Assuming that a direct method is used in the Operating Activities section, fill in the blank for each of the following situations Show inflows as a positive number and outflows as a negative number Balance Sheet Beginning Ending Income Statement Cash Inflow (Outflow) 1 Accounts receivable $1,962 $5,170 Sales on account, $15,230 $ 2 Prepaid insurance $3,950 $2,903 Insurance expense, $7,200 $ 3 Income taxes payable $5,971 $8,845 Income tax expense, $19,758 $ 4 Wages payable $5,082 $2,954 Wages expense, $23,639 $

The Answer is in the image, click to view ...

Question: Assuming that a direct method is used in the Operating Activities section, fill in the blank for each of the following situations. Show inflows as

Assuming that a direct method is used in the Operating Activities section, fill in the blank for each of the following situations. Show inflows as a positive number and outflows as a negative number.

Balance Sheet	Beginning	Ending	Income Statement	Cash Inflow (Outflow)
1. Accounts receivable	$1,962	$5,170	Sales on account, $15,230	$
2. Prepaid insurance	$3,950	$2,903	Insurance expense, $7,200	$
3. Income taxes payable	$5,971	$8,845	Income tax expense, $19,758	$
4. Wages payable	$5,082	$2,954	Wages expense, $23,639	$

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Direct Method Assuming that a direct method is used in the Operating Activities section, fill in the blank for each of the following situations. Show inflows as a positive number and outflows as a...

Assuming that a direct method is used in the Operating Activities section, fill in the blank for each of the following situations. Show inflows as a positive number and outflows as a negative number,...

Assuming that a direct method is used in the Operating Activities section, fill in the blank for each of the following situations. Show inflows as a positive number and outflows as a negative number

) The balance sheet reflects the financial position of an entity over True or false 1) The balance sheet reflects the financial position of an entity over a period of time. 2) Solvency is a measure...

All essay questions require full, grammatically correct sentences which include your reasoning and/or explanation. Write your answers in a separate Word file. Do NOTwrite them in an Excel worksheet....

Accounting Exam. There are 30 questions of filling out balance sheets or cash flows. I wanted to ask this question in the advanced question tab, but I no longer have access to it. I don't have a clue...

Cash flow from operating activities (CFO) indicates the amount of money a company brings in from its ongoing, regular business activities, such as manufacturing and selling goods or providing a...

An object travels along a horizontal straight path at a constant rate. The object travels (1)/(20) of the length of the path in (3)/(4) second. At that rate, how many seconds does it take the object...

A dish of liquid water is placed on a table in a room. After a while, all of the water evaporates. Taking the water and the air in the room to be a closed system, can the system be regarded as a pure...

A merchandising business paid $ 2 , 5 0 0 to purchase inventory and $ 5 0 to have the inventory delivered to its customers. Its product costs were $ 2 , 5 5 0 . True or False

The first scenario will be a Verbal Judo scenario in which your scenario follows the standard Verbal Judo interaction: You need to ask somebody to modify their behavior either to do something or to...

4. Multinational Labor Organizations. Search for the history and mission statements for the following organizations: International Federation of Airline Pilots Association (IFALPA) International...

4. What are the five special features of the Japanese system? Why havent these features been widely adopted in the United States?

3. Guidelines for Multinational Corporations. The guidelines for Multinational Enterprises established by the Organization for Economic Cooperation and Development and presented on the OECD Web site...