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OLga [1]
3 years ago
7

Accounts receivable arising from sales to customers amounted to $80,000 and $70,000 at the beginning and end of the year, respec

tively. Income reported on the Income Statement for the year was $240,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the Statement of Cash Flows is
Business
1 answer:
Oksana_A [137]3 years ago
6 0

Answer:

$250,000

Explanation:

Calculation for the cash flows from operating activities to be reported on the Statement of Cash Flows

Using this formula

Cash flows=Income Statement+(Accounts receivable arising from sales)

Let plug in the formula

Cash flows=$240,000 +($80,000-$70,000)

Cash flows=$240,000 +$10,000

Cash flows=$250,000

Therefore the cash flows from operating activities to be reported on the Statement of Cash Flows is $250,000

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Answer:

JOURNAL ENTRIES related Accounts Receivables

2021

12 June Debit Accounts receivable $37,400 Credit Service Revenue $37,400

17 Sep Debit Bank $22,000 Credit Accounts receivables $22,000

31 Dec Debit provision for doubtful debts adjustment (expense) $6,930 Credit Provision for bad debts $6930

2022

4 Mar Debit Accounts receivable $ 52400, Credit Service revenue $52,400

20 May Debit Bank $10,000 Credit Accounts receivables $10,000

19 Oct Debit Bank $42000 Credit Accounts receivables $42,000

31 Dec Provision for bad debts adjustment $180 Credit provision for bad debt $180

Explanation:

2021

provision for bad debts beginning = $0

adjustment                                       = $6930

closing (15400 *0.45)                      =$6930

an increase in provision or allowance in doubtful debts is an expense

2022

Provision for bad debts opening $6930

Adjustment                                     $180

closing (15800*0.45)                     $7110

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Answer:

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Explanation:

There are basic five principal of Management:

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These basic five principal make an average manager to a successful manager.

Planning in management play a vital role as it is about choosing the right process and active objective of organization.

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