Nitrogen Inc

question 82

Essay

Nitrogen Inc.had the following events occur in 2017.Calculate the cash receipts or cash disbursements for each event.
a.Taxes Payable on January 1 was $12,400 and on December 31 was $13,600.Income Tax Expense on the income statement was reported at $39,000.
b.Cost of goods sold on the income statement was reported at $50,000.Accounts Payable increased $5,000 and Inventory decreased $7,000.
c.Sales were reported on the income statement at $100,000.Accounts Receivable increased $5,700.
d.Interest Revenue on the income statement was reported at $12,000.Interest Receivable decreased $3,600.
e.Salary Expense on the income statement was reported at $55,000.Salary Payable increased $3,900.

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Definitions:

Analyze Effects

The process of examining and interpreting the consequences or outcomes of events, decisions, or actions.

Weigh Advantages

To weigh advantages means to evaluate the positive aspects or benefits of different options or actions to make an informed decision.

Cross-Marketing

A strategy where two or more companies or brands collaborate to promote each other's products or services to their respective customer bases.

Realism

An artistic and literary movement or style that seeks to depict subjects as they are actually experienced, without idealization.