In 2008, Upper Crust had cash flows from investing activities of $235,000 and cash flows from financing activities of ?$153,000. The balance in the firm's cash account was $93,000 at the beginning of 2008 and $108,000 at the end of the year. What was Upper Crust's cash flow from operations for 2008? A. $108,000 B. $15,000 C. $388,000 D. $403,000 Suppose you sell a fixed asset for $121,000 when its book value is $141,000. If your company's marginal tax rate is 39 percent, what will be the effect on the cash flows of this sale? Smith Insurance Agency started the year with a beginning capital balance of $30,000. During the year, Smith Insurance Agency earned $38,000 in Service Revenue and incurred $21,500 in various expenses. Smith withdrew $6,000 from the business. After the closing entries are recorded and posted, what will be the balance of Smith, Capital?
In 2008, Upper Crust had cash flows from investing activities of $235,000 and cash flows from financing activities of ?$153,000. The balance in the firm's cash account was $93,000 at the beginning of 2008 and $108,000 at the end of the year. What was Upper Crust's cash flow from operations for 2008? A. $108,000 B. $15,000 C. $388,000 D. $403,000 Suppose you sell a fixed asset for $121,000 when its book value is $141,000. If your company's marginal tax rate is 39 percent, what will be the effect on the cash flows of this sale? Smith Insurance Agency started the year with a beginning capital balance of $30,000. During the year, Smith Insurance Agency earned $38,000 in Service Revenue and incurred $21,500 in various expenses. Smith withdrew $6,000 from the business. After the closing entries are recorded and posted, what will be the balance of Smith, Capital?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:In 2008, Upper Crust had cash flows from investing activities of $235,000
and cash flows from financing activities of ?$153,000. The balance in the
firm's cash account was $93,000 at the beginning of 2008 and $108,000 at
the end of the year. What was Upper Crust's cash flow from operations for
2008?
A. $108,000
B. $15,000
C. $388,000
D. $403,000
Suppose you sell a fixed asset for $121,000 when its book
value is $141,000. If your company's marginal tax rate is 39
percent, what will be the effect on the cash flows of this
sale?
Smith Insurance Agency started the year with a beginning capital
balance of $30,000. During the year, Smith Insurance Agency
earned $38,000 in Service Revenue and incurred $21,500 in
various expenses. Smith withdrew $6,000 from the business.
After the closing entries are recorded and posted, what will be
the balance of Smith, Capital?
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