5 On December 31, 2022, Wellstone Company reported net profit of $70,000 and sales of $210,000....
|
5 |
On December 31, 2022, Wellstone Company reported net profit of
$70,000 and sales of $210,000. The company also reported beginning
and ending accounts receivable at $20,000 and $25,000,
respectively. Wellstone will report cash collected from customers
in its 2022 statement of cash flows (direct method) in the amount
of ______.
|
6
|
. |
Pickering Company's prepaid insurance was $8,000 as of December
31, 2021, and $10,000 as of December 31, 2022. Pickering reported
insurance expense of $15,000 on the 2022 statement of profit or
loss. What amount would be reported in the statement of cash flows
as insurance paid using the direct method?
|
|
7 |
Dooling Corporation reported balances in the following accounts for the current year:
|
|
8. |
Sneed Corporation reported balances in the following accounts for the current year:
|
|
9. |
S Company reported net profit for 2022 in the amount of $400,000. The company's financial statements also included the following:
|
|
10. |
Creble Company reported net profit for 2022 in the amount of $40,000. The company's financial statements also included the following:
|
Homework Answers
Solution to QUESTION-5
Cash collected from customers in 2022 (Direct method)
|
Particulars |
Amount ($) |
|
Add: Accounts receivables at the beginning - 2022 |
20,000 |
|
Add: Credit sales for the year |
210,000 |
|
Sub total |
230,000 |
|
Less: Accounts receivables at the end - 2022 |
25,000 |
|
Cash collected from Customers in 2022 |
205,000 |
Therefore, the Wellstone will report cash collected from customers in its 2022 statement of cash flows (direct method) in the amount of $205,000
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5
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