The net income reported on the income statement for the

Assignment Help Accounting Basics
Reference no: EM13574605

The net income reported on the income statement for the current year was $310,000. Depreciation recorded on fixed assets and amortization of patents for the year were $40,000 and $9,000, 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

$  50,000

$  60,000

Accounts receivable

112,000

108,000

Inventories

105,000

93,000

Prepaid expenses

4,500

6,500

Accounts payable (merchandise creditors)

75,000

89,000

What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?

Reference no: EM13574605

Questions Cloud

Badges framings cost formula for its supplies cost is 2240 : 1. which of the following would be considered a cash outflow in the investing activities section of the statement of
A pie chart would be most appropriate with which of the : a pie chart would be most appropriate with which of the following tests? chi-square goodness-of-fit chi-square test for
Ferguson company purchased a depreciable asset for 100000 : ferguson company purchased a depreciable asset for 100000. the estimated salvage value is 10000 and the estimated
Rank these five projects in the descending order of : rand corporation is considering five different investment opportunities. the companys cost of capital is 12 percent.
The net income reported on the income statement for the : the net income reported on the income statement for the current year was 310000. depreciation recorded on fixed assets
Cmpute the total taxes resulting from the sale of the : capital gain loss and recapture of depreciation. for each of the following cases compute the total taxes resulting
Mitchell corporation bought equipment on january 1 2010 : mitchell corporation bought equipment on january 1 2010. the equipment cost 90000 and had an expected salvage value of
What is the difference between an ordinary capital and : what is the difference between an ordinary capital and section 1231 asset? why is this distinction important? what
Calculate a the unadjusted npv and b the certainty : certainty equivalent npv. rush corporation is considering the purchase of a new machine that will last 5 years and

Reviews

Write a Review

Accounting Basics Questions & Answers

  What amount of these costs can melissa deduct

She bought breakfast on the way to the conference hotel and she bought dinner on her way home each night from the conference. What amount of these costs can Melissa deduct as business expenses?

  The company must also spend 600 for direct labor finally

a company is building a widget. during the current year a widget requires direct materials with a cost of 500. the

  Determine the dividends per share and total cash dividends

ghana corporation has 10000 shares of its 100 par value 7 percent cumulative preferred stock outstanding and 50000

  Using the total cost concept determine the cost per unit

display labs inc recently began production of a new product flat panel displays which required the investment of

  Lead time analysis furry friends inc manufactures toy

lead time analysis furry friends inc. manufactures toy stuffed animals. the direct labor time required to cut sew and

  Cost of goods sold relative to forfeiture

Twelve percent of the containers were not returned. The deposits are based on the container cost marked up 20%. What is cost of goods sold relative to this forfeiture?

  Service company example international finance incorporated

Two-Variance Analysis: Service Company Example International Finance Incorporated issues letters of credit to importers for overseas purchases.

  Journal entry to record requisition

These raw materials included both direct and indirect materials. The indirect materials totaled $4,000. The journal entry to record this requisition would include a debit to Manufacturing Overhead of

  Costing method of inventory

Jaclyn is going to the company's primary bank to negotiate a line of credit and wants to show the maximum amount of income without actually changing last year's results. What costing method of inventory(variable or absorption) should she choose? W..

  Expense warrenty accrual method

Record any necessary journal entries in 2010, applying the expense warrenty accrual method.

  Vango inc sells part number 86z to auto parts stores around

1.vango inc. sells part number 86z to auto parts stores around the world. information about part number 86z is

  Worth of beginning inventory and purchase

If I have $4,000 worth of beginning inventory and purchase $10,000 additional in the month. I have $12,000 worth of storeroom issues throughout the month and $150 in employee meals. My cost of goods sold for the month is _______ and I found this u..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd