Answer:
$228,000
Explanation:
Preparation of the operating activities section of the statement of cash flows for 2017 for Sosa Company
Sosa Company operating activities section of the statement of cash flows for 2017
Net income $190,000
Add:Depreciation expenses $35,000
Loss on disposal of plant assets $5,000
Increase in accounts payable $17,000
Less: Increase in accounts receivable($15,000)
Increase in prepaid expenses ($4,000)
Net cash flow of the operating activities $228,000
Therefore the operating activities section of the statement of cash flows for 2017 for Sosa Company will be $228,000
Answer:
The interest expense will be recorded when the first interest payment is made $3720
Explanation:
Interest expense = issue price x market rate x n/12
= 62000 x 12 x 6/12
= $3720
The business cycle is the fluctuation in economic activity that an economy experiences over a period of time. A business cycle<span> is basically defined in terms of periods of expansion or recession.
</span>From a conceptual perspective, the business cycle<span> is the upward and downward movements of levels of GDP (gross domestic product) and refers to the period of expansions and contractions in the level of economic activities (</span>business<span> fluctuations) around a long-term growth trend .</span>
Answer:
vast
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Answer:
$28,000
Explanation:
When a company makes sales on account, debit accounts receivable and credit sales. Based on assessment, some or all of the receivables may be uncollectible.
To account for this, debit bad debit expense and credit allowance for doubtful debt. Should the debt become uncollectible (i.e go bad), debit allowance for doubtful debt and credit accounts receivable.
Given that Past experience indicates that the allowance should be 10% of the balance in receivables
Allowance = 10% * $150,000
= $15,000
Since during 2018, $29,000 of uncollectible accounts receivable were written off
Balance in allowance account before adjustment
= $29,000 - $16,000
= $13,000 (Debit)
Required adjustment for Doubtful Accounts at December 31, 2018
= $13,000 + $15,000
= $28,000
