Question
Year One $6,600 cash 19,070 account receivable, 2,060 doubtful accounts, 23,770 inventory, 10,585 account payable, 21,800 common stock, 14,995 retained earnings. Year 2 10, 500
Year One $6,600 cash 19,070 account receivable, 2,060 doubtful accounts, 23,770 inventory, 10,585 account payable, 21,800 common stock, 14,995 retained earnings. Year 2 10, 500 cash from common stock, purchased 60,600 inventory on account, sold inventory for 94, 500, wrote off 1,500 uncollected amounts, loaned 9,000@ 6 percent interested for 1 year, paid 14,010 cash operating expenses, collected 82,470 from accounts receivable, cash payment of 51,020 to accounts payable, paid 4,200 cash dividends, u collectable accounts estimated @ 2 percent of sales on account, recorded accrued interest on the loan of 9,000 previously noted. Fill in the statement of cash flow.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started