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Please answer the bolded question below using the the information provided. Please write answer clearly, preferably typed if possible. QUESTION 11 Information for Questions 11
Please answer the bolded question below using the the information provided.
Please write answer clearly, preferably typed if possible.
QUESTION 11 Information for Questions 11 - 14 Miller Corporation had the following account balances for the periods ended December 31, 2019 and 2018, respectively. Each of the balances has its normal debit/credit balance. Dr (Cr) 2019 2018 Accounts receivable $ 38,000 50,000 Inventories 176,000 164,000 Deferred income tax asset 12,000 15,000 Unearned revenues (1) (20,000) (26,000) Accounts payable [2] (40,000) (43,000) Income taxes payable (2,000) (9,000) Interest payable (7,000) (3,000) Premium on bonds payable (800) (1,000) Notes: [1] Unearned revenues are for customer's unused gift cards. [2] Accounts payable are due to vendors for inventory purchases Additionally, the following items were taken from the income statement for the year ended December 31, 2019: Revenues $ 740,000 Cost of goods 515,000 Interest expense 40,000 Income tax expense 34,000 sold Using the above information, determine the following direct operating cash flows. Your analysis (T-accounts and/or schedule) should clearly label the cash received/paid. Determine cash received from customersStep by Step Solution
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