For each account on this company's balance sheet, show the change in the account during 2021 and note whether this change was a source or use of cash. (If there is no action select "None" from the dropdown options. Leave no cells blank - be certain to enter "0" wherever required. A negative answer should be indicated by a minus sign.) Assets Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment $ $ $ S 2020 13,280 7,520 42,400 63,200 256,800 320.000 Sources/Uses $ $ $ $ 2021 14,600 19,200 51,000 84,800 315,200 400,000
For each account on this company's balance sheet, show the change in the account during 2021 and note whether this change was a source or use of cash. (If there is no action select "None" from the dropdown options. Leave no cells blank - be certain to enter "0" wherever required. A negative answer should be indicated by a minus sign.) Assets Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment $ $ $ S 2020 13,280 7,520 42,400 63,200 256,800 320.000 Sources/Uses $ $ $ $ 2021 14,600 19,200 51,000 84,800 315,200 400,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Question
Transcribed Image Text:B
k
es
For each account on this company's balance sheet, show the change in the account
during 2021 and note whether this change was a source or use of cash. (If there is no
action select "None" from the dropdown options. Leave no cells blank - be certain to
enter "0" wherever required. A negative answer should be indicated by a minus sign.)
Current assets
Cash
Accounts receivable
Inventory
Total
Fixed assets
Net plant and equipment
Total assets
Liabilities and Owners' Equity
Current liabilities
Assets
Accounts payable
Notes payable
Total
Long-term debt
Owners' equity
Common stock and paid-in surplus
Retained earnings
Total
Total liabilities and owners' equity
$
$
$
$
$
$
$
$
$
$
2020
13,280
7,520
42,400
63,200
256,800
320,000
40,000
14,240
54,240
32,000
40,000
193,760
233,760
320,000
Sources/Uses
$
$
$
$
$
$
$
2021
$
$
$
14,600
19,200
51,000
84,800
315,200
400,000
41,800
21,600
63,400
24,000
40,000
272,600
312,600
400,000
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