Brief Exercise 12-5 Direct Method Fill in the blank for each of the following si

Question

Brief Exercise 12-5 Direct Method

Fill in the blank for each of the following situations.

Balance Sheet          Beginning    Ending          Income statement             (Outflow)Cash flow

1. Accounts receivable     $2,000       $5,000          Sales on account, $15,000       $________

2. Prepaid insurance        $4,000       $3,000          Insurance expense, $7,000      $________

3. Income taxes payable   $6,000       $9,000         Income tax expense, $20,000  $________

4. Wages payable             $5,000      $3,000         Wages expense, $25,000         $________

Explanation / Answer

1)$12000

2)$6000

3)$17000

4)$27000

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