Direction: Analyze the foregoing transactions and present the CFS using theindirect method. Use a separate sheet to show your answers.Prepare A CFS using the Indirect MethodMaria Leonora ServicesSeptember 20XX600,00030,0005,00015,0003,00025,0004,000100,000Net IncomeDepreciation ExpenseGain on sale of PPENet – trade and other receivablesNet – trade and other payablesProceeds from sale of PPELoan PaymentCash, Beg, Sep01

CFS is the financial statement prepared by the entities to know the cash position of the entity.

Answered: Direction: Analyze the foregoing…

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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Similar questions

Which of the following is an example of Current Asset of a Merchandise Business? a. Interest expense b. Accounts receivable c. Salary and Wages paid by the business d. Accounts payable
The following is list of accounts each represented by letter(s). A Accounts Payable U Loss from discontinued operations B Accounts Receivable V Losses due to fire E Accumulated Depreciation-Equip W Merchandise Inventory F Bonds Payable X Notes Payable G Cash Y Premium on Bonds Payable H Cost of Goods Sold Z Rent Expense I Capital Lease Payable AA Rent Revenue J Discount on Bonds Payable BB Retained Earnings K Equipment EE Salaries and Wages Payable L Federal Income Tax Withheld Payable FF Sales Returns M Federal Unemployment Taxes Payable GG Sales Revenues N FICA Taxes Payable HH Sales Taxes Payable O Income Summary II Shipping Expense P Income Taxes Payable JJ State Income Tax Withheld Payable Q Interest Expense KK State Unemployment Taxes Payable R Interest Payable LL Supplies S Land MM Tax Expense T Land Improvement NN Unearned Rent Revenue Example of Answer: G4000D,B2000D,GG5000C,HH1000CWhere G denotes…
Analysis above two financial statement, what you can observe without using financial ratio.
Recording cost of goods sold is a/an A. cash entry B. deferral entry C. accrual entry D. adjusting entry E. paid bill entry
What is the total liabilities, please break down.
Classify each of the following accounts as to whether it appears on the income statement (IS), the balance sheet (BS) or owner’s equity statement (OE) _____1. Merchandise Inventory _____ 6. Int. Revenue ____11. Wales, Drawing _____2. Accumulated Depreciation—Truck _____ 7. Interest Receivable ____12. Wales, Capital _____3. Depreciation Expense _____ 8. Notes Receivable ____13. Sales Discounts _____4. Cost of Goods Sold _____ 9. Interest Expense ____14. Prepaid Insurance _____5. Unearned Revenue _____10. Freight Out _____15. Sales
Please categorize all

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