$7,300.00NET INCOME-4300UTIL EXPINTR EXPINSUR EXP-5300-10500RENT EXP00SAL EXP-19500DEPRE EXP-57000COGSEXPENSES:REVENUESALES$142,000.00BIDDLE COMPAN INCOME STATEMENT FOR YEAR END DECEMBER 31, 2018 moysPlease Show workdifferences3. COMPARE the two statements of cash flows and comment on theINDIRECT method2.Prepare the cash flows from operating activities of the company's 2018 statement of 2018 using theDIRECT method1. Prepare the cash flows from operating activities section of the company's 2018 statement of 2018 flows using theQUESTIONS$330520PREPAID RENT:PREPAID INSURANCE:310520PAYABLE:UTILITIESACCOUNTS SALARIES:850009'L1,180006'sACCOUNTS PAYABLE:2,29000T'L8,8003,480INVENTORY:RECIEVABLE:ACCOUNTSACCOUNTS 2018BIDDLE COMPANY SELECTED BALANCE SHEET2018 2017$7,300.00NET INCOME

The cash flow statement is prepared to record the cash transactions incurred during the period and…

BIDDLE COMPANY INCOME STATEMENT FOR YEAR END DECEMBER 31, 2018 SALES REVENUE $142,000.00 EXPENSES: COGS -57000 DEPRE EXP -19500 SAL EXP -33000 RENT EXP -10500 INSUR EXP -5300 INTR EXP -5100 UTIL EXP -4300 NET INCOME $7,300.00

BIDDLE COMPANY INCOME STATEMENT FOR YEAR END DECEMBER 31, 2018 SALES REVENUE $142,000.00 EXPENSES: COGS -57000 DEPRE EXP -19500 SAL EXP -33000 RENT EXP -10500 INSUR EXP -5300 INTR EXP -5100 UTIL EXP -4300 NET INCOME $7,300.00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.

Question

$7,300.00
NET INCOME
-4300
UTIL EXP
INTR EXP
INSUR EXP
-5300
-10500
RENT EXP
00
SAL EXP
-19500
DEPRE EXP
-57000
COGS
EXPENSES:
REVENUE
SALES
$142,000.00
BIDDLE COMPAN INCOME STATEMENT FOR YEAR END DECEMBER 31, 2018

moys
Please Show work
differences
3. COMPARE the two statements of cash flows and comment on the
INDIRECT method
2.Prepare the cash flows from operating activities of the company's 2018 statement of 2018 using the
DIRECT method
1. Prepare the cash flows from operating activities section of the company's 2018 statement of 2018 flows using the
QUESTIONS
$
330
520
PREPAID RENT:
PREPAID INSURANCE:
310
520
PAYABLE:
UTILITIES
ACCOUNTS SALARIES:
850
009'L
1,180
006's
ACCOUNTS PAYABLE:
2,290
00T'L
8,800
3,480
INVENTORY:
RECIEVABLE:
ACCOUNTS
ACCOUNTS 2018
BIDDLE COMPANY SELECTED BALANCE SHEET
2018 2017
$7,300.00
NET INCOME

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