Accounts payable, January 1 Accounts payable, December 31 Cash purchases during the year Payments on the accounts payable during the year Purchase disCounts taken 160,000 300,000 500,000 800,000 7,000 much Durcho ses should be report ed on the statement of comprebensive inc

Accounts payable, January 1 Accounts payable, December 31 Cash purchases during the year Payments on the accounts payable during the year Purchase disCounts taken 160,000 300,000 500,000 800,000 7,000 much Durcho ses should be report ed on the statement of comprebensive inc

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 23CE: Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019,...

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Question

How much purchases should be reported on the statement of comprehensive income for the year?

An analysis of the cash book and other records of Byle Corporation shows the following
data:
Accounts payable, January 1
Accounts payable, December 31
Cash purchases during the year
Payments on the accounts payable during the year
Purchase discounts taken
How much purchases should be reported on the statement of comprehensive income
for the year?
160,000
300,000
500,000
800,000
7,000

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Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019, and $26,850 at December 31, 2019. Net income for 2019 was $125,300 and sales revenue was $1,240,000. Required: Compute the amount of cash collected from customers using the direct method.