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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please answer question completely
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
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education