The following information is taken from the 2017 general ledger of Preminger Company. Instructions In each case,
Question:
The following information is taken from the 2017 general ledger of Preminger Company.
Instructions
In each case, compute the amount that should be reported in the operating activities section of the statement of cash flows under the direct method.
Transcribed Image Text:
Rent expense Prepaid rent, January 1 Prepaid rent, December 31 Salaries and wages expense Salaries and wages payable, January 1 Salaries and wages payable, December 31 Sales revenue Accounts receivable, J Accounts receivable, December 31 30,000 5,900 7,400 54,000 2,000 8,000 $160,000 16,000 7,000 Salaries Sales
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 25% (12 reviews)
Cash payments for rent Rent expense 30000 Add Increase in prepaid rent 1500 Cash paym...View the full answer
Answered By
Mercy Kangai
I provide creative and detailed administrative, web search, academic writing, data entry, Personal assistant, Content writing, Translation, Academic writing, editing and proofreading services. I excel at working under tight deadlines with strict expectations. I possess the self-discipline and time management skills necessary to have served as an academic writer for the past seven years. I can bring value to your business and help solve your administrative assistant issues. I have extensive experience in marketing and small business management.
4.80+
27+ Reviews
85+ Question Solved
Related Book For
Accounting Tools for Business Decision Making
ISBN: 978-1118096895
6th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Question Posted:
Students also viewed these Cost Accounting questions
-
The following information is taken from the 2019 annual report of Bugant SA. Bugant's fiscal year ends December 31 of each year. On January 1, 2017, Bugant issued bonds with face value of ¬1,500...
-
The following information is taken from the 2008 financial statements of La-Z-Boy, Inc., and the 2008 financial statements of McDonalds. 1. Before you do any computations, forecast which of the two...
-
The following information is taken from the records of Cabot Cove Company. At the end of the year, Cabot Cove had only three jobs in process. Selected figures for these three jobs are: Cabot Cove...
-
Researchers investigated the relationship between the number of involuntary admissions (detentions) for mental disorders a year under the Mental Health Act 1983 and the number of NHS psychiatric beds...
-
Arguillo Inc. is a 5,000 acre farm that produces two products: Zilla and Corma. Zilla sells for $3.50 per bushel (assume that a bushel weighs 60 pounds). Without further processing, Corma sells for...
-
Jeff is the new inventory manager for Alan Company. During the year-end inventory count, Jeff forgets that the company stores additional inventory in a back room, causing his final ending inventory...
-
A surface condenser deals with \(13625 \mathrm{~kg}\) of steam per hour at a pressure of \(0.09 \mathrm{bar}\). The steam enters 0.85 dry and the temperature at the condensate and air extraction...
-
1. Rose could probably borrow the money to purchase the shares outright because the shares would serve as collateral and dividends would cover a good part of the loan payments. The interest rate is...
-
Bond X is a premium $1000 par value bond making annual payments. The bond has a coupon rate of 9%, a YTM of 7%, and has 13 years to maturity. Bond Y is a discount $1000 par value bond making annual...
-
ECR Corporation, a maker of sports accessories, is considering investing in a new project that manufactures tennis racquets. You have received the following information relating to the project: The...
-
The following information is available for Balboa Corp. for 2017. Cash used to purchase treasury stock ................................ $ 48,100 Cash dividends paid...
-
Sosa Company reported net income of $190,000 for 2017. Sosa also reported depreciation expense of $35,000 and a loss of $5,000 on the disposal of plant assets. The comparative balance sheets show an...
-
Patton is considering joining Microtech Enterprises as a partner. The company provides data imaging for a variety of end users. Patton will have to contribute $100,000 of capital upon admission as a...
-
What does an employee have to do to better improve their work-life balance? Discuss. What must an employer do to satisfy its employees with their work-life balance and what must the employer do to...
-
Match each internal control to its best description. Internal control procedures Maintaining physical safeguards Segregation of duties Transaction authorization Record retention Internal audit...
-
Lesley works for a CPA firm and is working on an audit for a large cattle ranch. She has contracted with an organization who has a drone that can fly over the ranch and count the heads of cattle for...
-
What operations strategies are important at Girlfriend Collective? In what wages do these strategies put Girlfriend Collective at a competitive advantage or disadvantage? What short- and long-term...
-
Household Budget Project Your task is to construct a household budget based on the scenario provided for you. Be sure to take notes on your decisions for each category for the final report. Your...
-
Deluxe Building Services offers custodial services on both a contract basis and an hourly basis. On January 1, 2019, Deluxe collected $20,100 in advance on a six-month contract for work to be...
-
If someone's Z-score for a variable was 0.67. Their score is a significant extreme score. Their score is not significant. O Their score is slightly above average. O Their score is an outlier.
-
At December 31, 2014, the trial balance of Sloane Company contained the following amounts before adjustment. Instructions (a) Prepare the adjusting entry at December 31, 2014, to record bad debt...
-
On January 1, 2014, Oswalt Company had Accounts Receivable of $54,200 and Allowance for Doubtful Accounts of $3,700. Oswalt Company prepares financial statements annually. During the year, the...
-
The president of Giraldi Enterprises asks if you could indicate the impact certain transactions have on the following ratios. 1. Received $5,000 on cash sale. The cost of the goods sold was $2,600....
-
Suppose the pressure in the esophagus is - 1.95 mm Hg while that in the stomach is + 18.5 mm Hg. To what height, in centimeters, could stomach fluid rise in the esophagus, assuming it has a density...
-
When light of wavelength190nm falls on acesiumsurface, electrons having a maximum kinetic energy of 4.39eV are emitted. Find values for the following. (a) the work function of cesium eV? (b) the...
-
A soft tennis ball is dropped onto a hard floor from a height of 1.55 m and rebounds to a height of 1.12m. (Assume that the positive direction is upward.) (a) Calculate its velocity (in m/s) just...
Study smarter with the SolutionInn App