Question
Complete the following statements on statement of cash flows 1. If accounts receivable increase during a period, revenues on an accrual basis are ______________ than
Complete the following statements on statement of cash flows 1. If accounts receivable increase during a period, revenues on an accrual basis are ______________ than revenues on a cash basis. 2. Cost of sales for the year amounted to $100,000, and during the year, accounts payable ______________ by $3,000 and inventory decreased by $7,000 resulting in cash paid to suppliers of $90,000. 3. The sale of equipment at less than its carrying amount is a(an) ______________ of cash that is reported in the ______________ activities section of a statement of cash flows. 4. Non-cash expense in the income statement are ___________ to profit and non-cash income is ______________ to compute cash provided by operations. 5. During the growth phase, a company will start to generate small amounts of cash from ___________ 6. During 2020, Stacey Ltd had $300,000 in cash sales and $3,500,000 in credit sales. The accounts receivable balances were $450,000 and $530,000 at December 31, 2019 and 2020, respectively. The total cash collected from all customers during 2020 was ______________
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