a. Cash paid for advertising: Advertising expense Prepaid advertising, January 1 Prepaid advertising, December 31 Cash Flow b. Cash paid for income taxes: Income tax expense Income tax payable, January 1 Income tax payable, December 31 Cash Flow $ $ LA $62,000 13,000 15,000 c. Cash paid for merchandise purchased: Cost of goods sold Inventory, January 1 Inventory, December 31 Accounts payable, January 1 Accounts payable, December 31 $31,000 7,100 5,900 $180,000 30,000 24,000 10,000 X 11.000 X
a. Cash paid for advertising: Advertising expense Prepaid advertising, January 1 Prepaid advertising, December 31 Cash Flow b. Cash paid for income taxes: Income tax expense Income tax payable, January 1 Income tax payable, December 31 Cash Flow $ $ LA $62,000 13,000 15,000 c. Cash paid for merchandise purchased: Cost of goods sold Inventory, January 1 Inventory, December 31 Accounts payable, January 1 Accounts payable, December 31 $31,000 7,100 5,900 $180,000 30,000 24,000 10,000 X 11.000 X
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

Transcribed Image Text:a. Cash paid for advertising:
Advertising expense
Prepaid advertising, January 1
Prepaid advertising, December 31
Cash Flow
b. Cash paid for income taxes:
Income tax expense
Income tax payable, January 1
Income tax payable, December 31
Cash Flow
$
$62,000
13,000
15,000
c. Cash paid for merchandise purchased:
Cost of goods sold
Inventory, January 1
Inventory, December 31
Accounts payable, January 1
Accounts payable, December 31
Cash Flow
$31,000
7,100
5,900
X
$180,000
30,000
24,000
10,000
11,000
X
cases.
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