A retail business, using, owed merchandise creditors (accounts payable) $320,000 at the beginning of the year and $350,000 at the end of the year. How would the $30,000 increase be used to adjust net income in determining the amount of cash flows from operating activities by the indirect method? Explain.
Answer to relevant QuestionsIf salaries payable was $100,000 at the beginning of the year and $75,000 at the end of the year, should $25,000 be added to or deducted from income to determine the amount of cash flows from operating activities by the ...Ya Wen Corporation’s accumulated depreciation—equipment account increased by $8,750, while $3,250 of patent amortization was recognized between balance sheet dates. There were no purchases or sales of depreciable or ...Sales reported on the income statement were $480,000. The accounts receivable balance increased $54,000 over the year. Determine the amount of cash received from customers.The net income reported on the income statement for the current year was $600,000. Depreciation recorded on store equipment for the year amounted to $24,000. Balances of the current asset and current liability accounts at ...On the basis of the details of the following bonds payable and related discount accounts, indicate the items to be reported in the Financing Activities section of the statement of cash flows, assuming no gain or loss on ...
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