Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. exercise 9-18 (static) cash flows to accrual lo 9-

Exercise 9-18 (Static) Cash flows to accrual LO 9-10 For each...

80.2K

Verified Solution

Question

Accounting

image
Exercise 9-18 (Static) Cash flows to accrual LO 9-10 For each of the following items, calculate the amount of revenue or expense that should be recognized on the income statement for Pelkey Company for the year ended December 31,2022 Required: a. Cash collected from customers during the year amounted to $147,000, and accounts receivable increased by $31,000. How much were sales on account for the year ended December 31,2022 ? b. Cash payments for income taxes during the year were $85,000, and income taxes payable increased by $13,000. How much was income tax expense? c. Cash poid to suppliers during the year amounted to $168,000, accounts payable decreased by $26,700, and inventories decreased by $14,000. How much was cost of goods sold? d. The net book value of buildings increased by $275,000. No buildings were sold, and a new bullding costing $430,000 was purchased during the year. How much was depreciation expense

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

Programming
1.2K views

Using the relational model, define relations, keys, etc. to model flights, airlines and airports. Explain all...

Biology
1.2K views

5 Whose behavior is considered antisocial according to Fahrenheit society Why

Physics
1.2K views

An object of mass 10 kg launched from the Earth s surface reaches the speed...

Calculus
1.2K views

3 f x X x 2x

Algebra
1.2K views

A linear model shows that the relationship between the number of grocery items purchased and...

Algebra
1.2K views

Simplify the following, using only positive exponents. Do not evaluate.

Accounting
1.2K views

If you were to start your own business and had to decide which inventory method...

Accounting
1.2K views

The following information is for X Company's two products - A and B: Product A...

Accounting
1.2K views

Example 2: ABC Ltd. has, over the past few years, has sales of Rs. 400...

Accounting
1.2K views

MSI is considering outsourcing the production of the handheld control module used with some of...

Accounting
1.2K views

East Lansing Bank practices 100%-reserve-banking and has zero owners equity. Total deposits at the bank...

Accounting
1.2K views

A company requires a minimum $11,560 cash balance at each monthend. If necessary, a loan...