11.Beginning and ending balances for selected accounts are as follows:
|
12/31/09
|
1/01/09
|
Accounts receivable
|
$14,000
|
$19,000
|
Revenue received in advance
|
6,000
|
3,000
|
During 2009, sales revenue is $110,000. Calculate the cash collected from customers.
12.The August 1 and August 31 balances in accounts receivable are $21,000 and $18,000, respectively. During August, the company collected $56,000 from its customers and incurred $37,000 of expenses, all paid in cash. Calculate the amount of cash flows from operations for August.
13.During the current year, Martini Foods reported sales of $250,000, and wrote off $7,000 of accounts receivable as uncollectible under the direct write-off method. On January 1 and December 31 of the current year, Richard Young had accounts receivable of $26,000 and $14,000, respectively. Determine the amount of cash collected from customers during the current year.
14.List two distinct examples of significant noncash transactions and two distinct examples of transactions not reported directly on a statement of cash flows
15.During 2009, equipment was sold for $57,000. This equipment cost $90,000 and had a book value of $47,000. Accumulated depreciation for equipment was $184,000 at 12/31/05 and $147,000 at 12/31/04. Show how the results of the three items will appear on the statement of cash flows using the indirect method from this information.