Business, 19.02.2021 16:10 stricklandashley43

19. In its accrual basis income statement for the year ended December 31, 2012, Nelson Company reported revenue of $3,500,000. Additional information is as follows: Accounts receivable-- Beg. December 31, 2011 $ 750,000

Net income for 2012 140,000

Accounts receivable--End. December 31, 2012 1,010,000

Nelson should report cash collected from customers in its 2012 statement of cash flows (direct method) in the amount of

a. $3,240,000.

b. $3,100,000.

c. $3,380,000.

d. $3,760,000.

20. Stiggins Corporation had the following account balances for 2012: December 31 January 1

Accounts Payable $67,200 $58,200

Prepaid Rent Expense 24,600 37,200

Accounts Receivable (net) 84,000 66,600

Stiggins' 2012 net income is $450,000. What amount should Stiggins include as net cash provided by operating activities in its 2012 statement of cash flows?

a. $436,200

b. $445,200

c. $453,600

d. $454,200

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19. In its accrual basis income statement for the year ended December 31, 2012, Nelson Company repor...

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