Question

Question 22 Need Help With This Problem (3)

Listed here are selected aggregate transaction for modern style furniture company from the first quarter of a recent year (dollar in million.

1. Recorded collections of cash from customers owed on open account of $40.8
2. Repaid 5.6 in principal on-line of credit with a bank with principal payable within one year.

Complete the following table by entering the amount of the effect of each transaction. Enter negative amounts with a minus sign. Consider each item independently. (Enter your answers in millions rounded to 1 decimal Place (i.e, 5,5000,000 should be entered as 5.5)

           Transaction          Current Asset         Gross              Current            Cash Flow from

                                                               Profit              Liabilities         Operating Activities

                                                                

           a.                                  { ? }                    { ? }                  { ? }                       { ? }

           b.                                  {   ? }                    { ? }                 { ? }                       { ? }   

Answer 1

ANSWER

Transaction	Current Assets		Gross Profit		Current Liabilities		Cash flow from operating activities
Transaction - A	$                           40.80		$                             -		$                       -40.80		$                                40.80
Transaction - B	$                            -5.60		$                             -		$                         -5.60		$                                 -5.60

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