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please help with 6-9. thank you in advance 6. Jamison Company had Net Income for the year of $210,000. Prepaid Expenses increased by S9,000 during
please help with 6-9. thank you in advance
6. Jamison Company had Net Income for the year of $210,000. Prepaid Expenses increased by S9,000 during the year, Inventory decreased by $8,000, and Taxes Payable decreased by $2,000. What was the Net Cash Flow from Operating Activities using the Indirect Method (assume that no other account balances changed that would impact the computation) a. $207,000 c. S213,000 b. S211,000 d. $225,000 The following Income Statement and account balance changes apply to questions 7-10: Income Statement for the year. Sales $ 750,000 Cost of Goods Sold 530.000 Gross Profit $ 220,000 Operating Expenses 130.000 Net Income before Taxes $ 90,000 Taxes 15.000 Net Income $ 75.000 Account Balance Changes during the year Inventory increase $17,000 Accounts Receivable increase $52,000 Additions to Accumulated Depreciation S43,000 Prepaid expenses decrease $ 1,000 Accounts Payable for inventory increase $12.000 Accrued liabilities (eg. Wages Payable) decrease $ 9,000 Taxes Payable decrease $ 4,000 7. What were cash receipts from customers for the year, using the direct method? a. $802,000 b. 5738,000 $698,000 d. $750,000 8. What was the amount of cash payments made during the year for inventory purchases, using the direct method? a. $535,000 b. $559,000 $501,000 d. 5525,000 9. What was the amount of cash payments for operating expenses this year, using the direct method? S77.000 1970 79.000 Step by Step Solution
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