Both the indirect and direct methods: I. Arrive at the same…

Both the indirect and direct methods: I. Arrive at the same amounts for net cash flows II. Are used by companies about equally in actual practice III. Are two allowable methods to present operating activities in the statement of cash flows IV. Adjusts Net Income to determine net cash flows from operations   From the list below, choose all statements that are true:

Both the indirect and direct methods: I. Arrive at the same…

Both the indirect and direct methods: I. Arrive at the same amounts for net cash flows II. Are used by companies about equally in actual practice III. Are two allowable methods to present operating activities in the statement of cash flows IV. Adjusts Net Income to determine net cash flows from operations                                                                                                                         From the list below, choose all statements that are true:

On December 1, Macy Company sold merchandise with a selling…

On December 1, Macy Company sold merchandise with a selling price of $1000 on account to Mrs. Jorgensen, with terms 2/10, n/30. Using the gross method and ignoring cost of goods sold, what journal entry did Macy Company prepare on December 1? Macy expects no sales returns.