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Please show formulas and calculations to get to the answer. E5-15 (Algo) Determining the Effects of Transactions on Balance Sheet, Income Statement, and Statement of
Please show formulas and calculations to get to the answer.
E5-15 (Algo) Determining the Effects of Transactions on Balance Sheet, Income Statement, and Statement of Cash Flows Categories L05-3 Listed here are selected aggregate transactions for Modern Style 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 $30.2. b. Repaid $3.0 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. Enter negative amounts with a minus sign. Consider each item independently. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) Transaction Current Assets Gross Profit Current Liabilities Cash Flow from Operating Activities a. b
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