The following information is taken from the 2020 general ledger of Swisher Company. Instructions In each case,
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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.
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Rent 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, January 1 Accounts receivable, December 31 $ 48,000 5,900 9,000 $ 54,000 Salaries 10,000 8,000 $175,000 16,000 Sales 7,000
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Cash payments for rent Rent expense 48000 AddIncrease in prepaid rent ...View the full answer
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Related Book For
Accounting Principles
ISBN: 978-1119411482
13th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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