2. You are given the following information for Shinoda Corp.: Decrease in inventory$430 Decrease in accounts payable 165 Increase in notes payable 150 Increase in accounts receivable 180 1. Did cash go up or down? By how much? 2. Classify each event as a source or use of cash.

Name: 2. You are given the following information for Shinoda Corp.: Decr
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Description: 2. You are given the following information for Shinoda Corp.: Decrease in inventory$430 Decrease in accounts payable 165 Increase in notes payable 150 Increase in accounts receivable 180 1. Did cash go up or down? By how much? 2

Introduction:- A balance sheet is a statement of assets, liability, and equity. It is prepared…

Answered: 2. You are given the following…

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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2. You are given the following information for Shinoda Corp.:

Decrease in inventory	$	430
Decrease in accounts payable		165
Increase in notes payable		150
Increase in accounts receivable		180

1. Did cash go up or down? By how much?

2. Classify each event as a source or use of cash.

Expert Solution

Step 1

Introduction:-

A balance sheet is a statement of assets, liability, and equity. It is prepared after the income statement.
Assets are classified into two types:
1. Current assets
2. Non-current assets
Liability is classified into two types:
1. Current liability
2. Non-current liability.

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