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serious [3.7K]
3 years ago
5

The following information is available for Cornelius Inc.: Selected Income Statement Information Amount Net income $52,000 Depre

ciation expense 11,300 Selected Balance Sheet Information Beginning Balance Ending Balance Accounts receivable $11,500 $17,650 Inventory 33,800 27,825 Accounts payable 15,900 24,600 Required: Prepare the net cash flows from operating activities using the indirect method. Use a minus sign to indicate any decreases in cash or cash flows. Cornelius Inc. Net Cash Flows from Operating Activities Using Indirect Method
Business
1 answer:
Airida [17]3 years ago
5 0

Answer:

Net Cash Flows from Operating Activities Using Indirect Method is $71,825

Explanation:

In Cornelius Inc.:

Increase in Accounts receivable = $17,650 - $11,500 = $6,150

Decrease in Inventory = $27,825 - $33,800 = -$5,975

Increase in Accounts payable = $24,600 - $15,900 = $8,700

Cornelius Inc. uses the indirect method.

Net Cash Flows from Operating Activities = Net Income + Depreciation expense - Increase in Accounts receivable + Decrease in Inventory + Increase in Accounts payable = $52,000 + $11,300 - $6,150 + $5,975 + $8,700 = $71,825

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3 0
3 years ago
Evans products uses a process costing system with two processing departments: the mixing department and the finishing department
Mice21 [21]

Answer:

A debit to Work-in-Process Inventory, Finishing Department of $140,000

Explanation:

Data provided

Cost transferred per unit = $4

Units transferred = 35,000

Total cost of units transferred = Cost transferred per unit × Units transferred

= $4 × 35,000

= $140,000

Therefore Process department is a finishing department. From the last processing department to finished goods and when only finished goods are debited.

$140,000 will be paid to the Work-in-Process Inventory, Mixing Department and debited to the Finishing Department, Work-in-Process Inventory.

3 0
3 years ago
A. M&R Company provided $2,000 in services to customers that are expected to pay the company sometime in January following t
AleksAgata [21]

Answer and Explanation:

The Journal entries are shown below:-

a. Accounts receivable Dr, $2,000  

          To Service revenue $2,000

(Being service revenue is recorded)

b. Wages expenses Dr, $1,000  

          To Wages payable $1,000

(Being wage expenses is recorded)

c. Interest expenses Dr, $400  

    To Interest payable $400

(Being interest expenses is recorded)

d. Lawn service expenses $500  

    To Accounts payable $500

(Being lawn service expenses is recorded)

e. Interest receivable $200  

     To Interest revenue $200

(Being interest revenue is recorded)

f. Salaries expenses $900  

     Salaries payable $900

(Being salary expenses is recorded)

3 0
3 years ago
A ____________ gap between GDP and NDP indicates an increasing obsolescence/depreciation of capital goods..
Tatiana [17]

Answer:

Explanation:

GDP is gross domestic product and NDP is net domestic product.

GDP measures market value of total goods and services produced in a particular period of time.

NDP is net domestic product  . In its calculation,  we deduct the value of depreciation of capital goods produced from the value of GDP.

So

NDP = GDP - depreciation .

So growing gap between GDP and NDP reflects the increasing obsolescence of capital goods , which warrants replacement of capital goods .

OPTION A is correct.

5 0
3 years ago
Delilah's debit card, issued by Encarta Bank, is stolen and used without Delilah's permission. Delilah tells the bank within thi
igomit [66]

Answer:

C. $500.

Explanation:

The  Electronic Fund Transfer Act (EFTA) establishes that the owner of a stolen debit card is liable up to $500 for any transaction made by the thief if you report the incident after 2 business days but before 60 business days of occurring.

If Delilah reported the theft within 2 business days after the card was stolen, the customer is liable for up to $50, and if you report it before any fraud has occurred then you are not responsible for any amount.

8 0
3 years ago
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