Question
Based on journal entries below for 2015 and 2016, what is Account Receivable in the Cash Flow Statement in 2016? Once again, it is AR
Based on journal entries below for 2015 and 2016, what is Account Receivable in the Cash Flow Statement in 2016? Once again, it is AR in Cash Flow, not in the Balance Sheet. Apply FIFO.
2015-
You contributed $100 cash to start business
You purchased 6 products @ $10, with A/P
You sold 4 products @$30 with cash
Record COGS (FIFO)
2016-
You contributed $60 cash to your business
You purchased 2 products @ $15, with Cash
You sold 3 products @$25 with AR
Record COGS (FIFO)
You paid $30 to your supplier.
You received $50 from your customer.
Group of answer choices
A)-10
B)-35
C)-25
D)-40
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