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1. Calculate the net operating cash flow for 2019 and 2020. 2. Calculate the net income (using accrual accounting) for 2019 and 2020. 3. Calculate the ending balance in accounts receivables at the end of 2019 end 2020

1. Calculate the net operating cash flow for 2019 and 2020. 2. Calculate the net income (using accrual accounting) for 2019 and 2020. 3. Calculate the ending balance in accounts receivables at the end of 2019 end 2020

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Jensen Corporation has summarized its financial statements for the year ending 9-30-20 with the following information: 2019 2020 Amounts Billed to Clients 170,000 220,000 Cash Collected From Clients 160,000 ,190,000 Salaries Paid 90,000 100,000 Utilities Paid 30,000 40,000 3-Year Insurance Policy Purchased on 01-01-19 60,000 Utilities Expense - 2019 35,000 There are no liabilities owed at the end of 2020. Required 1. Calculate the net operating cash flow for 2019 and 2020. 2. Calculate the net income (using accrual accounting) for 2019 and 2020. 3. Calculate the ending balance in accounts receivables at the end of 2019 and 2020.
Transcribed Image Text:Jensen Corporation has summarized its financial statements for the year ending 9-30-20 with the following information: 2019 2020 Amounts Billed to Clients 170,000 220,000 Cash Collected From Clients 160,000 ,190,000 Salaries Paid 90,000 100,000 Utilities Paid 30,000 40,000 3-Year Insurance Policy Purchased on 01-01-19 60,000 Utilities Expense - 2019 35,000 There are no liabilities owed at the end of 2020. Required 1. Calculate the net operating cash flow for 2019 and 2020. 2. Calculate the net income (using accrual accounting) for 2019 and 2020. 3. Calculate the ending balance in accounts receivables at the end of 2019 and 2020.
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