Question

The balance sheets of Barrier Corporation as of December 31, Year 2, and Year 1, and its statement of income and retained earnings for the year ended December 31, Year 2, follow:
BARRIER CORPORATION
Balance Sheets
December 31, Year 2 and Year 1


BARRIER CORPORATION
Statement of Income and Retained Earnings
For Year Ended December 31, Year 2


Additional information:
• Capital stock is issued to provide additional cash.
• All accounts receivable and payable relate to operations.
• Accounts payable relate only to items included in cost of sales.
• There are no noncash transactions.

Required:
Determine the following amounts:
a. Cash collected from sales during Year 2.
b. Cash payments on accounts payable during Year 2.
c. Cash receipts during Year 2 not provided by operations.
d. Cash payments for noncurrent assets purchased during Year2.


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  • CreatedJanuary 22, 2015
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