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Using the direct method to prepare the Operating Activities section, what is the amount of Cash Received from Customers? Balance Sheet Dec 31, 2019 Dec
Using the direct method to prepare the Operating Activities section, what is the amount of Cash Received from Customers?
Balance Sheet Dec 31, 2019 Dec 31, 2020 1,256 78 Difference 474 Cash 782 48 Accounts Receivable Allow for Doubtful Accounts Inventory 63 96 32 PP&E 5,127 5,250 (123) Land 2,496 516 Accumulated Depreciation (942) (42) 1,980 (900) 24 7,277 Patent (6) 18 8,090 Total Assets 57 Accounts Payable Wages Payable Unearned Revenue Interest Payable Income Tax Payable Notes Payable Bonds Payable Common Stock Retained Earnings Total Liabilities & Equity 0 225 2,349 3,726 1.532 8,090 2,250 3,450 1.371 7,277 Income Statement For the Year Ending Dec 31, 2020 3,750 (1.944) 1,806 (450) Sales Cost of Goods Sold Gross Profit Operating Expenses Wage Expense Bad Debt Expense Depreciation Expense Amortization Expense Utilities Expense Other Operating Expenses Income From Operations (3) (342) (6) (156) (471) (1.428 378 Other (15) (60) 165 Interest Expense Gain (Loss) on Sale of Land Gain (Loss) on Sale of PP&E Income before Tax Expense Income Tax Expense Net Income 468 (204 264 The financial notes of LazyDaz disclose the following 2020 information: (1) Property, plant and equipment was sold for cash. The PP&E had an original cost of $1,200 and accumulated depreciation of $300. (2) Stock was issued for $360 cash. (3) Bonds of $90 were retired. (4) Land with a cost of $420 was sold. (5) There were two major noncash transactions. PP&E was acquired by issuing a $225 long-term note. Later in the year, PP&E was acquired by issuing $300 in common stock. (6) All other transactions were cash transactions Step by Step Solution
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