Answer:
$18.9 million
Explanation:
The computation of the proper cash flow amount to use as the initial investment in fixed assets is shown below:
= Land + building + grading
= $5.3 million + $12.8 million + $800,000
= $18.9 million
We simply added the land, building and grading cost so that the proper cash flow i.e to be used for the initial investment could come
Answer:
$4,332.89
Explanation:
The adjusted reconciled checkbook balance will include:
checkbook balance $2,210.55
+ bank collect note $2,000.00
- fee for collecting the note ($5.00)
+ earned interest $42.33
+ difference in recording a check $400 - $300 = $100
<u> - banking service charge ($14.99) </u>
total = $4,332.89
Answer: False
Explanation:
The Income Summary Account contains the ending accounts of all revenue and expense accounts in a company with the net amount transferred to the account being the company's net profit (loss).
Income as an equity item is credited when it increases and debited when it decreases meaning that a debit represents a net loss. Cleaver Auto Services having a $5,700 debit balance in their Income summary account means that they have made losses of $5,700 not income.
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