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Anton [14]
2 years ago
12

During the current year, Tachnic, Inc., made cash sales of $289,000 and credit sales of $472,000. During the year, accounts rece

ivable decreased by $32,000.
a-1. Compute for the current year the amount of net sales reported as revenue in the income statement.
a-2. Compute for the current year the amount of cash received from collecting accounts receivable.
a-3. Compute for the current year the amount of cash received from customers. Assume that the credit sales amount has been collected during the current year.
Business
1 answer:
guajiro [1.7K]2 years ago
6 0

Answer:

(a1) $761,000

(a2) $504,000

(a3) $793,000

Explanation:

(a-1) Amount of net sales reported as revenue in the income statement:

= Cash sales + Credit sales

= $289,000 + $472,000

= $761,000

(a-2) Amount of cash received from collecting accounts receivable:

= Credit sales + Decrease in accounts receivable

= $472,000 + $32,000

= $504,000

(a-3) Amount of cash received from customers:

= Cash sales + Amount of cash received from collecting accounts receivable

= $289,000 +  $504,000

= $793,000

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Answer:

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Explanation:

Company Pea is described as the holding or parent company of Company Essone.  This means that Essone is Company Pea's subsidiary.  In preparing consolidated financial statements to report the financial status and results of operations for Company Essone, Company Pea will consolidate 100% of Company Essone while accounting for noncontrolling interest of 10% (effectively 90%).

When Company Essone is consolidating its financial statements, it should consolidate 80% of Company Esstwo while Esstwo consolidates 100% of Company Essthree.

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8 0
2 years ago
nternal control is defined as the procedures and processes used by a company to safeguard its assets. process information accura
sweet-ann [11.9K]

Internal control is defined as the procedures and processes used by a company to safeguard its assets, process information accurately and to ensure compliance with laws and regulations.

<h3>Internal control</h3>

Internal controls also include the measures a company takes to ensure its employees comply with all laws and regulations and do not steal company assets. Physical controls like door locks, area restrictions, safes and surveillance equipment are internal controls, too.

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7 0
1 year ago
A project has an initial cost of $31,800 and a market value of $29,600. What is the difference between these two values called
Kazeer [188]

Answer:

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Explanation:

Below is the given values:

Net present value is the correct answer.

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Net present value shows that the present value of cash inflows minus cash outflows. Moreover, the present value comes by discounting the cash flows at an applicable discount rate.

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Ivanshal [37]

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