The Following Balance Sheets Are Provided for Socrates Foods

question 74

Essay

The following balance sheets are provided for Socrates Foods:

a. Compute the following:
(1) Cash received from customers during the year $__________
(2) Cash payments for merchandise during the year $__________
(3) Wages paid to employees during the year $__________
(4) In Socrates Foods' statement of cash flows, what amount would be reported as the net change in cash and cash equivalents? $__________ (increase/decrease)
b. Socrates Foods recorded the sale of equipment as follows:

How would this transaction be reported in Socrates Foods' statement of cash flows? (Assume the direct method is being used.)

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Definitions:

Gradual Emancipation

Refers to the process of ending slavery slowly over time, often through legislative measures that freed enslaved individuals in stages or at a certain age.

Fries's Rebellion

A tax revolt among Pennsylvania Dutch farmers in the late 1790s, protesting federal property taxes to fund an undeclared war against France.

Federalists

A political group that supported the adoption of the U.S. Constitution, favoring a strong federal government and a system of checks and balances.

John Fries

The leader of Fries's Rebellion, a tax revolt among Pennsylvania Dutch farmers in the late 18th century.