Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please hurry, the answer choices are all the same BrightSea Inc presents the following simplified income statement information for the year ended December 31, 2020.
please hurry, the answer choices are all the same
BrightSea Inc presents the following simplified income statement information for the year ended December 31, 2020. The Company prepares the operating section of the Statement of Cash Flows (SCF) using the direct method Sales revenue $240,000 Less: Cost of goods sold $87,000 Salaries expense 39,000 Depreciation expense 24,000 Loss on sale of equipment 7.500 (157.500) Income before income taxes $82,500 Income tax expense (12.000) Net income $70,500 Further analysis reveals the following changes in its current asset and current liability accounts for 2020: Accounts receivable increased by 57,800. Inventory decreased by $6,000, Accounts payable increased by $27,000. Salaries payable decreased by $24,000. Gain on disposal of equipment amounted to $9,000 Dividend payable decreased by $11,100. Use your work papers to prepare the operating section of the SCF using the direct method. Show all your work on the work papers. From your work paper, answer the questions below. Remember to turn in all your work papers for this exam personally to me before you leave the exam room. . your work on Further analysis reveals the following changes in its current asset and current liability accounts for 2020 Accounts receivable increased by $7.800. Inventory decreased by $6,000. Choose... $63,000 Accounts payable increased by $27,000. $0 Salaries payable decreased by $24,000, $87,000 Gain on disposal of equipment amounted to $9,000 $247,800 $66,000 Dividend payable decreased by $11,100. $15,000 $12,000 Use your work papers to prepare the operating section of the SCF using the direct met the work papers. From your work paper, answer the questions below. $39,000 $240,000 Remember to turn in all your work papers for this exam personally to me before you $232,200 $92,100 $11,100 $81,000 $54,000 $103,200 How much is cash paid to suppliers? Choose... How much is cash collected from customers? Choose.. + How much is cash paid to employees? Choose... room. i How much cash was paid for income taxes? Choose... - How much is total operating cash outflows? Choose.. How much cash paid for dividends should be reported in the operating section of the SCF? Choose Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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