Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 28, 2024

Cash CollectionsDirect Method Oakmont Inc. reported accounts receivable of $28,000 on its December 31, 2013, balance sheet. On December 31, 2014, accounts receivable had decreased

Cash CollectionsDirect Method

Oakmont Inc. reported accounts receivable of $28,000 on its December 31, 2013, balance sheet. On December 31, 2014, accounts receivable had decreased to $15,500. Sales for the year amounted to $68,500.

What is the amount of cash collections that Oakmont will report in the Operating Activities section of its 2014 statement of cash flows assuming that the direct method is used?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

Step: 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

Principles Of Finance With Excel

Authors: Simon Benninga, Tal Mofkadi

3rd Edition

0190296380, 9780190296384

More Books

Students also viewed these Finance questions

Question

★★★★★

The global credit crisis became globally visible in September 2007. Interest rates, particularly the extremely short-term interest rates, will often change quickly (typically up) as indications that...

Answered: 1 week ago

Question

★★★★★

=+b) Fit an exponential trend model to this series but do not use the last two quarters.

Answered: 1 week ago

Question

★★★★★

What is the difference between the conventional test data approach and the integrated test facility approach?

Answered: 1 week ago

Question

★★★★★

The company also established the following cost formulas for its selling expenses: The planning budget for March was based on producing and selling 15,000 units. However, during March the company...

Answered: 1 week ago

Question

★★★★★

Which of the following Intercultural theories deal with how our language and communication patterns may change based on desired identity and context. Group of answer choices Face Negotiation Theory...

Answered: 1 week ago

Question

★★★★★

Why are the liabilities and shareholders equity accounts represented as negative on the consolidated balance sheet? LO 2-7 Prepare a worksheet to consolidate the accounts of two companies that form...

Answered: 1 week ago

Question

★★★★★

In 3-5 sentences, list your favorite tool from the course lean six sigma green belt and how it could be applied in a real-life situation.

Answered: 1 week ago

Question

★★★★★

Parts arrive at a lathe at a rate of 20 every half hour. Each part must be processed on the lathe for 0.5 minutes. What is the utilization for the lathe?

Answered: 1 week ago

Question

★★★★★

Use Linux commands to complete the following task. a. Perform a system update using root privileges b. Create a folder in the user directory named MYFOLDER c. Create a file with the name INDEX d....

Answered: 1 week ago

Question

★★★★★

2. Suppose I have a class B ID: 189.126.0.0/24, and I want to create 6 new subnets. A.What is the new subnet mask? B.How many usable host IDs for each new subnet? C.List each network ID, the useable...

Answered: 1 week ago

Question

★★★★★

What is the history of this situation?

Answered: 1 week ago

Question

★★★★★

Besides you and the employee who allegedly stole lottery tickets, who else should be involved and in what capacity? Explain.

Answered: 1 week ago

Question

★★★★★

Is this the first time your organization has dealt with this situation, or are you setting out to modify an existing communication program? If the latter, is this a minor modification or a major one?

Answered: 1 week ago

Previous Question Next Question