Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. balances of the current asset and current liabilit

Balances of the current asset and current liability accounts at the end and beginning of...

70.2K

Verified Solution

Question

Accounting

Balances of the current asset and current liability accounts at the end and beginning of the year are as follows:

End of the year Beginning of the year
Cash $62,000 $73,000
Accounts receivable (net) 75,000 60,000
Inventories 54,000 47,000
Accounts payable (merchandise creditors) 43,000 37,000
Salaries payable 2,800 3,800
Sales (on account) 210,000
Cost of goods sold 70,000
Operating expenses other than depreciation 67,000

Use the direct method to prepare the Cash flows from (used for) operating activities section of a statement of cash flows. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.

Cash flows from (used for) operating activities:
Cash received from customersDepreciationNet incomeNet lossSales $- Select - blank
Cash payments for merchandiseCollections of accounts receivableNet incomeNet lossPrepaid expenses - Select -
Cash payments for operating expensesCash received from customersDepreciationNet lossSales - Select -
Net cash flows from operating activitiesNet cash flows used for operating activities blank $- Select -

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students