a. Cash paid for advertising:Advertising expensePrepaid advertising, January 1Prepaid advertising, December 31Cash Flowb. Cash paid for income taxes:Income tax expenseIncome tax payable, January 1Income tax payable, December 31Cash Flow$$62,00013,00015,000c. Cash paid for merchandise purchased:Cost of goods soldInventory, January 1Inventory, December 31Accounts payable, January 1Accounts payable, December 31Cash Flow$31,0007,1005,900X$180,00030,00024,00010,00011,000Xcases.

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

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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