please answer for row 2 & 7 and explain. (75,000) and 75,000 are both...
90.2K
Verified Solution
Link Copied!
Question
Accounting
please answer for row 2 & 7 and explain.
(75,000) and 75,000 are both incorrect answers
(FA and OA is incorrect)
23,000 and (23,000) are both incorrect answers
(FA and OA is incorrect)
Exercise 2-10A (Algo) Effect of accruals on the financial statements LO 2-2, 2-3, 2-4 Cordell incorporated experienced the following events in Year 1 , its first year of operation: 1. Received $53,000 cash from the issue of common stock. 2. Performed services on account for $75,000. 3. Paid a $5,300 cash dividend to the stockholders. 4. Collected $59,000 of the accounts receivable. 5. Paid $53,000 cash for other operating expenses. 6. Performed services for $18,000 cash. 7. Recognized $2,300 of accrued utilities expense at the end of the year. Required: a. \& c. Identify the events that result in revenue or expense recognition and those which affect the statement of cash flows. In the Statement of Cash Flows column, use OA to designate operating activity, FA for financing activity, and IA for investing activity. Note: Enter any decreases to account balances with a minus sign. Not all cells in the "Statement of Cash Flows" column may require an input - leave cells blank if there is no corresponding input needed
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: Zin AI - Your personal assistant for all your inquiries!
