Question
Harlan Mining Co. has recently decided to go public and has hired you as an independent public accountant. A statement that the company is eager
Harlan Mining Co. has recently decided to go public and has hired you as an independent public accountant. A statement that the company is eager to have prepared is a statement of cash flows. Below are the financial statements of Harlan Mining Co. for 2022 and 2021.
The following additional information was provided:
Dividends for the 2022 financial year amounted to $192,000.
During the year, equipment was sold for $240,000. This equipment originally cost 352,000 and had an accounting value of $288,000 at the time of sale. The loss in the sale was incorrectly charged to the cost of sales.
All depreciation expenses are in the category of sales expenses.
According to the direct method, the cash received from customers is
Group of response options
$8,440,000.
$8,544,000
$8,400,000
$8,256,000
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