12. 25.00 point E5-15 Determining the Effects of Transactions on Balance Stateme

Question

12. 25.00 point E5-15 Determining the Effects of Transactions on Balance Statement, and Statement of Cash Flows Categories LO5-3 Listed here are selected apgregate transactions for Modem Style Fumbire Company som the fest quan of a recent year aden min a Recorded collections of cash fronm b Repaid $5 6 in principal on ine of crede with a customers owed an open account of $408 Complete the ollowing table by entering the amount of each ansaction To indcate te efc effect Consider each item independendy (Enter your answers in mialians rounded to 1 decimal place negaive values 8.500000 as 5.53 Current Assets Gress Prone Cumvnt UI

Explanation / Answer

current asset Gross profit current liabilities cash flow from operating activity a 0 [decrease in receivable by 40.8 and increase in cash by 40.8] 0 0 +40.8 b -5.6 [decrease in cash] 0 -5.6 [decrease in line of credit ] 0

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