Need help figuring this out please. Exercise 23-13 Crane Inc., a greeting card c
ID: 2329382 • Letter: N
Question
Need help figuring this out please.
Exercise 23-13
Crane Inc., a greeting card company, had the following statements prepared as of December 31, 2017.
CRANE INC.
COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31, 2017 AND 2016
12/31/17
12/31/16
$6,100
$7,000
62,200
51,500
34,900
17,900
40,300
60,500
5,000
3,900
153,200
131,200
(35,000
)
(24,700
)
46,200
49,800
$312,900
$297,100
$46,000
$40,000
4,000
6,000
7,900
4,000
8,100
10,100
59,800
69,200
100,000
100,000
30,000
30,000
57,100
37,800
$312,900
$297,100
CRANE INC.
INCOME STATEMENT
FOR THE YEAR ENDING DECEMBER 31, 2017
$336,150
174,100
162,050
120,800
41,250
$11,400
1,900
9,500
31,750
6,350
$25,400
Additional information:
Prepare a statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Explanation / Answer
Solution:
Computation of cash received from customers Particulars Amount Beginning accounts receivables $51,500.00 Add: Sales $336,150.00 Less: Ending accounts receivables $62,200.00 Cash received from customers $325,450.00Related Questions
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