This topic contains a solution. Click here to go to the answer

Author Question: The type of account and normal balance of Petty Cash is a(n) a. revenue, credit b. asset, debit ... (Read 242 times)

penguins

  • Hero Member
  • *****
  • Posts: 903
The type of account and normal balance of Petty Cash is a(n)
 a. revenue, credit
  b. asset, debit
  c. liability, credit
  d. expense, debit

Question 2

Team Shirts, Inc recognized 13,880 in salaries and wages expense for the quarter. At the beginning of the quarter, the balance in Salaries Payable was 2,300. At the end of the quarter, the balance was 3,425.
 
  How is the accounting information for these items reported on the statement of cash flows using the INDIRECT method?
  What will be an ideal response?



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

snackralk

  • Sr. Member
  • ****
  • Posts: 363
Answer to Question 1

b

Answer to Question 2

The net increase of 1,125 is added to net income in the operating activities section.




penguins

  • Member
  • Posts: 903
Reply 2 on: Jul 5, 2018
Great answer, keep it coming :)


Bigfoot1984

  • Member
  • Posts: 321
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

Did you know?

Certain rare plants containing cyanide include apricot pits and a type of potato called cassava. Fortunately, only chronic or massive ingestion of any of these plants can lead to serious poisoning.

Did you know?

As of mid-2016, 18.2 million people were receiving advanced retroviral therapy (ART) worldwide. This represents between 43–50% of the 34–39.8 million people living with HIV.

Did you know?

In 1844, Charles Goodyear obtained the first patent for a rubber condom.

Did you know?

Anti-aging claims should not ever be believed. There is no supplement, medication, or any other substance that has been proven to slow or stop the aging process.

Did you know?

This year, an estimated 1.4 million Americans will have a new or recurrent heart attack.

For a complete list of videos, visit our video library