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Concept explainers
Operating activities: The items that are directly linked with the transactions that affect the net income of the company are termed as operating activities.
Direct method: It reports cash receipts and disbursements arising out of operating activities. Difference between these amounts helps us arrive at the net
Given Information: Income statement for 2017:
Revenues |
$100,000 |
Expenses |
60,000 |
|
40,000 |
Other information as below:
Accounts receivable |
|
Allowance for doubtful debts |
|||||||
January 1, 2017 Revenues |
20,000 10,000 |
1,000 90,000 |
Write Offs |
|
Write offs |
1,000 |
1,200 1,840 |
January 1, 2017 |
|
December 31, 2017 |
29,000 |
|
|
|
|
2,040 |
December 31, |
(a)
To determine cash flows using direct method from operations.
(b)
(b)
To determine cash flows from operating using the indirect method.
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Chapter 23 Solutions
Intermediate Accounting 16E Binder Ready Version With Wiley Plus Blackboard
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
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