Please inform of the correct category (cash collected from customer, cash paid for operating expense, cash...
Please inform of the correct category (cash collected from customer, cash paid for operating expense, cash paid to supplies, cash paid for interest, cash paid for taxes) for the following 1 - Sales revenue 2 - Account Payable 3 - Inventory 4 - Account receivable 5 - Income tax expense 6 - Salaries 7 - Cost of goods sold
Homework Answers
| 1) | Sale Revenue | cash collected from customer | ||
| 2) | Accounts Payable | cash paid to supplies | ||
| 3) | Inventory | cash paid to supplies | ||
| 4) | Accounts Receivable | cash collected from customer | ||
| 5) | Income tax expense | cash paid for taxes | ||
| 6) | Salaries | cash paid for operating expense | ||
| 7) | Cost of goods sold | cash paid to supplies | ||
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Please inform of the correct category (cash collected from
customer, cash paid for operating expense, cash...
Label as financing, operating, investing activities. Cash Investment Securities--AFS Accrured Interest Receivable Accounts Receivable Allowance for...
Label as financing, operating, investing activities. Cash Investment Securities--AFS Accrured Interest Receivable Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Prepaid Insurance Store Supplies Land Building Accumulated Depreciation: Building Office & Store Equipment Accumulated Depreciation: Office & Store Equipment Delivery Trucks Accumulated Depreciation: Delivery Trucks Accounts Payable FICA Taxes Payable Withholding Taxes Payable Unemployment Taxes Payable Union Dues Payable Salaries & Wages Payable Accrued Utilities Payable Income taxes payable Mortgage Payable Accrued Interest Payable Common Stock PIC in Excess of...
Only part c Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Advertising Expense Buildings Cash...
Only part c
Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Advertising Expense Buildings Cash Casuality Loss from Vandalism Cost of Goods Sold Depreciation Expense Dividend Revenue Equipment Freight-In Freight-Out Income Summary Insurance Expense Interest Expense Interest Payable Interest Revenue Inventory Land Loss on Disposal of Plant Assets Maintenance and Repairs Expense Notes Payable Operating Expenses Owner's Capital Owner's Drawings Prepaid Insurance Property Tax Expense Property Taxes Payable Purchase Discounts Purchase Returns and Allowances Purchases Rent Expense Salaries and...
The income statement and the cash flows from the operating activities section of the statement of...
The income statement and the cash flows from the operating activities section of the statement of cash flows are provided below for Syntric Company. The merchandise inventory account balance neither increased nor decreased during the reporting period. Syntric had no liability for insurance, deferred income taxes, or interest at any time during the period. $ 273.2 (179.8) 93.4 (65.7) SYNTRIC COMPANY Income Statement For the Year Ended December 31, 2021 ($ in thousands) Sales Cost of goods sold Gross margin...
The income statement and a schedule reconciling cash flows from operating activities to net incom...
The income statement and a schedule reconciling cash flows from operating activities to net income are provided below ($ in millions) for Mike Roe Computers MIKE ROE COMPUTERS Income Statement For the Year Ended December 31, 2018 Sales Cost of goods sold $148.60 89.30 59.30 Gross margin Salaries expense Insurance expense Depreciation expense Interest expense Gains and losses: $18.60 11.60 4.30 5.30 (39.80) Gain on sale of equipment Loss on sale of land 10.60 (1.60 28.50 Income before tax Income...
Required: 1. Provide the summary journal entry which shows the cash flow for each of the following for Mike Roe Computers during the reporting period: received from customers, paid to suppliers, paid...
Required:
1. Provide the summary journal entry which shows
the cash flow for each of the following for Mike Roe Computers
during the reporting period: received from customers, paid to
suppliers, paid to employees, paid for interest, paid for
insurance, paid for income taxes.
2. Prepare the cash flows from operating
activities section of the statement of cash flows (direct
method).
MIKE ROE COMPUTERS Income Statement For the Year Ended December 31, 2018 Sales $150.40 (90.20 60.20 Cost of goods...
Which ones are on the Income statement or Balance Sheet Cash Petty Cash Accounts Receivable Allowance...
Which ones are on the Income statement or Balance Sheet Cash Petty Cash Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Interest Receivable Inventory Supplies Inventory Prepaid Insurance Prepaid Rent Debt Investments Equity Investments Land Buildings Accum. Depr. - Buildings Equipment Accum. Depr. - Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable Dividends Payable Long-term Notes Payable Common Stock Retained Earnings Dividends Income Summary Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Advertising...
The following schedule relates the income statement with cash flows from operating activities, derived by both...
The following schedule relates the income statement with cash flows from operating activities, derived by both the direct and indirect methods. The amounts for income statement elements are missing. Cash Flows from Operating Activities Income Statement Indirect Method Direct Method Net income $ ? Adjustments: Sales $ ? Decrease in accounts receivable 14 Cash received from customers $ 644 Cost of goods sold ? Increase in inventory (28 ) Decrease in accounts payable (41 ) Cash paid to suppliers (447...
Please use the correct accounts List of Accounts : Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated...
