Business, 01.07.2021 16:00 justapointie
Effect of accrued expenses on the accounting equation and financial statements
During Year 1, Chung Corporation earned $8,000 of cash revenue and accrued $5,000 of salaries expense. Required Based on this information alone:.
(Hint: Record the events in accounts under an accounting equation before satisfying the requirements.) (Enter any decreases to account balances with a minus sign.)
a. Prepare the December 31, 2016, balance sheet.
b. Determine the amount of net income that Chung would report on the 2016 income statement.
c. Determine the amount of net cash flow from operating activities that Chung would report on the 2016 statement of cash flows.
d. Why are the answers to Requirements b and c different?
Answers: 1
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Effect of accrued expenses on the accounting equation and financial statements
During Year 1, Chun...
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