Answer:
The beginning balance in accounts receivable was: $47,500
Explanation:
Sales reported on the income statement were $385,500, Accounts receivable increased of $385,500 during the period.
Sales, adjusted to a cash basis using the direct method on the statement of cash flows, were $359,000. The company collected $359,000 from the sales. Accounts receivable decreased of $359,000 during the period.
The beginning balance in accounts receivable = The ending balance of accounts receivable + Accounts receivable decreased during the period - Accounts receivable increased during the period = $74,000 + $359,000 - $385,500 = $47,500
Answer: Check attachment
Explanation:
A cash basis income statement is simply referred to as an income statement which contains revenues and expenditures for the company whereby cash has either being received or paid by the company.
For accrual basis income statement, revenue and expenditures are recorded when they're either earned or made.
Check the attachment for more analysis.
When the retailer decides to switch store locations due to loss of a lease on the first store location.
Answer:
The answer is: The original group of lottery winners was made up of 5 people.
Explanation:
The total prize amount was $35,000,000 with each original winning ticket holder earning $7,000,000.
$35,000,000 / 5 = $7,000,000 for each winner
When 2 more winning ticket holders show up, the total prize has to be redivided to include them.
$35,000,000 / 7 = $5,000,000 for each winner