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3 years ago

Rodriguez Tint, Inc. uses the indirect method to prepare the statement of cash flows. Refer to the following incomestatement:

Business

1 answer:

nalin [4]3 years ago

4 0

Answer:

RODRIQUEZ Tint Inc

Statement of Cash flows

Operating Activities

Net Loss $(50,600)

Add Income tax expenses 6,000

Interest expenses 16,400

Net loss before tax (28,200)

Non-cash items

Depreciation 7,000

Loss on sales of plant 5,100 12,100

Changes in working capital

Decrease in current asset 2,100

Increase in current liabilities 1,200 3,300

Cash used for operating activities ( 12,800)

The correct answer is $(12,800)

Explanation:

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A $1,000 bond quoted at _____ would be purchased or sold at a discount.

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A $1000 bond quoted at 98 would be purchased or sold at a discount

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2 years ago

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A company resells 10,000 shares of treasury stock for $22 per share. The stock was purchased in a previous year for $18 per shar

lys-0071 [83]

Answer:

$0, income statement s not affected.

Explanation:

The purchase and resale of treasury stock does not affect the income statement. When a company's treasury stock is resold, additional paid-in capital increases (if the stock were sold at a price above cost) or decreases (if the stock were sold at a price below cost).

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3 years ago

Steve Colburn's portable sawmill used 100% for business, was completely destroyed by fire. The sawmill had an adjusted basis of

pashok25 [27]

Answer: $35,000

Explanation:

A casualty loss is simply a loss that an individual or business incurs when a property is damaged, or destroyed due to an unexpected or sudden event like fire, volcanic eruption, flood etc.

Here, Steve's casualty loss will be gotten when we compare both his adjusted basis and the fair market value and then we choose the lesser one. Since $35000 is lesser than $50000, therefore the answer will be $35000.

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4 years ago

Prepare the journal entry to record autumn company’s issuance of 63,000 shares of no-par value common stock assuming the shares:

mojhsa [17]

The entry for this transaction would be this:

Land 1,827,000

Ordinary shares 1,827,000

The market value of the shares on this transaction does not affect the recording of this transaction. If the share has no par value, the stated value should be used. Stated value is a value assigned by the company to its stock for the purpose of accounting and it does not have any relation with the market value of the shares. Since stated value is not given in this problem, we should record the entire amount of the land exchanged in this transaction to the "Ordinary shares" account.

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3 years ago

During last month, your beginning inventory was $17,500, your purchases were $19,252, and your ending inventory was $15,757. Wha

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$20,995

Cost of goods sold:

17,500 Beginning inventory

+19,252 Plus purchased inventory

- $15,757 Minus ending inventory

=20,995 Cost of Goods Sold

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4 years ago