Wise Photography reported net income of $115,600 for 2020. Included in the income statement were depreciation expense of $3.800 amortizationexpense of $2.700, and a gain on disposal of plant assets of $4,100. Wise's comparative balance sheets show the following balances. 12/31/19 12/31/20 Accounts receivable $26,700 $21,500 Accounts payable 6,500 8,900 Calculate net cash provided by operating activities for Wise Photography. (Show amounts that decrease cash flow with either a-sign eg -15,000 or in parenthesis es (15,000))
Q: Break-Even in Units and Sales Dollars, Margin of Safety Drake Company produces a single product. La...
A: Contribution margin per unit = Contribution margin / Number of units Contribution margin ratio = Con...
Q: Forfeiture of at Par (Ans. Money : App. 30,000; I II & Call 18,000; Share forfeiture 6,200] 30. Sanj...
A: As per our protocol and our guidelines we solution to one question only but as you have asked two qu...
Q: Problem 4-4A Preparing closing entries, financial statements, and ratios c3 Q A1G P2 The adjusted tr...
A: The financial statements are prepared at year end including income statement, balance sheet, stateme...
Q: rces in the general fund get assigned to a specific
A: Resource allocation is considered to important part of business and investment . it is important ...
Q: Which of the following is true about the operating cycle concept? It causes the distinction between...
A: Operating Cycle: The operating cycle is the time required for a company's cash to be put into its op...
Q: advantages and disadvantages of the scattergram method as compared to the high-low method?
A: Solution High-low method takes high level activity and low level activity and measure the total cost...
Q: Magic Realm, Incorporated, has developed a new fantasy board game. The company sold 60,000 games las...
A: Formula: Net income = Revenues - Expenses.
Q: Tara owns a business and purchases buildings for the business on the following dates and amounts: 1/...
A: For real estate property Mid - month convention ( one half of the month in which property is purchas...
Q: January 25 Received $1150 cash for laundry services provided in January 2022. JOUonal ene y
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...
Q: The number of days from 14 March, 2023 to 17 August, 2023 using 30/360 is: O A 153 O B. 156 O. 155 O...
A: The question pertains to counting the number of days on the basis of 30/360 between two specific dat...
Q: You have decided to buy a car. The car cost RM 50 Q00 You are taking a loan from a bank with the int...
A: Calculation of installment price = Loan Amount/ PVA(3%,5 years) = 40000/55.6523 = $ 718.74
Q: On April 1, 2020, Quicke Mart issued $1,000,000, 9% bonds at par plus accrued interest dated January...
A: Bond is the debt security that investors uses to reduce the risk and increase stable return from the...
Q: f the utility stock purchased their shares through an online brokerage, whereas Tony and the owner o...
A: From this clue, we can say that Anita is not the owner of the utility stock and Tony is not the owne...
Q: On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $20.1 million cash...
A: The accrued interest is current liability for the business as interest is accrued for payment but no...
Q: 2. Paid the other half of the account due to C. de Leon. A. Debit Cash, Credit Accounts Payable B....
A: This transaction will reduce cash account balance and accounts payable balance. Accounts Payable Bal...
Q: Expert Q&A Done Problem 4-25 Complete cash budget [LO4-2] Harry's Carryout Stores has eight location...
A: A cash budget is an estimate of a corporation's cash flows for a given time span. A cash budget is u...
Q: Penny Company manufactures only one product and uses a standard cost system. The following informati...
A: Direct Labor Variance: Direct labor cost variation is defined as the difference between the standard...
Q: On 30 June 2019, TIE Ltd acquired a machire for $180 000 cash, with an expected useful life of 9 yea...
A:
Q: Find the earings of Mr.toun as Merricks multiple piece rate
A: Wage rate is the rate of labor which has been earned by the labor by working to manufacture a produc...
Q: Which of the following items would be included in the inventory account of a manufacturing concern? ...
A: The inventory is the cost of goods that are available to be sold during the period.
Q: old X, Inc. uses the following information when preparing their flexible budget: direct materials of...
