A company's Cash account shows an ending balance of $4,600
Reconciling items included a bookkeeper error of $105 (a $525 check recorded as $630 ), two outstanding checks totaling $830, a service charge of $20, a deposit in transit of $260, and interest revenue of $33. What is the adjusted book balance?
A) $4,482
B) $4,030
C) $4,718
D) $5,170
C .Adjusted book balance = $4,600 + $105 - $20 + $33 = $4,718
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When using the direct method, how is the collection of cash from customers shown on the statement of cash flows?
a. Operating activity b. Investing activity c. Financing activity d. Noncash investing and financing activity
Because direct costs are assumed to be developed from "normal" methods and in a "normal" amount of time, any reduction in activity time should add to the costs of the activity.
Answer the following statement true (T) or false (F)
Comprehensive income as defined by the FASB
a. must be reported on the face of the income statement. b. includes all changes in equity during a period except those resulting from investments by and distributions to owners. c. is the net change in owners' equity for the period. d. means the same as net income. e. None of these answer choices is correct.
Alfredo Inc. reports net income of $230,000 for the year ended December 31. It also reports $87,700 depreciation expense and a $5,000 gain on the sale of equipment. Its comparative balance sheet reveals a $35,500 decrease in accounts receivable, a $15,750 increase in accounts payable, and a $12,500 decrease in wages payable. Calculate the cash provided (used) in operating activities using the indirect method.
A. $356,450. B. $319,950. C. $351,450. D. $376,450. E. $263,750.