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Listed here are selected aggregate transactions for ModernStyle Furniture Company from the first quarter of a recent year (dollars in millions). a. Recorded collections
Listed here are selected aggregate transactions for ModernStyle Furniture Company from the first quarter of a recent year (dollars in millions). a. Recorded collections of cash from customers owed on open account of $40.8. b. Repaid $5.6 in principal on line of credit with a bank with principal payable within one year. Complete the following table by entering the amount of the effect of each transaction. Consider each item independently. Note: Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). Enter negative amounts with a minus sign. Transaction Cash Flow from Current Assets Gross Profit Current Liabilities Operating Activities EA 40.8 $ 0.0 $ 0.0 $ 40.8 EA $ (5.6) $ 0.0 $ (5.6) $ (5.6) a. $ b.
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