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Sales revenue for the year are $128,520. Operating expenses for the year are $99,504. Beginning Ending A/R $21,600 $15,840 Prepaid expense 5,904 8,928 Unearned revenue
Sales revenue for the year are $128,520. Operating expenses for the year are $99,504. Beginning Ending A/R $21,600 $15,840 Prepaid expense 5,904 8,928 Unearned revenue 900 2,880 Accrued liabilities 3,600 4,320 Accrued liabilities and prepaid expenses relate to operating expenses. Required: Determine the following: a(i.) Cash disbursed for operating expenses (6 marks), and (ii) Cash received from customers (6 marks), (b) CFO using the INDIRECT method (8 marks) Question #2 (30 marks). The financial statements
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