BobCat company originated in December 2017. BobCat follows accrual accounting principles. The following transactions happened during...
BobCat company originated in December 2017. BobCat follows
accrual accounting principles. The following transactions happened
during the year:
December 2: Performed services on account for $45,000.
December 15: Collected $32,400 of the accounts receivable.
December 31: Paid the utility expense of $1,200.
Recorded $8,800 of accrued salaries at the end of the year.
What is net cash flow from operating activities?
-
A. 32,400 inflow
-
B. 10,000 outflow
-
C. 22,400 inflow
-
D. 31,200 inflow
Homework Answers
Correct answer--------D. 31,200 inflow
Working
| Cash collection from customers | $ 32,400.00 |
| Cash payment for utilities | $ (1,200.00) |
| Net cash inflow from operating activities | $ 31,200.00 |
Accrued salary and service on account will not be included above as they do not affect cash balance.
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BobCat company originated in December 2017. BobCat follows
accrual accounting principles. The following transactions happened
during...
BobCat company originated in December 2017. BobCat follows accrual accounting principles. The following transactions happened during...
BobCat company originated in December 2017. BobCat follows accrual accounting principles. The following transactions happened during the year: December 2: Performed services on account for $45,000. December 15: Collected $32,400 of the accounts receivable. December 31: Paid the utility expense of $1,200. Recorded $8,800 of accrued salaries at the end of the year. What is net income? A. 45,000 B. 35,000 C. 22,400 D. 32,400
BobCat company originated in December 2017. BobCat follows accrual accounting principles. The following transactions happened during...
BobCat company originated in December 2017. BobCat follows accrual accounting principles. The following transactions happened during the year: December 2: Performed services on account for $45,000. December 15: Collected $32,400 of the accounts receivable. December 31: Paid the utility expense of $1,200. Recorded $8,800 of accrued salaries at the end of the year. What is total revenue that will be reported in the Income Statement? A. 45,000 B. 32,400 C. 35,000 D. 37,200
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Use the following to answer questions 1-4 A company maintains its records using accrual basis accounting; however, their accountant wants to create a statement of cash flows and needs to determine the cash flow from operating activities. For simplicity, we assume only one expense account (salaries). The following is data gathered from their records. Services provided to customers during the period Salaries expense for the period Accounts receivable (beginning balance) Accounts receivable (ending balance) Salaries payable beginning balance) Salaries pavable...
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