23) How is the statement of cash flows prepared when using the direct method?
24) Team Shirts, Inc. had a beginning balance in Accounts receivable of $4,000 on November 1. The balance on November 30 was $5,100. Total credit sales were $63,000. What amount of cash was collected from customers for November?
25) Team Shirts, Inc. paid $1,050 worth of interest to a Swiss bank. How is this amount reported on the statement of cash flows?
26) College TV, Inc. had supplies of $20,000 on hand at December 31, 2010 and $25,000 on hand at December 31, 2011. Supplies used during 2011 were $50,000. No supplies were purchased on account. For each item, first select the column of the 2011 financial statement where the line item appears, and then fill in the correct amount:
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Income Statement
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Statement of Cash Flows
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Balance Sheet
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1. Supplies
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2. Supplies expense
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3. Cash paid for supplies
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27) Jill, Inc. earned $950,000 on account during 2011. Customers owed Jill, Inc. $40,000 at December 31, 2010 and $50,000 at December 31, 2011. For each item, first select the column of the 2011 financial statement where the line item appears, and then fill in the correct dollar amount:
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Income Statement
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Statement of Cash Flows
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Balance Sheet
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1. Sales
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2. Cash collected from customers
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3. Accounts receivable
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