What would be the impact on the december

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Reference no: EM132705020

Problem 1: Assume Comfy Home sold inventory costing $27,000 on account to a local builder for $30,000 on December 31, 2017. Comfy expects to get paid this amount in 2018. Using the financial statements provided as a basis, what would be the impact on the December 31, 2017 financial statements?

Select all that apply.

Group of answer choices

Option 1: Cash on the balance sheet increases by $27,000

Option 2: Inventory on the balance sheet decreases by $27,000

Option 3: Accounts Receivable on the balance sheet increases by $30,000

Option 4: Cost of Goods Sold on the income statement increases by $27,000

Option 5: Revenue on the income statement increases by $30,000

Option 6: Net Cash from Operating Activities on the statement of cash flows increases by $30,000

Option 7: Net Cash from Investing Activities on the statement of cash flows decreases by $27,000

Reference no: EM132705020

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