Based on the balances given by Miller Properties, the amounts in the relevant accounts are:
- Income statement = $11 million.
- Balance sheet = $43.5 million.
- Statement of cashflows operating cash flow = $500,000.
- Statement of cashflows investing cash flow = $33 million.
<h3>What is the income statement balance?</h3>
= (Reported earnings - (Patent value / Number of years) ) / Marlon company outstanding shares
= (69 - (30 / 10) ) / 6
= $11 million
<h3>What is the balance sheet balance?</h3>
= Acquisition price + Equity income - Dividends declared by Marlon
= 33 + 11 - (3/6)
= $43.5 million
<h3>What is the operating cash flow ?</h3>
This is the cash dividend that Miller received from Marlon of:
= 3 / 6 million shares x 1 million
= $500,000
<h3>What is the investing cash flow?</h3>
This is the $33 million that Miller paid for Marlon company shares.
Find out more on operating cashflow at brainly.com/question/25530656.
Answer:
The separate-entity assumption
Explanation:
The separate-entity assumption is a principal in accounting according to which the financial transactions of a business and the personal expenses of the owners is to kept separate from each other. The expenses derived solely for the business is only to be counted under the expenses of the company. Inclusion of any personal expenses of the owner or any partner of the business is prohibited under this principal.
In the given excerpt, the owner of Shady Grove Company had violated the separate-entity assumption by including the expenses of his personal items under the name of the Company.
It really depends on where the tax cut was applied. If it was a cut in profit tax for firms, then you could say that it is D, as firms will reinvest profits into production and amke more. But if it was an income tax cut, then it can be A,
Answer:
Explanation:
The owner does not use ID scanners to limit access to expensive merchandise. Instead, the owner argues they hire honest employees.
weakness <em>does not use ID scanners (surely they must hire honest employees and also use appropriate tools)</em>
An employee cannot approve their own request for purchases of inventory.
strength <em>cannot approve their own request (the hierarchically above should approve)</em>
Several salesclerks share the same cash drawer.
weakness <em>share the same cash drawer (this must be prohibited)</em>
Employees that handle easily transferable assets such as cash are bonded.
weakness <em> </em><em>transferable assets such as cash are bonded (the employee should not be responsible for)</em>
The company devotes resources towards keeping accurate accounting records for machinery.
strength <em>resources</em> <em>keeping accurate accounting records for machinery.</em>
<em>(Certainly company should </em> <em>accurate accounting records ever</em>
Answer:
Aug 1
Dr Cash $12,750
Dr Photography equipment $54,825
Cr Common stock $67,575
Aug 2
Dr Prepaid insurance $3,500
Cr Cash $3,500
Aug 5
Dr Office supplies $2,423
Cr Cash $2,423
Aug 20
Dr Cash $2,050
Cr Photography fees earned $2,050
Aug 31
Dr Utilities Expense $868
Cr Cash $868
Explanation:
Preparation of general journal entries for the above transactions
Aug 1
Dr Cash $12,750
Dr Photography equipment $54,825
Cr Common stock $67,575
($12,750+$54,825)
Aug 2
Dr Prepaid insurance $3,500
Cr Cash $3,500
Aug 5
Dr Office supplies $2,423
Cr Cash $2,423
Aug 20
Dr Cash $2,050
Cr Photography fees earned $2,050
Aug 31
Dr Utilities Expense $868
Cr Cash $868