Huxley Company sells services for $998 cash and $804 on account this month. Emma Company also pays $327 in salaries and wages, which includes $195 that was payable at the end of the previous month the rest was for salaries and wages of this month. What is the amount that would be included in net cash flow from operating activities?

Huxley Company sells services for $998 cash and $804 on account this month. Emma Company also pays $327 in salaries and wages, which includes $195 that was payable at the end of the previous month the rest was for salaries and wages of this month. What is the amount that would be included in net cash flow from operating activities?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Medwig Corporation has a DSO of 17 days. The company averages $3,500 in sales each day (all customers take credit). What are the company’s average accounts receivable?
On September 1, Year 1, Gomez Company collected $9,000 in advance from a customer for services to be provided over a one-year period beginning on that date. How much revenue would Gomez Company report related to this contract on its income statement for the year ended December 31, Year 1? How much would the company report as net cash flows from operating activities for Year 1? Multiple Choice $3,000; $9,000 $9,000; $9,000 $0; $9,000 $3,000; $3,000
Pat's Custom Tuxedo Shop maintains its records on the cash basis. During this past year Pat's collected $42,900 in tailoring fees, and paid $12,100 in expenses. Depreciation expense totaled $1,500. Accounts receivable increased $1,050, supplies increased $3,700, and accrued liabilities increased $1,800. Pat's accrual-basis net income was: Multiple Choice $32,250. $26,350. $35,850. $22,750.
On January 1, Year 2 Grande Company had a $21,000 balance in the Accounts Receivable account and a zero balance in the Allowance for Doubtful Accounts account. During Year 2, Grande provided $78,000 of service on account. The company collected $74,500 cash from accounts receivable. Uncollectible accounts are estimated to be 2% of sales on account. What is the amount of cash flow from operating activities that would appear on the Year 2 statement of cash flows? Multiple Choice $57,420 $78,000 $74,500 $73,010
Festivus Company has working capital of $140,680 on December 30. On December 31 it has the following transactions: An account payable for $10,000 is paid off An account receivable of $1,000 is written off (Festivus does not use the direct write-off method) $16,600 more inventory is purchased on account. If Account Payable balance on December 30th is $10,000 what is the Days Accounts Payable are outstanding? Use ending balance of AP instead of the average. Festivus' Gross profit percentage is
At the beginning of the year, Oriole Company has a cash balance of $25300. During the year, the company expects cash disbursements of $176000, and cash receipts of $154000. If Oriole Company requires an ending cash balance of $22000, how much must the company borrow? O $0. O $44000. O $18700. O $22000.
Just want to make sure I did the journal entries correctly