A: Solution: Flexible budget is the budget which represents budgeted cost at different levels of produc...
Q: Speedy Delivery Company provides next-day delivery across the southeastern United States.During May,...
A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are inc...
Q: Acme Inc. has the following information available: Actual price paid for material $0.90 Standard pri...
A: Standard costing Standard costing is a method of costing that uses predetermined standard costs for ...
Q: On 30 June 2019, Swan Ltd acquired a machine for $180 000 cash, with an expected useful life of 9 ye...
A: When a company revaluates the value of its fixed assets on the basis of Fair Market Value, the diffe...
Q: The following information relates to manufacturing business Direct materials 5 kgs x $8 per kg Direc...
A: Labor rate variance = (Actual rate per hour - Standard rate per hour)*Actual hours worked Labor effi...
Q: The controller of New Wave Sounds Inc. prepared the following product profitability report for manag...
A: Activity Based Costing (ABC) decreases the likelihood of product cost variances on their respective ...
Q: Rick and Cindy Davis are married and file a joint return. They live at 3223 Taccone Ave., Apt. 37, M...
A: Information from Form W-2, Wages and Tax Statement. Rick Davis Amount ($) wages, tips and other...
Q: On January 01, 2021, EFG Company had 100,000 P50 par value ordinary shares outstanding. In addition,...
A: Shares: Shares represents the company's ownership in stock comprising of both common and preference ...
Q: Instructions The prepaid insurance account had a beginning balance of $3,755 and was debited for $6,...
A: Answer) Adjustment Journal Entry Account Titles and Explanation Debit Credit Insuran...
Q: Cash flows related to three mutually exclusive capital equipment projects are given in table below. ...
A: The correct answer for the above question is given in the following steps for your reference
Q: On July 19, 2021, SUNOB acquired 60% of the outstanding shares of YSAE. The business combination res...
A: When the fair value of the non-controlling interest is not given then for the purpose of computing g...
Q: On January 1, 2021, PORKING acquired majority of SAPER’s outstanding voting stocks. On that day, the...
A: Consolidation In the Consolidation procedures parent company acquired more than 50% shares of the su...
Q: Please select the correct answers. 1) ...
A: given that : Georgetown Income before tax. ...
Q: Based on the following information, which of the following is closest to days' sales outstanding? •R...
A: Days' sales outstanding- In accountancy, days’ sales outstanding are a computation used by a corpora...
Q: Considering the information shown on the financial statements,revenue could be calculated as: A.Cas...
A: Introduction:- The following financial statements used as follows under:- Balance sheet. Income sta...
Q: nY Feported the following shareholders equity vis Com Reacquired 10,000 shares at P30 per share to b...
A: Retained earnings (RE) are those earnings or amount of money which is kept aside by business from th...
Q: Example 4-12 GROSSIN
A: In this question, there are different parts that we have to solve according to the given information...
Q: At each reporting date, companies adjust debt investments which fails in cash flows test to fair val...
A: The question is related to the IFRS 9 Financial Instruments.
Q: 88,000 $9,408,000 Less: Direct fixed costs 1,200,000 960,00
A: Contribution margin ratio The contribution margin ratio is calculated as the percentage differen...
Q: The Statement of Financial Position of Oliver Ltd as at 30 June 2021 showed the following assets and...
A: Deferred tax: Deferred tax is the effect of timing or temporary differences. The difference between ...
Q: For Dingle Corporation, the following amortization table was prepared when $400,000 of 5-year, 7% bo...
A: Solution Journal is the company's primary book in which all business transactions are recorded accor...
Q: Conrad Company reported the following balances at June 30, 2015: $16,200 Sales Revenue Sales Returns...
A: Gross sales = $16200 Sales return = $600 Sales discount = $300
Q: Schylar Pharmaceuticals, Inc., plans to sell 120,000 units of antibiotic at an average price of $18 ...
A: Contribution margin per unit = Selling price per unit - Variable cost per unit Contribution margin r...
