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Anastaziya [24]
3 years ago
5

Sharp Screen Films, Inc., is developing its annual financial statements at December 31, the current year. The statements are com

plete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized as follows:
Current Year Prior Year
Cash 70,550 65,900
Balance sheet at December 31 19,150 25,750
Accounts receivable 25,750 20,300
Property and equipment 213,450 152,600
Less: Accumulated depreciation (62,700) (47,750)
$266,200 $216,800
Accounts payable $13,100 $ 23,200
Wages payable 7,200 3,900
Note payable, long-term 63,300 76,000
Contributed capital 103,900 67,500
Retained earnings 78,700 46,200
$266,200 $216,800
Income statement for current year
Sales $211,000
Cost of goods sold 108,000
Depreciation expense 14,950
Other expenses 44,600
Net income $43,450

Additional Data:
a. Bought equipment for cash, $60,850.
b. Paid $12,700 on the long-term note payable.
c. Issued new shares of stock for $36,400 cash.
d. Dividends of $10,950 were declared and paid.
e. Other expenses all relate to wages.
f. Accounts payable includes only inventory purchases made on credit.

Required:
Prepare the statement of cash flows using the direct method for the year ended December 31, current year.

Business
1 answer:
elena-s [515]3 years ago
4 0

Answer:

Detailed step-wise solution in tabular form is given below:

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A. The discount rate.

Explanation:

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2 years ago
The undergrounds coffee shop has total assets of $85,300 and an equity multiplier of 1.53. what is the debt-equity ratio?
ikadub [295]
Let us go to the basic accounting equation: Assets = Liabilities + Shareholder's Equity. The equity multiplier is computed by dividing the total assets with the total shareholders' equity. We know the total assets as $85,3000. Using the formula for the equity multiplier, we can calculate the amount of the shareholders' equity. The given equity multiplier is 1.53. To calculate the shareholders' equity, we just have to divide the $85,300 (total assets) with 1.53 (equity multiplier). We can get the amount of $55,752. Using the accounting equation, we can compute <span>the amount of liabilities as $29,548. The formula to get the debt-equity ratio is dividing the total shareholder's equity by the liabilities. $55,752 divided by $29,548, we can get 1.89 as the debt-equity ratio.</span>
4 0
3 years ago
During 2018, Deluxe Leather Goods issued 728,000 coupons which entitles the customer to a $4.30 cash refund when the coupon is s
suter [353]

Answer:

$1,051,780

Explanation:

The computation of the  liability for unredeemed coupons is shown below:

= (Number of coupons issued × estimated percentage - processed coupons) × coupon worth

= (728,000 coupons × 70% - 265,000 coupons) × $4.30

= 244,600 coupons × $4.30

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The oil and energy industries are under the regulatory authority of:.
Dafna1 [17]

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1 year ago
What return do you expect earn if you buy the 3 years ,10% coupon bond today and sell it in exactly 1 year( if current price is
IrinaK [193]

Answer:

8.02%

Explanation:

Since corporate bonds pay coupons semiannually, it would be important to first all determine the semiannual yield to maturity of this bond using a financial calculator as shown below:

We need to set the calculator to its end mode before making the following inputs:

N=6(number of semiannual coupons in 3 years=3*2=6)

PMT=50(semiannual coupon=face value*coupon rate/2=1000*10%/2=50)

PV=-1051.45 (current price)

FV=1000(bond's face value)

CPT

I/Y=4.02%

After one year, there would 4 semiannual coupons left, we can compute the bond price as shown thus:

N=4

PMT=50

I/Y=4.02(without % sign)

FV=1000

CPT

PV=1,035.56

The expected rate of return over one year is computed thus:

N=2(number of semiannual coupons in 1 year holding period)

PMT=50(the amount of each semiannual coupon)

PV= -1051.45

FV=1,035.56(selling price after one year)

CPT=4.01%(on a semiannual basis)

annual rate of return=4.01%*2=8.02%

7 0
3 years ago
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