! Required information [The following information applies to the questions displayed below.] Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows: Cash Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Ending Balance $ 89,000 71,500 96,000 256,500 255,000 85,000 170,000 $426,500 Beginning Balance $ 106,750 77,000 87,500 271,250 245,000 61,250 183,750 $ 455,000 Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity $ 56,000 43,500 105,000 122,500 99,500 $ 426,500 $ 99,500 57,000 87,500 105,000 106,000 $ 455,000 During the year, Ravenna paid a $10,500 cash dividend and it sold a piece of equipment for $5,250 that had originally cost $12,000 and had accumulated depreciation of $8,000. The company did not retire any bonds or repurchase any of its own common stock during the year. 2. What net income would the company include on its statement of cash flows? Net income 4-a. If the company debited Accounts Receivable and credited Sales for $1,050,000 during the year, what is the total amount of credits recorded in Accounts Receivable during the year? 4-5. What does the amount of these credits represent? Complete this question by entering your answers in the tabs below. Req 4A Req 4B If the company debited Accounts Receivable and credited Sales for $1,050,000 during the year, what is the total amount of credits recorded in Accounts Receivable during the year? Amount of credits recorded 6-a. If the company debited cost of goods sold and credited inventory for $700,000 during the year, what is the total amount of inventory purchases recorded on the debit side of the Inventory T-account and the credit side of the Accounts Payable T-account? 6-6. What is the total amount of the debits recorded in the Accounts Payable T-account during the year? 6-c. What does the amount of these debits represent? Complete this question by entering your answers in the tabs below. Req 6A Reg 6B Req 6C If the company debited cost of goods sold and credited inventory for $700,000 during the year, what is the total amount of inventory purchases recorded on the debit side of the Inventory T-account and the credit side of the Accounts Payable T- account? Purchases 8-a. If the company debited income tax expense and credited income taxes payable $1,300 during the year, what is the total amount of the debits recorded in the Income Taxes Payable account? 8-b. What does the amount of these debits represent? Complete this question by entering your answers in the tabs below. Reg 8A Req 8B If the company debited income tax expense and credited income taxes payable $1,300 during the year, what is the total amount of the debits recorded in the Income Taxes Payable account? Total amount of debits recorded 9-a. What is the amount and direction (+ or -) of the income taxes payable adjustment to net income in the operating activities section of the statement of cash flows? 9-b. What does this adjustment represent? Complete this question by entering your answers in the tabs below. Reg 9A Reg 9B What is the amount and direction (+ or -) of the income taxes payable adjustment to net income in the operating activities section of the statement of cash flows? Amount Reg9A Req9B > ! Required information [The following information applies to the questions displayed below.] Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows: Cash Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Ending Balance $ 89,000 71,500 96,000 256,500 255,000 85,000 170,000 $426,500 Beginning Balance $ 106,750 77,000 87,500 271,250 245,000 61,250 183,750 $ 455,000 Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity $ 56,000 43,500 105,000 122,500 99,500 $ 426,500 $ 99,500 57,000 87,500 105,000 106,000 $ 455,000 During the year, Ravenna paid a $10,500 cash dividend and it sold a piece of equipment for $5,250 that had originally cost $12,000 and had accumulated depreciation of $8,000. The company did not retire any bonds or repurchase any of its own common stock during the year. 2. What net income would the company include on its statement of cash flows? Net income 4-a. If the company debited Accounts Receivable and credited Sales for $1,050,000 during the year, what is the total amount of credits recorded in Accounts Receivable during the year? 4-5. What does the amount of these credits represent? Complete this question by entering your answers in the tabs below. Req 4A Req 4B If the company debited Accounts Receivable and credited Sales for $1,050,000 during the year, what is the total amount of credits recorded in Accounts Receivable during the year? Amount of credits recorded 6-a. If the company debited cost of goods sold and credited inventory for $700,000 during the year, what is the total amount of inventory purchases recorded on the debit side of the Inventory T-account and the credit side of the Accounts Payable T-account? 6-6. What is the total amount of the debits recorded in the Accounts Payable T-account during the year? 6-c. What does the amount of these debits represent? Complete this question by entering your answers in the tabs below. Req 6A Reg 6B Req 6C If the company debited cost of goods sold and credited inventory for $700,000 during the year, what is the total amount of inventory purchases recorded on the debit side of the Inventory T-account and the credit side of the Accounts Payable T- account? Purchases 8-a. If the company debited income tax expense and credited income taxes payable $1,300 during the year, what is the total amount of the debits recorded in the Income Taxes Payable account? 8-b. What does the amount of these debits represent? Complete this question by entering your answers in the tabs below. Reg 8A Req 8B If the company debited income tax expense and credited income taxes payable $1,300 during the year, what is the total amount of the debits recorded in the Income Taxes Payable account? Total amount of debits recorded 9-a. What is the amount and direction (+ or -) of the income taxes payable adjustment to net income in the operating activities section of the statement of cash flows? 9-b. What does this adjustment represent? Complete this question by entering your answers in the tabs below. Reg 9A Reg 9B What is the amount and direction (+ or -) of the income taxes payable adjustment to net income in the operating activities section of the statement of cash flows? Amount Reg9A Req9B >