INTERMEDIATE ACCOUNTING
10th Edition
ISBN: 9781264559527
Author: SPICELAND
Publisher: MCG
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Chapter 21, Problem 21.13Q
Given sales revenue of $200,000, how can it be determined whether or not $200,000 cash was received from customers?
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1. How much cash is received from sales to customers for year 2021? Assume all the sales were made on credit basis
. 2. What is the net increase or decrease in the Cash account for year 2021?
Suppose your company sells goods for $450, of which $275 is received in cash and $175 is on account. The goods cost your company $155 and were paid for in a previous period. Your company also recorded salaries and wages of $145, of which only $45 has been paid in cash.
How would i answer the following questions??
Calculate the amount that should be reported as net cash flow from operating activities.
Calculate the amount that should be reported as net income.
Show how the indirect method would convert net income (requirement 3) to net cash flow from operating activities (requirement 2).
Please help me.
Thankyou.
Chapter 21 Solutions
INTERMEDIATE ACCOUNTING
Ch. 21 - Effects of all cash flows affect the balances of...Ch. 21 - Prob. 21.2QCh. 21 - Prob. 21.3QCh. 21 - Prob. 21.4QCh. 21 - Prob. 21.5QCh. 21 - Prob. 21.6QCh. 21 - Prob. 21.7QCh. 21 - The sale of stock and the sale of bonds are...Ch. 21 - Does the statement of cash flows report only...Ch. 21 - Prob. 21.10Q
Ch. 21 - Perhaps the most noteworthy item reported on an...Ch. 21 - Prob. 21.12QCh. 21 - Given sales revenue of 200,000, how can it be...Ch. 21 - Prob. 21.14QCh. 21 - When determining the amount of cash paid for...Ch. 21 - Prob. 21.16QCh. 21 - When using the indirect method of determining net...Ch. 21 - Prob. 21.18QCh. 21 - Prob. 21.19QCh. 21 - Where can we find authoritative guidance for the...Ch. 21 - U.S. GAAP designates cash outflows for interest...Ch. 21 - Prob. 21.1BECh. 21 - Prob. 21.2BECh. 21 - Prob. 21.3BECh. 21 - Prob. 21.4BECh. 21 - Investing activities LO215 Carter Containers sold...Ch. 21 - Financing activities LO216 Refer to the situation...Ch. 21 - Prob. 21.11BECh. 21 - Prob. 21.12BECh. 21 - Classification of cash flows LO213 through LO216...Ch. 21 - Indirect method; reconciliation of net income to...Ch. 21 - Prob. 21.29ECh. 21 - Prob. 21.30ECh. 21 - Prob. 21.31ECh. 21 - Prob. 21.32ECh. 21 - Prob. 21.1PCh. 21 - Research Case 219 FASB codification; locate and...Ch. 21 - IFRS Case 2110 Statement of cash flows...
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Skysong, Inc. had credit sales of $1312000. The beginning accounts receivable balance was $135000 and the ending accounts receivable balance was $230000. Using the direct method of reporting cash flows from operating activities, what were the cash collections from customers during the period? $1312000. $1447000. $1217000. $1487000.arrow_forwardwhat is the correcting entry for... cash revenue amounting to $20,000arrow_forward47. Which of the following item do not affect the Cash account? a. Purchases of P10,000 b. Sales of P5,000 c. Received cash for service rendered P2,000 d. Credit sales of P22,000arrow_forward
- Need to compute cash flows from operating activities for each case using the direct method. I need to solve for cash collected from customers, cash payments to suppliers, cash payments for salaries and wages, and net cash provided by operating activities. Here are the numbers for these cases: Case A Case B Case C Sales revenue $74,000 64,000 $105,000 Cost of goods sold 39,500 30,500 70,300 Depreciation expense 10,900 2,900 26,900 Salaries and wages expense 5,900 13,900 8,900 Net income (loss) 17,700 16,700 (1,100 Accounts receivable increase (decrease) (1,000 4,900 3,900 Inventory increase (decrease) 2,900 0 (3,900 Accounts payable increase (decrease) 0 3,400 (1,000 Salaries and wages payable increase (decrease) 1,950 (2,900 1,000arrow_forward10 Suppose your company sells services of $310 in exchange for $175 cash and $135 on account. Required: 1. Prepare the journal entry to record this transaction. 2. Identify the amount that should be reported as net cash flow from operating activities. 3. Identify the amount that would be included in net income. 4. Show how the indirect method would convert net income (requirement 3) to net cash flow from operating activities (requirement 2). Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare the journal entry to record this transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the service revenue of $175 for cash and $135 on account. Note Enter debits before credits Transaction General Journal Debit Creditarrow_forward1.Based on the sales forecast, the finance manager estimates the receipt of cash based on cash and ________. Group of answer choices accounts receivables inventory sales credit sales net incomearrow_forward
- Kingbird Import Company had credit sales of $1824000. The beginning accounts receivable balance was $188000 and the ending accounts receivable balance was $319000. Using the direct method of reporting cash flows from operating activities, what were the cash collections from customers during the period? $2069000. $1824000. $2012000. O $1693000. OOarrow_forwardUse the following information for the Problems below. Skip to question [The following information applies to the questions displayed below.]Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. FORTEN COMPANYComparative Balance SheetsDecember 31 Current Year Prior Year Assets Cash $ 58,900 $ 79,500 Accounts receivable 74,830 56,625 Inventory 284,656 257,800 Prepaid expenses 1,270 2,015 Total current assets 419,656 395,940 Equipment 151,500 114,000 Accum.…arrow_forwardUse the following information for the Problems below. Skip to question [The following information applies to the questions displayed below.]Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. FORTEN COMPANYComparative Balance SheetsDecember 31 Current Year Prior Year Assets Cash $ 58,900 $ 79,500 Accounts receivable 74,830 56,625 Inventory 284,656 257,800 Prepaid expenses 1,270 2,015 Total current assets 419,656 395,940 Equipment 151,500 114,000 Accum.…arrow_forward
- The estimated cash receipts include total receipts from sales on account, interest revenue less expenses. True or Falsearrow_forwardWhich of the following is used in computing cash received from customers using the direct method? a.An increase in inventory b.A decrease in accounts receivable c.A decrease in inventory d.An increase in accounts payablearrow_forwardIdentify whether each of the following transactions, which are related to revenue recognition, are accrual, deferral, or neither. A. sold goods to customers on credit B. collected cash from customer accounts C. sold goods to customers for cash D. collected cash in advance for goods to be delivered laterarrow_forward
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