Balances of the Current Asset and Current Liability Accounts at the End

question 141

Essay

Balances of the current asset and current liability accounts at the end and beginning of the year are as follows: $\begin{array}{lrr}&\text { End } & \text { Beginning } \\\text { Cash } & \$ 67,000 & \$ 73,000 \\\text { Accounts receivable (net) } & 73,000 & 60,000 \\\text { Inventories } & 54,000 & 47,000 \\\text { Accounts payable (merchandise creditors) } & 43,000 & 37,000 \\\text { Sal aries payable } & 2,800 & 3,800 \\\text { Sales (on account) } & 210,000 & \\\text { Cost of goods sold } & 70,000 & \\\text { Operating expenses other than depreciation } & 67,000 &\end{array}$ ​
Use the direct method to prepare the cash flows from operating activities section of a statement of cash flows.

Recognize characteristics of a well-defined report problem.

Determine the types of reports based on their purpose and content.

Evaluate the reliability of different question types for gathering information.

Understand formal and informal reporting formats and their appropriate contexts.

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Definitions:

Treble Damages

A form of punitive damages awarded in litigation, where the amount of actual damages is tripled as a punishment to the defendant and deterrent to others.

Computer Crime

Computer Crime refers to criminal activities carried out using computers or the internet, including hacking, phishing, and distributing malware.

Statutory Prerequisites

Legal requirements that must be met before certain actions can be taken or certain rights can be exercised.

Racketeer Influenced and Corrupt Organizations Act

A U.S. law aimed at combating organized crime by allowing extended penalties for acts performed as part of a criminal organization.