The following comparative statement of financial position for Dubai Co, is given for the financial...
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Accounting
The following comparative statement of financial position for Dubai Co, is given for the financial periods 2019 and 2020
2020 $430,000
2019 $395,000
PPE
Accumulated depreciation of PPE
(170,000)
(155,000)
Copyrights
45,000
58,000
Receivables
22,000
12,000
Inventory
Prepaid expenses
Cash
65,000
72,000
70,000
$2,000
172.000
71.000
$634.000
$505.000
$42.000
23,000
Capital- preferred shares
Premium on preferred shares
Common stock
150,000
160,000
96.000
56,000
Retained earnings
45,000
34,000
Bond payable
57,000
65,000
45,000 187,000
Accounts payable
Accrued liabilities.
179,000
$634,000
$505,000
The income statement for 2020 is as follows:
Net sales
$850.000
Cost of goods sold Gross profit
$82,000
268.000
170,000
Operating expenses
$98.000
Net income
Compute the following using the Direct Method (Show your calculations),
1. How much is the cash received from customers? 2. How much is the cash paid to suppliers?
3. How much is the operating expenses paid?
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