Question

Burke Company earned $12,000 of service revenue on account during 2013. The company collected $9,800 cash from accounts receivable during 2013.

Required
Based on this information alone, determine the following for Burke Company.
a. The balance of the accounts receivable that Burke would report on the December 31, 2013, balance sheet.
b. The amount of net income that Burke would report on the 2013 income statement.
c. The amount of net cash flow from operating activities that would be reported on the 2013 statement of cash flows.
d. The amount of retained earnings that would be reported on the 2013 balance sheet.
e. Why are the answers to Requirements b and c different?



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  • CreatedOctober 12, 2013
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