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Assuming that a direct method is used in the Operating Activities section, fill in the blank for each of the following situations. Show inflows as
Assuming that a direct method is used in the Operating Activities section, fill in the blank for each of the following situations. Show inflows as a positive number and outflows as a negative number.
Balance Sheet | Beginning | Ending | Income Statement | Cash Inflow (Outflow) |
1. Accounts receivable | $1,962 | $5,170 | Sales on account, $15,230 | $ |
2. Prepaid insurance | $3,950 | $2,903 | Insurance expense, $7,200 | $ |
3. Income taxes payable | $5,971 | $8,845 | Income tax expense, $19,758 | $ |
4. Wages payable | $5,082 | $2,954 | Wages expense, $23,639 | $ |
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