The following information is taken from the 2014 general ledger of Okonedo Company. Instructions In each case,
Question:
Instructions
In each case, compute the amount that should be reported in the operating activities section of the statement of cash flows under the directmethod.
Transcribed Image Text:
40,000 5,600 9,000 $65,000 10,000 8,000 $170,000 19,000 7,000 Rent Rent expense Prepaid rent, January1 Prepaid rent, December 31 Salaries and wages expense Salaries and wages payable, January 1 Salaries and wages payable, December 3 Sales revenue Accounts receivable, January 1 Accounts receivable, December 31 Salaries Sales
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (12 reviews)
Cash payments for rent Rent expense 40000 Add Increase in prepaid rent 3400 ...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Managerial Accounting Tools for business decision making
ISBN: 978-1118096895
6th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Question Posted:
Students also viewed these Managerial Accounting questions
-
The following information is taken from the 2014 general ledger of Praeger Company. Rent Rent expense......................$ 30,000 Prepaid rent, January 1................. 5,900 Prepaid rent,...
-
The following information is taken from the 2014 general ledger of Swisher Company. Instructions In each case, compute the amount that should be reported in the operating activities section of the...
-
The following information is taken from the 2012 general ledger of Mathias Company. InstructionsIn each case, compute the amount that should be reported in the operating activities section of the...
-
A three-dimensional elasticity problem of a uniform bar stretched under its own weight gives the following strain field: where A and B are constants. Integrate the strainedisplacement relations to...
-
One of your clients is considering electing S status. Texas, Inc., is a six-year old company with two equal shareholders, both of whom paid $30,000 for their stock. Going into 2014, Texas has a...
-
Zanzibar Corporation is conducting a special meeting of its board of directors to address some concerns raised by the stockholders. Stockholders have submitted the following questions. Answer each...
-
A current loop lies in the \(x y\) plane of an \(x y z\) coordinate system, with the current circulating counterclockwise when viewed looking down the positive \(z\) axis toward the origin. The loop...
-
1. How bad is employee motivation and engagement as revealed by the Exhibit? 2. What actions can management take to increase motivation? 3. Should management focus on intrinsic, or extrinsic,...
-
a) Money markets are used to trade debt securities and instruments with maturities of less than one year. Identify three characteristics of the money market. (6 marks) b) Explain four reasons for the...
-
In this mini-case, you will complete the test of details on accounts receivable for the 2019 audit of EarthWear Clothiers, Inc. The principal test of detail involves sending "confirmations" or...
-
The 2014 accounting records of Liz Ten Transport reveal these transactions and events. Instructions Prepare the cash flows from operating activities section using the direct method. (Not all of the...
-
You are provided with the following transactions that took place during a recent fiscal year. Instructions Complete the table indicating whether each item (1) affects operating (O) activities,...
-
From the following, prepare the long-term liabilities section of a balance sheet: a. Bond sinking fund $400,000 b. Premium on 14% bonds 4,000 c. Discount on 15% bonds 10,000 d.14% Bonds Payable...
-
Find max in sorted rotated list. //Sorts a given list by selection sort //Input: An array A[0..n-1] of orderable elements //Output: List A[0..n-1] sorted in ascending order Algorithm SelectionSort...
-
Ashley Pineda, featured at the beginning of this chapter, is a new home sales representative for the PulteGroup (see website at www.pultegroupinc.com). The company engages in homebuilding and...
-
Chris Ricci has several credit cards, on which she is carrying a total current balance of $12,500. She is considering transferring this balance to a new card issued by a local bank. The bank...
-
What are mortgage points? How much would a home buyer have to pay if the lender wanted to charge 2.5 points on a $125,000 mortgage? When would this amount have to be paid? What effect do points have...
-
Conceptually, how does an investor choose his or her optimal portfolio?
-
Explain the factors that influence the development of multichannel customer contact strategies.
-
Explain the term global capital markets. This chapter primarily discusses global equity markets. What other types of financial instruments are traded in these markets? How important are global...
-
A total of 2500 gal/h of metaxylene is being isomerized to a mixture of orthoxylene, metaxylene, and paraxylene in a reactor containing 1000 ft3 of catalyst. The reaction is being carried out at 750F...
-
The Management Discussion and Analysis section of an annual report addresses corporate performance for the year, and sometimes uses financial ratios to support its claims. Steps 1. Choose How to read...
-
The Management Discussion and Analysis section of an annual report addresses corporate performance for the year, and sometimes uses financial ratios to support its claims. Steps 1. Choose How to read...
-
(a) Bill Meyer is not sure about the difference between cost accounting and a cost accounting system. Explain the difference to Bill. (b) What is an important feature of a cost accounting system?
-
1. Refer to the graph provided. Price, cost of unit $15- 9 MC ATC MR = P = D a. At what level of output does the firm maximize profit? Explain how you know. b. At the profit-maximizing quantity of...
-
A bond issued 10 years ago had a face value of $2,000; a coupon rate of 5%; and a yield of 6% when it was sold last month in the secondary bond market. At what price did the bond sell in the...
-
What are the assertions affected by the earlier list on what could go wrong in the post to the general journal process? The assertions to use are Completeness Existence/Occurrence Presentation and...
Study smarter with the SolutionInn App