Gitis,IncUses the Direct Method to Prepare Its Statement of Cash

question 135

Multiple Choice

Gitis,Inc.uses the direct method to prepare its statement of cash flows.Use the following information reported for 2017: Sales Revenue,$43,000
Interest Revenue,$600
Accounts Receivable,beginning balance,$13,400
Accounts Receivable,ending balance,$26,000
There were no amounts reported for Interest Receivable.
Compute the total cash receipts.

• A)$26,000
• B)$56,400
• C)$31,000
• D)$13,400

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Definitions:

Opponent Process

A theory suggesting that emotions are regulated by mechanisms that operate in opposition to each other.

Visual System

The part of the central nervous system which enables organisms to process visual detail, including the eyes, optic nerve, and brain areas responsible for visual perception.

Coded

Translated into a form that can be processed by computers or categorized in research.

Additive Colours

A color model in which colors are created by combining the light of primary colors (red, green, blue) in varying intensities to produce a wide spectrum of colors.