Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The red is all incorrect 1. Service Revenue for the year $80,000. Of this amount, $70,000 is collected during the year and $10,000 is expected

image text in transcribed

The red is all incorrect

1. Service Revenue for the year $80,000. Of this amount, $70,000 is collected during the year and $10,000 is expected to be collected next year. 2. Salaries Expense for the year $40,000. Of this amount, $35,000 is paid during the year and $5,000 is expected to be paid ext year. 3. Expense for the year $10,000. All of this amount is paid during the year. 4. Supplies Expense for the year $4,000. No supplies were d during the year. 5. Utilities Expense for the year $12,000. Of this amount, $11,000 is paid during the year and $1,000 is expected to be paid next year. 6. Cash collected in advance from customers for services to be provided next year (Deferred Revenue) $2,000. Required: 1. Calculate operating cash flows. (List cash outflows as negative amounts.) Cash collected from customers for services provided 1 70,000 Salaries paid for the year 2,000 Advertising paid for the year (35,000) x 3. Supplies paid for the year 4 (10,000) Utilities paid for the year (4,000)x 5 (11,000) X Cash collected in advance from customers 6 Net operating cash flows 12,000 Red text indicates no response was expected in a cell or a formula- based calculation is incorrect no points deducted. 2. Calculate net income. (List expenses as negative amounts.) ..d. n-. fos the woon 7o 000

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

Auditing Markets Products And Marketing

Authors: David Parmerlee

1st Edition

0658001337, 978-0658001338

More Books

Students also viewed these Accounting questions

Question

Provide three examples from your own experience of chronemics.

Answered: 1 week ago