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:

Blindness

The condition of lacking visual perception due to physiological or neurological factors.

Blind Spot

An area of the visual field that lacks detection due to the absence of photoreceptor cells in the part of the retina where the optic nerve exits the eye.

Optic Nerve

Twin nerves that convey sight-related information from the retina to the brain.

Retina

A layer at the back of the eyeball containing cells that are sensitive to light and that trigger nerve impulses that pass via the optic nerve to the brain.