Q: Develop audit procedures for the use of analytical procedures as a substantive procedure in the test...
A: First and foremost, we must comprehend the concept of payroll cost. Payroll cost refers to the wages...
Q: QUESTION 13 The most common practice is a variation of the: O a. residual theory of dividends O b.co...
A: A dividend policy is the policy an organisation (company) uses to structure its dividend payout to s...
Q: Steve’s Outdoor Company purchased a new delivery van on January 1 for $58,000 plus $4,900 in sales t...
A: In this question, There are 4 requirements : 1.Indicate the effects of each transaction on the accou...
Q: A corporation creates a sinking fund in order to have $640,000 to replace some machinery in 10 years...
A: Future Value- Future value is the price of an asset at a particular date. It measures the supposed f...
Q: Life Force Fitness, Inc., assembles and sells treadmills. Activity-based product information for eac...
A: Purchase orders and machine setups are two examples of cost-driver operations. The cost driver rate ...
Q: Assume an investor purchases bonds at a premium the bonds are to be held as a long-term investment w...
A: When a Bond is issued at premium, the interest revenue is always less than periodic amount of cash r...
Q: The following cost have been estimated based on sales of 30,000 units Direct materias P300,000 (100...
A: Calculation of Selling price when contribution margin 40%. We know that, Contribution = Selling Pri...
Help me to solve this problem
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Cullumber Photography reported net income of $92,000 for 2022. Included in the income statement were depreciation expense of $5,800, patent amortization expense of $3,900, and a gain on disposal of plant assets of $3,800. Cullumber's comparative balance sheets show the following balances. 12/31/22 12/31/21 Accounts receivable $19,000 $28,500 Accounts payable 9,200 5,400 Calculate net cash provided by operating activities for Cullumber Photography. (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis eg. (15,000).) Cullumber Photography Statement of Cash FlowsSuppose during 2022 that Federal Express reported the following information (in millions): net sales of $34,450 and net income of $89. Its balance sheet also showed total assets at the beginning of the year of $24,590 and total assets at the end of the year of $23,300.Calculate the asset turnover and return on assets. (Round asset turnover to 2 decimal places, e.g. 6.25 and return on assets to 1 decimal place, e.g. 17.5%.) Asset turnover enter the asset turnover rounded to 2 decimal places times Return on assets enter the return on assets in percentages rounded to 2 decimal places %The net income reported on the income statement for the current year was $278,260. Depreciation recorded on fixed assets and amortization of patents for the year were $34,649, and $11,472, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: Cash Accounts receivable Inventories End a. $370,545 b. $208,919 c. $347,601 Od. $278,217 $47,146 124,126 102,601 4,506 45,924 Beginning $57,260 104,236 93,932 7,914 66,937 Prepaid expenses Accounts payable (merchandise creditors) What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?
- The following balances were extracted from the books of Billion Precision for the year ended 31 December 2020. Dr (RM) Cr (RM) Land 500000 Building 200000 Motor vehicles 120000 Plant and machinery 70000 Profit b/f as at 01.01.2020 237650 Capital 438000 Acc depreciation as at 1.1.2020 : Dr (RM) Cr (RM) Building 60 000 Motor vehicles 69250 Plant and machinery 40000 Returns 3600 4100 Revenue 800000 Purchases 400000 Discounts 5000 Carriage Inwards 7700 Opening Inventory 52000 Provision for bad debts 2000 Trade receivables / Trade payable 66000 43200 Advertising 18000 Staff training course 4000 Bad Debts 12500 Motor Expenses 27000 Rental 90000 Bank 7600 Wages & Salaries 126000 1701800 1701800 Additional information:i. The provision for bad debts should be 4% of trade receivables.ii. Depreciation is to be charged as follows:-Buildings 2% on cost.-Plant and machinery 20% on…Presented below is the balance sheet of Sheffield Corporation for the current year, 2025. Current assets Investments 643,870 Property, plant, and equipment 1,723,870 Intangible assets 305,000 1. 