The following information was taken from the financial records of Mr. Transmission: Accounts payable, December...
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Accounting
The following information was taken from the financial records of Mr. Transmission: Accounts payable, December 31, 2020 $ 88,000 99,000 Accounts payable, December 31, 2019 Operating expenses for 2020 999,000 How would the change in accounts payable be reported in the operating activities section of the statement of cash flows under the indirect method? Oa. As a deduction from operating expenses. Ob. As an addition to net income. Oc. As an addition to operating expenses. Od. As a deduction from net income. A law firm purchased supplies at a cost of $20,000 during the year. At January 1, the beginning balance in the supplies account was $1,300. For the year, supplies expense was $11,200. How much "Supplies are on hand as of December 31? Oa. $21.300 Ob. 520.000 Oc. 510400 Od. $10.100 Warranty expenses result when a company sells products then estimates the units and cost per unit for repairs and replacements that may occur during the warranty period. True False
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