The following information is taken from the 2022 general ledger of Swifty Company. Rent Rent expense $30,600 Prepaid rent, January 1 6,200 Prepaid rent, December 31 7,600 Salaries Salaries and wages expense $64,300 Salaries and wages payable, January 1 2,700 Salaries and wages payable, December 31 8,700 Sales Šales revenue $ 160,000 Accounts receivable, January 1 19,300 Accounts receivable, December 31 6,600 In each case, compute the amount that should be reported in the operating activities section of the statement of cash flows under the direct method. Cash payments for rent 24 Cash payments for salaries 2$ Cash receipts from customers %24
The following information is taken from the 2022 general ledger of Swifty Company. Rent Rent expense $30,600 Prepaid rent, January 1 6,200 Prepaid rent, December 31 7,600 Salaries Salaries and wages expense $64,300 Salaries and wages payable, January 1 2,700 Salaries and wages payable, December 31 8,700 Sales Šales revenue $ 160,000 Accounts receivable, January 1 19,300 Accounts receivable, December 31 6,600 In each case, compute the amount that should be reported in the operating activities section of the statement of cash flows under the direct method. Cash payments for rent 24 Cash payments for salaries 2$ Cash receipts from customers %24
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...
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![The following information is taken from the 2022 general ledger of Swifty Company.
Rent
Rent expense
$30,600
Prepaid rent, January 1
6,200
Prepaid rent, December 31
7,600
Salaries
Salaries and wages expense
$64,300
Salaries and wages payable, January 1
2,700
Salaries and wages payable, December 31
8,700
Sales
Sales revenue
$ 160,000
Accounts receivable, January 1
19,300
Accounts receivable, December 31
6,600
In each case, compute the amount that should be reported in the operating activities section of the statement of cash flows under the
direct method.
Cash
payments for rent
24
Cash payments for salaries
24
Cash receipts from customers
24](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fba998e37-69d3-4512-975d-51d73021b92e%2F670eb1d4-7d76-49e3-b119-aa02f03a94df%2Fe11ehwq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following information is taken from the 2022 general ledger of Swifty Company.
Rent
Rent expense
$30,600
Prepaid rent, January 1
6,200
Prepaid rent, December 31
7,600
Salaries
Salaries and wages expense
$64,300
Salaries and wages payable, January 1
2,700
Salaries and wages payable, December 31
8,700
Sales
Sales revenue
$ 160,000
Accounts receivable, January 1
19,300
Accounts receivable, December 31
6,600
In each case, compute the amount that should be reported in the operating activities section of the statement of cash flows under the
direct method.
Cash
payments for rent
24
Cash payments for salaries
24
Cash receipts from customers
24
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