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lyudmila [28]
3 years ago
5

On the basis of the following data for Breach Co. for the current and preceding years ended December 31, prepare a statement of

cash flows using the indirect method. Assume that equipment costing $25,000 was purchased for cash and no long-term assets were sold during the period. The stock was issued for cash-3,200 shares at par. Net income for the current year was $76,000. Cash dividends declared and paid were $13,000.
Current Year
Prior Year
Assets
Cash
$ 170,000
$74,000
Accounts Receivable (net)
78,000
85,000
Inventories
106,500
90,000
Equipment
395,000
370,000
Accumulated Depreciation
(195,000)
(158,000)
Total assets
$ 554,500
$461,000
Liabilities and stockholders' equity
Accounts Payable (merchandise creditors)
$51,000
$50,000
Taxes Payable
2,500
5,000
Common Stock, $10 par
262,000
230,000
Retained Earnings
239,000
176,000
Total Liabilities and Stockholders' Equity
$ 554,500
$461,000
Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.
Breach Co.
Statement of Cash Flows
For Year Ended December 31
Cash flows from operating activities:
$
Adjustments to reconcile net income to net cash flow from operating activities:
Changes in current operating assets and liabilities:
Net cash flow from operating activities $
Cash flows from investing activities:
$
Net cash flow used for investing activities
Cash flows from financing activities:
$
Net cash flow provided by financing activities
$
Cash at the beginning of the year
Cash at the end of the year $
2. Cash dividends of $72,195 were declared during the year. Cash dividends payable were $10,205 at the beginning of the year and $15,418 at the end of the year. The amount of cash for the payment of dividends during the year is
a.$82,400
b.$97,818
c.$66,982
d.$72,195

Business
1 answer:
Zepler [3.9K]3 years ago
7 0

Answer:

2. c. 66.982

See explaination

Explanation:

Please kindly check attachment for the step by step solution of the given problem.

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You are saving for retirement. To live​ comfortably, you decide you will need to save $ 4 million by the time you are 65. Today
olasank [31]

Answer: $50,846.3701

Explanation:

Need to save $4 million to live comfortably,

Interest rate, r = 3%

N = 40 years

Present\ value=\frac{FV_{N} }{(1+i)^{N}}

Present\ value=\frac{4,000,000 }{(1+0.03)^{40}}

Present\ value=\frac{4,000,000 }{3.262}

                             = 1,226,241.57

Present\ value\ of\ annuity= C\times\frac{1}{i}\times(1-\frac{1}{(1+i)^{N}}) + C

1,226,241.57= C\times\frac{1}{0.03}\times(1-\frac{1}{(1.03)^{40}})+C

1,226,241.57= C\times\frac{1}{0.03}\times(1-\frac{1}{(1.03)^{40}})+C

1,226,241.57=C[\frac{1}{0.03}\times(1-0.3065)+1]

1,226,241.57=24.1166\times C

C=\frac{1,226,241.57}{24.1166}

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Hence, $50,846.3701 will be the annual payment to have $4 million in the account on 65th birthday.

7 0
3 years ago
A local private not-for-profit health care entity incurred the following transactions during the current year. Record each of th
erastova [34]

Answer:

JOURNAL ENTRIES

a) Debit investment $160,000 Credit Unrestricted Cash $160,000

b) Debit Permanent Restrictions cash $80,000 Credit Donations received $80,000

c) Debit Medicine Asset (on hand) $25,000 Credit $25,000 Restricted cash $25,000

d) Debit  Accounts receivables $600,000 Credit N.G.O Revenues $600,000

e) Debit depreciation $38,000 Credit Accumulated depreciation $38,000

f) Debit Restricted Cash $15,000 Credit Interest income $15,000

g) NO entry ( estimate and future action)

h) Medicine expense $25000 Credit Medicine asset $25000

i) Debit Restricted Cash $172,000 Credit Investment $160,000, Credit Gain on sale of investment $12,000

  Debit Equipment $187000 Credit Restricted cash $187000

j) no entry ( just promises)

UNRESTRICTED CASH

a) investment                      - 160000

RESTRICTED CASH (TEMPORAL)

c) Medicine                          -25000

f) Interest                              +15000

i) sold investment                + 172000

                                              = 162000

Restricted cash permanent

b) Donations                       +80000

Explanation:

EQUIPMENT = Temporal restricted cash = 162000+25000 = $187,000

The donation's money is restricted only to donations

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True or false: An EAP only contains information on what happens during an emergency.
uysha [10]
Pretty sure it’s false
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3 years ago
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ololo11 [35]

Answer:

Since elasticity is 6.4, a positive figure,it is normal good and the fact that it is greater than one means it is elastic,hence option A is correct

Explanation:

The formula for income elasticity of demand is given as:

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New income=$33,000

Old income=$31,900

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Elasticity=6.45

6 0
3 years ago
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