Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

At the end of Year 2, ABC Company accrued salaries in the amount of $2,000. On January 5, Year 3, ABC Co. paid the accrued

image text in transcribed
image text in transcribed
At the end of Year 2, ABC Company accrued salaries in the amount of $2,000. On January 5, Year 3, ABC Co. paid the accrued salaries plus an additionat $600 in salaries incurred in Year 3. What is the effect on the Statement of Cash Flows for Year 3? S 600 outflow for Operating Activities 52.600 outflow for Operating Activities The statement of Cash Flows is not affected in Year 3. $2000 outflow for Operating Activities A AC Compary had a besinning balance of $4,200 in its Accounts Receivable account. The ending balance of Accounts Question 6 Recevable was $2.700. ABC's Salaries Payable account has a beginning balance of $2,300 and an ending balance of $7,900. Puring the period. ABC recognized $77,000 of revenue on account and $63,000 of accrued salaries expense. Heer much Accounts Receivable did ABC collect during the period? sin300 sin2300

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_2

Step: 3

blur-text-image_3

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

Message Brand And Dollars Auditing Marketing Operations

Authors: J. Mike Jacka, Peter R. Scott

1st Edition

163454000X, 9781634540001

More Books

Students also viewed these Accounting questions

Question

Analyse the various techniques of training and learning.

Answered: 1 week ago