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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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Elanso [62]

Answer:

Cindy has more amount than Jimmy.

Explanation:

Amount invested by Cindy P = $3000

Annual rate of interest = 8%

As the amount is compounded semiannually

So rate of interest =\frac{8}{2}=4% %

Time = 20 year

So time period n = 20×2 = 40

So amount own by Cindy A=P(1+\frac{r}{100})^n

A=3000(1+\frac{4}{100})^{40}=14403.06 $

Amount deposit by jimmy P = $3000

Annual rate of interest = 7.75 %

As the amount is compounded monthly

So rate of interest r=\frac{7.75}{12}=0.322 %

Time period = 20×12 = 240

So amount own by Jimmy A=P(1+\frac{r}{100})^n

A=3000(1+\frac{0.322}{100})^{240}=6503.650 $

From the calculation we can see that Cindy has more amount than Jimmy.

4 0
2 years ago
A report that shows the financial picture of a company at a given time and itemizes assets, liabilities and stockholders' equity
natta225 [31]

Answer: e

Explanation :

A balance sheet is a statement of the financial position of a business that lists the assets, liabilities and owner's equity at a particular point in time. In other words, the balance sheet illustrates your business's net worth.

The balance sheet may also have details from previous years so you can do a back-to-back comparison of two consecutive years. This data will help you track your performance and will identify ways to build up your finances and see where you need to improve.

A balance sheet reports a company's assets, liabilities and shareholders' equity at a specific point in time, and provides a basis for computing rates of return and evaluating its capital structure . the balance sheet is divided into two sides (or sections). The left side of the balance sheet outlines all a company’s assets. On the right side, the balance sheet outlines the companies liabilities and shareholders’ equity. On either side, the main line items are generally classified by liquidity. More liquid accounts like Inventory, Cash, and Trades Payables are placed before illiquid accounts such as Plant, Property, and Equipment (PP&E) and Long-Term Debt. The assets and liabilities are also separated into two categories: current asset/liabilities and non-current (long-term) assets/liabilities.

3 0
3 years ago
With increased access to wireless technology and lighter​ weight, the demand for tablet computers has increased substantially. T
lakkis [162]

Answer: The answer is as follows:

Explanation:

(1) When the consumers buy tablet computers, so this exchange will be occurs in the product market because there is a exchange of goods and services between the two parties that the buyer of tablet computers and seller of the same. Product market refers to the market at which there is a buying and selling of goods and services.

(2) Whereas the resources that are used to produce the tablet computers are bought and sold in the factor market. Factor market refers to the market in which there is a buying and selling of inputs that are used to produce certain products.

4 0
3 years ago
Westbank Real Estate, Inc. owns 10 acres of forested land. Westbank wants the land cleared in order to build houses. Westbank em
DiKsa [7]

Answer:

Westbank Real Estate, Inc. and Hardell Lumber Co.

2. Does the electronic agreement for the sale of trees and soil fall under the statute of frauds? (YES / NO)

3. Under which category? (CONTRACTS INVOLVING LAND/ CONTRACTS THAT BY THEIR TERMS CANNOT BE PERFORMED IN LESS THAN A YEAR AFTER THE DATE OF AGREEMENT/ A PROMISE TO ANSWER FOR A DEBT OF ANOTHER/ A PROMISE MADE IN CONSIDERATION OF MARRIAGE/ CONTRACTS FOR THE SALE OF GOODS OVER $500)

4. An electronic memorandum (DOES/ DOES NOT) satisfy the writing requirements for the Statute of Frauds.

5. Land is considered to be (REAL PROPERTY/ PERSONAL PROPERTY)

6. The definition of land includes (NO/ SOME/ ALL) physical objects that are permanently attached to the property.

7. Examples of physical objects that constitute land for purposes of the statute of frauds include (BUILDINGS/ FENCES/ TREES/ SOIL/ ALL OF THESE)

8. A written or electronic memorandum evidencing a contract will suffice provided that the writing is signed by (THE PERSON WHO IS ENFORCING THE CONTRACT/ THE PERSON AGAINST WHOM THE CONTRACT IS BEING ENFORCED)

9. Who signed the emails? (WESTBANK REAL ESTATE/ HARDELL LUMBER/ BOTH PARTIES)

10. What type of signature must be on an email in order to enforce an electronic record? (A TYPED NAME/ AN OFFICIAL SIGNATURE/ A NOTARIZED SIGNATURE/ AN ENCRYPTED SIGNATURE)

11. Does the electronic memorandum have the parties' typed names? (YES/ NO)

12. Does the electronic memorandum describe the property involved?(YES/ NO)

13. Is it likely a court would find that the electronic memorandum satisfied the statute of frauds? (YES/ NO)

14. As a result, Hardell (WILL/ WILL NOT) likely be able to enforce the contract against Westbank.

Explanation:

The memoranda exchanged between Westbank Real Estate and Hardell Lumber Co provides the evidence of their oral contract. The statute of fraud covers most oral contracts, especially those involving real property or sale of land.  It is important to note that land includes all its permanent attachments.

5 0
3 years ago
Standard Aluminum Company is planning to lease CNC equipment for its production and finishing departments. Currently, the produc
Rom4ik [11]

Answer: $313,247

Explanation:

Independent lease cost :

Production department = $410,000

Finishing department = $360,000

Joint lease cost = $(410,000 + 360,000) - $100,000 = $670,000

Using the standard alone cost allocation method ;

Finishing department percentage is given by;

Finishing department independent cost ÷ (finishing department independent cost + production department independent cost)

$360,000 ÷ ($360,000 + $410,000)

$360,000 ÷ $770,000

0.4675324467 = 46.75324467%

Therefore, finishing department share of the joint lease cost will be ;

0.4675324467 × $670,000 = $313,246. 73

$313,247

4 0
3 years ago
Read 2 more answers
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