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ACC - Norrington Trading Co., (P-05-27)




Question;05-27Name:Enter the appropriate numbers/formulas in the blue-shaded cells. Enter amounts to be deducted as negative numbers. The word ?Wrong? will appear to the left of incorrect entries.;Computation of Effects of AdjustmentsSalesCost of goods soldDepreciation expenseSalaries expenseInterest expenseIncome taxes expenseOther expensesNet income(a)Direct MethodOperating activities:Cash collected from customersCash paid for inventoryCash paid for salariesCash paid for interestCash paid for income taxesCash paid for other expensesNet cash provided by operating activities(b)Indirect MethodOperating Activities:Net IncomeAdd: DepreciationIncrease in Accounts payableIncrease in income taxes payableDecrease in prepaid expensesLess: Increase in accounts receivableIncrease in inventoryDecrease in interest payableNet cash provided by operating activitiesIncomeStatement$675,400(243,500)(51,000)(124,600)(11,300)(44,000)(98,700)$102,300AdjustmentsStatement of Cash Flows


Paper#43961 | Written in 18-Jul-2015

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