28) Use the following information from Artizan, Inc.’s computerized accounting information system to prepare the operating activities section of the statement of cash flows for May using the
direct
method.
Beginning cash balance
|
$15,375
|
Ending cash balance
|
39,669
|
Cash payments for supplies
|
10,400
|
Cash paid for rent
|
1,200
|
Cash paid for salaries
|
3,750
|
Cash received from customers
|
17,868
|
Cash paid for interest
|
150
|
Cash paid for dividends
|
200
|
Cash received from a loan
|
10,000
|
Issuance of stock
|
25,000
|
Cash paid for studio equipment
|
12,874
|
29) The income statement for Lilly’s, Inc. for the year ended June 30, 2011 showed sales of $50,000. During the year, the balance in accounts receivable increased by $7,500. Cash collected from customers equals 1. $________ and is 2. a(n) ________ activity.
30) The income statement for Sharp, Inc. for the month of May showed insurance expense of $250. The beginning and ending balance sheets for the month showed an increase of $50 in prepaid insurance. There were no payables related to insurance.
The cash paid for insurance is 1. $________ and is 2. a(n)________ activity.
31) During 2011, Cable Direct, Inc. incurred salary expense of $37,500. Salaries payable showed $10,450 at December 31, 2010 and $15,200 at December 31, 2011.
The cash paid to employees is 1. $________ and is 2. a(n) ________ activity.