Sales for the year were $586,464. Accounts receivable were $96,522 and $86,545 a
ID: 2494104 • Letter: S
Question
Sales for the year were $586,464. Accounts receivable were $96,522 and $86,545 at the beginning and end of the year. Determine the cash received from customers to be reported on the cash flow statement using the direct method.
Select the correct answer.
Loster Company reported a net loss of $14,039 for the year ended December 31, 2010. During the year, accounts receivable decreased by $4,319, merchandise inventory increased by $7,370, accounts payable increased by $13,496, and depreciation expense of $6,749 was recorded. What was the net cash used for or provided by operating activities during the year 2010?
Select the correct answer.
$586,464 $682,986 $596,441 $606,418Loster Company reported a net loss of $14,039 for the year ended December 31, 2010. During the year, accounts receivable decreased by $4,319, merchandise inventory increased by $7,370, accounts payable increased by $13,496, and depreciation expense of $6,749 was recorded. What was the net cash used for or provided by operating activities during the year 2010?
Select the correct answer.
provided net cash of $14,039. provided net cash of $3,155. used net cash of $14,039. used net cash of $3,155.Explanation / Answer
1) Cash received from customers= Opening balance+Sales during the year-Closing balance
=96522+586464-86545= $596441
2)
Provided net cash $3155
Statement of Cash Flows USD $ Cash flows from operating activities Net Loss (14,039.00) Adjustments for: Depreciation 6,749.00 Working capital changes: (Increase)/Decrease in trade receivable 4,319.00 (Increase)/decrease in inventories (7,370.00) Increase in trade payables 13,496.00 Cash generated from operations 3,155.00 Net cash from operating activities $3,155.00Related Questions
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