Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information {The following information applies to the questions displayed below.) Suppose your company sells goods for $410, of which $255 is received in cash

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Required information {The following information applies to the questions displayed below.) Suppose your company sells goods for $410, of which $255 is received in cash and $155 is on account. The goods cost your company $147 and were paid for in a previous period. Your company also recorded salaries and wages of $125of which only $41 has been paid in cash. Required: 1. Prepare the journal entries to record these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the sales revenue of $25 for cash and $155 on account and record the cost of goods sold of $147 using one journal entry Note: Enter debits before credits Transaction General Journal Debit Credit 1 Required information [The following information applies to the questions displayed below.) Suppose your company sells goods for $410, of which $255 is received in cash and $155 is on account. The goods cost your company $147 and were paid for in a previous period. Your company also recorded salaries and wages of $125. of which only $41 has been paid in cash. Required: 1. Prepare the journal entries to record these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet B Record the salaries and wages expense of $125. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Required information (The following information applies to the questions displayed below.) Suppose your company sells goods for $410, of which $255 is received in cash and $155 is on account. The goods cost your company $147 and were paid for in a previous period. Your company also recorded salaries and wages of $125, of which only $41 has been paid in cash. 2. Calculate the amount that should be reported as net cash flow from operating activities. 3. Calculate the amount that should be reported as net income. 4. Show how the indirect method would convert net income (requirement 3) to net cash flow from operating activities (requirement 2). Complete this question by entering your answers in the tabs below. Required 2 Required 3 Required 4 Calculate the amount that should be reported as net cash flow from operating activities. Required information (The following information applies to the questions displayed below.) Suppose your company sells goods for $410, of which $255 is received in cash and $155 is on account. The goods cost your company $147 and were paid for in a previous period. Your company also recorded salaries and wages of $125. of which only $41 has been paid in cash. 2. Calculate the amount that should be reported as net cash flow from operating activities 3. Calculate the amount that should be reported as net income. 4. Show how the indirect method would convert net income (requirement 3) to net cash flow from operating activities (requirement 2). Complete this question by entering your answers in the tabs below. Required 2 Required 3 Required 4 Calculate the amount that should be reported as net income. Not Incomo Required information (The following information applies to the questions displayed below.) Suppose your company sells goods for $410, of which $255 is received in cash and $155 is on account. The goods cost your company $147 and were paid for in a previous period. Your company also recorded salaries and wages of $125, of which only $41 has been paid in cash. 2. Calculate the amount that should be reported as net cash flow from operating activities. 3. Calculate the amount that should be reported as net income. 4. Show how the indirect method would convert net income (requirement 3) to net cash flow from operating activities (requirement 2). Complete this question by entering your answers in the tabs below. Required 2 Required 3 Required 4 Show how the indirect method would convert net income (requirement 3) to net cash flow from operating activities (requirement 2). (Amounts to be deducted should be indicated with a minus sign.) Net Income Increase in Accounts Receivable Decrease in Inventory Increase in Salaries and Wages Payable Net Cash Flow from Operating Activities

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Stacey Whitecotton, Robert Libby, Fred Phillips

2nd edition

9780077493677, 78025516, 77493672, 9780077826482, 978-0078025518

More Books

Students also viewed these Accounting questions