In the current year, Harrisburg Corporation collected $100,000 from its customers and paid out $30,000 to suppliers, $20,000 to employees, and $8,000 for income taxes. Using the direct method, prepare the operating activities section of its statement of cash flows based on this information.
Answer to relevant QuestionsIn the current year, Harrisburg Corporation had net income of $35,000, a $9,000 decrease in accounts receivable, a $7,000 increase in inventory, an $8,000 increase in salaries payable, a $13,000 decrease in accounts payable, ...Lime Corporation participated in a simultaneous investing and financing transaction where it acquired a building costing $50,000 by issuing common stock. Show how Lime Corporation would report this transaction in regard to ...The following is a list of items for the 2010 statement of cash flows of the Witts Company:1. Receipt from sale of equipment, $2,700 2. Increase in inventory, $3,900 3. Net income, $13,500 4. Payment for purchase of ...On December 31, 2010, a fire destroyed a significant portion of the Richey Company accounting records. Only the January 1, 2010 balance sheet, the statement of cash flows for 2010, and several additional documents were saved ...Bloom Company had beginning unadjusted retained earnings of $400,000 in the current year. At the beginning of the current year, Bloom changed its inventory method from LIFO to FIFO, and the cumulative effect (net of taxes) ...
Post your question