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Question 3 of 10 Anderson Company reported the following transactions: • Bought $124,000 of inventory, paying cash Sold inventory that cost $69,000, receiving $200,000 cash from the customer • Sold inventory that cost $54,000, receiving $130,000 cash from the customer • Received a $40,000 prepayment from a customer for services to be provided next year What effect do these transactions have on Anderson Company's Net Income? S income are positive and decreases in net income are negative. What effect do these transactions have Anderson Company's on Cash? $ positive and decreases in cash are negative Enter your answer such that increases in r Enter your answer such that increases in cash an

Question 3 of 10 Anderson Company reported the following transactions: • Bought $124,000 of inventory, paying cash Sold inventory that cost $69,000, receiving $200,000 cash from the customer • Sold inventory that cost $54,000, receiving $130,000 cash from the customer • Received a $40,000 prepayment from a customer for services to be provided next year What effect do these transactions have on Anderson Company's Net Income? S income are positive and decreases in net income are negative. What effect do these transactions have Anderson Company's on Cash? $ positive and decreases in cash are negative Enter your answer such that increases in r Enter your answer such that increases in cash an

FINANCIAL ACCOUNTING
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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Question 3 of 10 Anderson Company reported the following transactions: • Bought $124,000 of inventory, paying cash Sold inventory that cost $69,000, receiving $200,000 cash from the customer • Sold inventory that cost $54,000, receiving $130,000 cash from the customer • Received a $40,000 prepayment from a customer for services to be provided next year What effect do these transactions have on Anderson Company's Net Income? S income are positive and decreases in net income are negative. What effect do these transactions have Anderson Company's on Cash? $ positive and decreases in cash are negative Enter your answer such that increases in net Enter your answer such that increases in cash are
Transcribed Image Text:Question 3 of 10 Anderson Company reported the following transactions: • Bought $124,000 of inventory, paying cash Sold inventory that cost $69,000, receiving $200,000 cash from the customer • Sold inventory that cost $54,000, receiving $130,000 cash from the customer • Received a $40,000 prepayment from a customer for services to be provided next year What effect do these transactions have on Anderson Company's Net Income? S income are positive and decreases in net income are negative. What effect do these transactions have Anderson Company's on Cash? $ positive and decreases in cash are negative Enter your answer such that increases in net Enter your answer such that increases in cash are
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