Please use the correct accounts
List of Accounts :
Accounts Payable
Accounts Receivable
Accumulated Depreciation-Buildings
Accumulated Depreciation-Equipment
Accumulated Depreciation-Trucks
Accumulated Depreciation-Vehicles
Advertising Expense
Buildings
Cash
Common Shares
Cost of Goods Sold
Depreciation Expense
Dividends Payable
Equipment
Income Tax Payable
Interest Expense
Interest Payable
Inventory
Land
Miscellaneous Expense
Notes Payable
Operating Expense
Other Expenses
Prepaid Insurance
Prepaid Rent
Rent Expense
Rent Revenue
Retained Earnings
Selling and Administrative Expenses
Supplies Expense
Wages Payable
Wages Expense
Advances to Employees
Bank Loan Payable
Deposits...
4. The income statement and a schedule reconciling cash flows from operating activities to net income...
4. The income statement and a schedule reconciling cash flows from operating activities to net income are provided below ($ in millions) for Mike Roe Computers. MIKE ROE COMPUTERS Income Statement For the Year Ended December 31, 2018 Sales $ 148.80 Cost of goods sold (89.40 ) Gross margin 59.40 Salaries expense $ 18.80 Insurance expense 11.80 Depreciation expense 4.40 Interest expense 5.40 (40.40 ) Gains and losses: Gain on sale of equipment 10.80 Loss on sale of land (1.80...
The following schedule relates the income statement with cash flows from operating activities, derived by both...
The following schedule relates the income statement with cash flows from operating activities, derived by both the direct and indirect methods. The amounts for income statement elements are missing Income Statement 6.66 points $? Sales Cost of goods sold $ 611 Skipped Cash Flows from Operating Activities Indirect Method Direct Method Net income $ ? Adjustments: Decrease in accounts receivable 11 Cash received from customers Increase in inventory (22) Decrease in accounts payable (35) Cash paid to suppliers Increase in...
Only part c
Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Advertising Expense Buildings Cash Casuality Loss from Vandalism Cost of Goods Sold Depreciation Expense Dividend Revenue Equipment Freight-In Freight-Out Income Summary Insurance Expense Interest Expense Interest Payable Interest Revenue Inventory Land Loss on Disposal of Plant Assets Maintenance and Repairs Expense Notes Payable Operating Expenses Owner's Capital Owner's Drawings Prepaid Insurance Property Tax Expense Property Taxes Payable Purchase Discounts Purchase Returns and Allowances Purchases Rent Expense Salaries and...
The income statement and the cash flows from the operating activities section of the statement of cash flows are provided below for Syntric Company. The merchandise inventory account balance neither increased nor decreased during the reporting period. Syntric had no liability for insurance, deferred income taxes, or interest at any time during the period. $ 273.2 (179.8) 93.4 (65.7) SYNTRIC COMPANY Income Statement For the Year Ended December 31, 2021 ($ in thousands) Sales Cost of goods sold Gross margin...
The income statement and a schedule reconciling cash flows from operating activities to net income are provided below ($ in millions) for Mike Roe Computers MIKE ROE COMPUTERS Income Statement For the Year Ended December 31, 2018 Sales Cost of goods sold $148.60 89.30 59.30 Gross margin Salaries expense Insurance expense Depreciation expense Interest expense Gains and losses: $18.60 11.60 4.30 5.30 (39.80) Gain on sale of equipment Loss on sale of land 10.60 (1.60 28.50 Income before tax Income...
Required:
1. Provide the summary journal entry which shows
the cash flow for each of the following for Mike Roe Computers
during the reporting period: received from customers, paid to
suppliers, paid to employees, paid for interest, paid for
insurance, paid for income taxes.
2. Prepare the cash flows from operating
activities section of the statement of cash flows (direct
method).
MIKE ROE COMPUTERS Income Statement For the Year Ended December 31, 2018 Sales $150.40 (90.20 60.20 Cost of goods...
Please use the correct accounts
List of Accounts :
Accounts Payable
Accounts Receivable
Accumulated Depreciation-Buildings
Accumulated Depreciation-Equipment
Accumulated Depreciation-Trucks
Accumulated Depreciation-Vehicles
Advertising Expense
Buildings
Cash
Common Shares
Cost of Goods Sold
Depreciation Expense
Dividends Payable
Equipment
Income Tax Payable
Interest Expense
Interest Payable
Inventory
Land
Miscellaneous Expense
Notes Payable
Operating Expense
Other Expenses
Prepaid Insurance
Prepaid Rent
Rent Expense
Rent Revenue
Retained Earnings
Selling and Administrative Expenses
Supplies Expense
Wages Payable
Wages Expense
Advances to Employees
Bank Loan Payable
Deposits...
The following schedule relates the income statement with cash flows from operating activities, derived by both the direct and indirect methods. The amounts for income statement elements are missing Income Statement 6.66 points $? Sales Cost of goods sold $ 611 Skipped Cash Flows from Operating Activities Indirect Method Direct Method Net income $ ? Adjustments: Decrease in accounts receivable 11 Cash received from customers Increase in inventory (22) Decrease in accounts payable (35) Cash paid to suppliers Increase in...
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