Required informationE12-5 (Algo) Understanding the Computation of Cash Flows from Operating Activities (Indirect Method)[LO 12-2][The following information applies to the questions displayed below.]Suppose your company sells goods for $440, of which $270 is received in cash and $170 is on account. The goods costyour company $153 and were paid for in a previous period. Your company also recorded salaries and wages of $140, ofwhich only $44 has been paid in cash.E12-5 (Algo) Part 1Required:1. Prepare the journal entries to record these transactions. (If no entry is required for a transaction/event, select "No Journal EntryRequired" in the first account field.)View transaction listJournal entry worksheetA BRecord the sales revenue of $270 for cash and $170 on account and record thecost of goods sold of $153 using one journal entry.Note: Enter debits before credits. Journal entry worksheetRecord the sales revenue of $270 for cash and $170 on account and record thecost of goods sold of $153 using one journal entry.Note: Enter debits before credits.TransactionRecord entryBView transaction list< AJournal entry worksheetTransaction2General JournalBRecord the salaries and wages expense of $140.Note: Enter debits before credits.Record entryClear entryGeneral JournalClear entryDebitCreditView general journalDebitCreditView general journal

Journal Entry :— It is an act of recording transaction in books of account when transaction…

Required information E12-5 (Algo) Understanding the Computation of Cash Flows from Operating Activities (Indirect Method) [LO 12-2] [The following information applies to the questions displayed below.] Suppose your company sells goods for $440, of which $270 is received in cash and $170 is on account. The goods cost your company $153 and were paid for in a previous period. Your company also recorded salaries and wages of $140, of which only $44 has been paid in cash. E12-5 (Algo) Part 1 Required: 1. Prepare the journal entries to record these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet B V

Required information E12-5 (Algo) Understanding the Computation of Cash Flows from Operating Activities (Indirect Method) [LO 12-2] [The following information applies to the questions displayed below.] Suppose your company sells goods for $440, of which $270 is received in cash and $170 is on account. The goods cost your company $153 and were paid for in a previous period. Your company also recorded salaries and wages of $140, of which only $44 has been paid in cash. E12-5 (Algo) Part 1 Required: 1. Prepare the journal entries to record these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet B V

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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The following information on cash transactions were reported by FDNACCT Co.: Receipts from sale of goods = P390,000 Investment of owner = P28,000 Purchase of equipment = P858,000 Receipt of interest income = P2,000 Purchase of office supplies - P53,000 Withdrawal by owner = P20,000 How much is cash provided by (used in) Financing Activities? Enter as a negative number if the answer is used in Financing Activities.
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i did most part, not sure if its correct. how do i find the cash at the begining of the year? i got $ -5500 as net decraese in cash
5. The president of Laporte Inc., Tanya Turcotte, was provided with a copy of the operating activities section of the statement of cash flows that you prepared in (1.), and made the following comment: “This report is supposed to show operating cash inflows and outflows during the year, but I don’t see how much cash Laporte Inc. received from customers and how much it paid to trade suppliers and for income taxes. Please ask whoever prepared this statement to provide me with these numbers.” Based on Tanya’s comment, compute the following amounts for 2020: (Enter your answers in millions.) a. Cash collected from customers b. Cash paid to trade suppliers c. Cash paid for income taxes
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Using the Exhibit below, assume that the balance of Accounts Payable was $60,000 at the beginning of the current year. Furthermore, assume that the balance of Accounts Payable is $65,000 at the end of the current year. When preparing the Statement of Cash Flow using the indirect method for the current year, which of the following statements would describe the proper presentation of accounts payable on the Cash flow from operating activities section? EXHIBIT Increase (Decrease) Net Income (loss) $XXX Adjustments to reconcile net income to net cash flow from operating activities: Depreciation of fixed assets XXX Losses on disposal of assets XXX Gains on disposal of…
I've asked the question regarding an Indirect Method of Wolff Cash Statement. I need to find the free cash flow and the answer you gave me said incorrect when I put it in. I am putting it as a negative answer.
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Suppose your company sells goods for $450, of which $275 is received in cash and $175 is on account. The goods cost your company $155 and were paid for in a previous period. Your company also recorded salaries and wages of $145, of which only $45 has been paid in cash. How would i answer the following questions?? Calculate the amount that should be reported as net cash flow from operating activities. Calculate the amount that should be reported as net income. Show how the indirect method would convert net income (requirement 3) to net cash flow from operating activities (requirement 2).
1401-42 Please make sure to use the account names from the attachement