Nitrogen Inc. had the following events occur in 2023 1. Taxes Payable on January 1 was $12,400
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Question:
Nitrogen Inc. had the following events occur in 2023
1. Taxes Payable on January 1 was $12,400 and on December 31 was $13,600. Income Tax Expense on the income statement was reported at $39,000.
2. Cost of goods sold on the income statement was reported at $50,000. Accounts Payable increased $5,000 and Inventory decreased $7,000.
3. Sales were reported on the income statement at $100,000. Accounts Receivable increased $5,700.
4. Interest Revenue on the income statement was reported at $12,000. Interest Receivable decreased $3,600.
Calculate the cash receipts or cash disbursements for each event.
Related Book For
Advanced Accounting
ISBN: 978-1934319307
2nd edition
Authors: Susan S. Hamlen, Ronald J. Huefner, James A. Largay III
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