Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
Gibson Electronics, Inc., recognized $6.200 of sales revenue on account and collected $3,700 of cash from accounts receivable. Further, Gibson recognized $2,500 of operating expenses
Gibson Electronics, Inc., recognized $6.200 of sales revenue on account and collected $3,700 of cash from accounts receivable. Further, Gibson recognized $2,500 of operating expenses on account and paid $1,500 cash as partial settlement of accounts payable. Required a. Prepare the operating activities section of the statement of cash flows under the direct method. b. Prepare the operating activities section of the statement of cash flows under the indirect method. Complete this questioe by entering your answers in the tabs below. Required A Required Prepare the operating activities wetion of the statement of cash flows under the direct method. (Cash outflows should be indicated with minus in Cash Flows from Operating Activities - Direct Method Cash flows from operating activities: Net cash flow from operating activities Required > Gibson Electronics, Inc., recognized $6,200 of sales revenue on account and collected $3,700 of cash from accounts receivable. Further, Gibson recognized $2,500 of operating expenses on account and paid $1,500 cash as partial settlement of accounts pay Required a. Prepare the operating activities section of the statement of cash flows under the direct method. b. Prepare the operating activities section of the statement of cash flows under the indirect method. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the operating activities section of the statement of cash flows under the indirect method. (Amounts to be deducted should be indicated with minus sign Cash Flows from Operating Activities - Indirect Method Cash flows from operating activities: Net cash flow from operating activities
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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