Nitrogen Inc

question 68

Essay

Nitrogen Inc. had the following events occur in 2014. 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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