2. 3. The following information is presented. The current assets section includes cash $153,870, accounts receivable $173,870 less $13,870 for allowance for doubtful accounts, inventories $183,870, and unearned rent revenue $8,870. Inventory is stated on the lower-of-FIFO-cost-or-net realizable value. 4. 5. Sheffield Corporation Balance Sheet December 31, 2025 $ 488,870 6. 7. $3,161,610 Current liabilities Long-term liabilities Stockholders' equity $ 383,870 1,003,870 1,773,870 $3,161,610 The investments section includes the cash surrender value of a life insurance contract $43,870; investments in common stock, short-term $83,870 and long-term $273,870; and bond sinking fund $242,260. The cost and fair value of investments in common stock are the same. Property, plant, and equipment includes…Suppose during 2022 that Federal Express reported the following information (in millions): net sales of $34,400 and net income of $88. Its balance sheet also showed total assets at the beginning of the year of $24,580 and total assets at the end of the year of $23,300. Calculate the asset turnover and return on assets. (Round asset turnover to 2 decimal places, e.g. 6.25 and return on assets to 1 decimal place, e.g. 17.5%.) Asset turnover Return on assets times %
- The net income reported on the income statement for the current year was $313,659. Depreciation recorded on fixed assets and amortization of patents for the year were $38,968, and $9,722, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $42,392 $55,782 Accounts receivable 126,305 101,016 Inventories 100,582 80,433 Prepaid expenses 4,060 7,575 Accounts payable (merchandise creditors) 50,302 78,390 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? Oa. $214,402 Ob. $432,360 Oc. $412,916 Od. $292,338Suppose during 2022 that Federal Express reported the following information (in millions): net sales of $34,000 and net income of $80. Its balance sheet also showed total assets at the beginning of the year of $24,500 and total assets at the end of the year of $23,300. Calculate the asset turnover and return on assets. (Round asset turnover to 2 decimal places, e.g. 6.25 and return on assets to 1 decimal place, e.g. 17.5%.) Asset turnover times Return on assets %During 2022, Sunland Company reported net sales of $3,340,500 and net income of $1,410,000. Its balance sheet reported average total assets of $1,310,000. Calculate the asset turnover. (Round answer to 2 decimal places, e.g. 1.25.) Asset turnover $ times %24
- The net income reported on the income statement for the current year was $256,674. Depreciation recorded on fixed assets and amortization of patents for the year were $30,601 and $9,816, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $47,547 $67,419 Accounts Receivable 120,692 102,958 Inventories 101,043 92,516 Prepaid Expenses 3,347 6,561 Accounts Payable (merchandise creditors) 49,242 66,779 What is the amount of the net cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? a. $327,049 b. $270,830 c. $256,507 d. $251,558During 2020, Riverbed Corporation reported net sales of $5,542,800 and net income of $1,560,000. Its balance sheet reported average total assets of $1,490,000. Calculate the asset turnover. (Round answer to 2 decimal places, e.g. 1.25.) Asset turnover timesThe comparative statement of financial position for Moose Jaw Ltd. is as follows:Moose Jaw Ltd.Comparative Statement of Financial PositionAs at December 312021 2020Cash $20,500 $12,500Accounts receivable 34,000 25,500Inventories 20,000 30,000Prepaid insurance 2,500 2,000Equipment 102,000 90,000Accumulated depreciation - equipment (22,500) (12,500)Total assets $156,500 $147,500Accounts payable $23,000 $20,000Interest payable 2,000 3,000Wages payable 4,000 2,000Income taxes payable 4,000 5,000Long-term note payable 30,000 34,500Common shares 65,000 65,000Retained earnings 28,500 18,000Total liabilities and equity $156,500 $147,500More information about Moose Jaw’s operations for 2021:• A machine which the company paid $10,000 for was sold for a gain of$1,000. The equipment’s accumulated depreciation was $7,000.• The company had net income for of $13,500.RequiredConstruct the operating activities section of Moose Jaw Ltd.’s statement of cashflows using the indirect method. Use proper…