$ 30,600.00 $ 6,200.00 $ 7,100.00 Rent Rent expense $ 17,300.00 Cash payn Prepaid rent, January 1 Prepaid rent, December 31 $ 65,500.00 $ 3,100.00 $ 8,500.00 Salaries Salaries and wages expense $ 53,900.00 Cash payn Salaries and wages payable, January 1 Salaries and wages payable, December 31 $160,800.00 $ 19,500.00 $ 6,900.00 Sales Sales revenue $134,400.00 Cash rece Accounts receivable, January 1 Accounts receivable, December 31
$ 30,600.00 $ 6,200.00 $ 7,100.00 Rent Rent expense $ 17,300.00 Cash payn Prepaid rent, January 1 Prepaid rent, December 31 $ 65,500.00 $ 3,100.00 $ 8,500.00 Salaries Salaries and wages expense $ 53,900.00 Cash payn Salaries and wages payable, January 1 Salaries and wages payable, December 31 $160,800.00 $ 19,500.00 $ 6,900.00 Sales Sales revenue $134,400.00 Cash rece Accounts receivable, January 1 Accounts receivable, December 31
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
I have been unsuccesful in multiple attempts and hope you can assist on the following question.
Using the direct method compute for Flamingo Corporation:
- Cash payments for rent
- Cash payments for salaries
- Cash receipts from customers
I have attached my spreasdsheet with the inputs and two of my attempts.
Transcribed Image Text:Attempt #2
$ 30,600.00
$ 6,200.00
$ 7,100.00
Rent
Rent expense
$ 17,300.00 Cash payments for rent
Prepaid rent, January 1
Prepaid rent, December 31
$ 65,500.00
$ 3,100.00
$ 8,500.00
Salaries
Salaries and wages expense
$ 53,900.00 Cash payments for salaries
Salaries and wages payable, January 1
Salaries and wages payable, December 31
Sales revenue
$160,800.00
$ 19,500.00
$ 6,900.00
Sales
$134,400.00 Cash receipts from customers
Accounts receivable, January 1
Accounts receivable, December 31
Attempt #1
Cash payments for rent
13300
Cash payments for salaries
11600
Cash receipts from customers
26400
Expert Solution
Step 1 Introduction
The question is based on the concept of Financial Accounting.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education