeds from sale of equipment 8,600 3,200 19,000 l. Cash proceeds from sale of common stock 36,600 6) Using the information in the table from question 5), complete the following statement of cash flows using the direct method. List each transaction and amount under the appropriate section. Be sure to indicate if it is increasing or decreasing(+ or -. You may not need to use all of the lines. Cash from Operating Activity Amount 120, 0o0 Cash payment fe Inventar a, 350 4,002 58, 25O 675 t for nterest expensc ashcolle ction from divi dend Revense 3, 200 a. Net cash_(provided or used) by operating activity 2 10,525 Cash from Investing activity Amount ash poeme sh prorceds From cle of Eoemeut b. Net cash (provided or used) by investing activity (12, 400) Cash from Financing Activity Cash proceeds from sale of cemmen steck Lasheument for cpaument af delet Cash pa ent of dividend Amount Lco -20 Pey c. Net cash__(provided or used) by financing activity 7,900 d. Net change in cash during period Cash at beginning of period e. Cash at end of period 215,025 3,160 218, 185

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Research Methods In Accounting

Authors: Malcolm Smith

6th Edition

1529779774, 978-1529779776

More Books

Students also viewed these Accounting questions

Question

What is a multivariate data set?

Answered: 1 week ago

Question

Compare and contrast verbal and nonverbal codes

Answered: 1 week ago

Question

Define and discuss the nature of ethnocentrism and racism

Answered: 1 week ago

Question

Define and discuss racial and ethnic stereotypes across cultures

Answered: 1 week ago