Business, 01.07.2021 16:00, justapointie
Effect of accrued expenses on the accounting equation and financial statements
During Year 1, Chung Corporation earned $8,000 of cash revenue and accrued $5,000 of salaries expense. Required Based on this information alone:.
(Hint: Record the events in accounts under an accounting equation before satisfying the requirements.) (Enter any decreases to account balances with a minus sign.)
a. Prepare the December 31, 2016, balance sheet.
b. Determine the amount of net income that Chung would report on the 2016 income statement.
c. Determine the amount of net cash flow from operating activities that Chung would report on the 2016 statement of cash flows.
d. Why are the answers to Requirements b and c different?
Answers: 1
Business, 22.06.2019 12:00, dwilburn01
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Dakota products has a production budget as follows: may, 16,000 units; june, 19,000 units; and july, 24,000 units. each unit requires 3 pounds of raw material and 2 direct labor hours. dakota desires to keep an inventory of 10% of the next month’s requirements on hand. on may, 1 there were 4,800 pounds of raw material in inventory. direct labor hours required in may would be:
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Business, 22.06.2019 17:30, gghkooo1987
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Effect of accrued expenses on the accounting equation and financial statements
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