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iVinArrow [24]
3 years ago
12

Spectacular Corporation began the year with accounts​receivable, inventory, and prepaid expenses totaling $67,000. At the end of

the​ year,
Spectacular had a total of $78,000

for these current assets. At the beginning of the​ year, it owed current liabilities of $44,000,and at​ year-end, current liabilities totaled $43,000. Net income for the year was $82,000. Included in net income was a $3,000 gain on the sale of land and depreciation expense of $10,000.

Show how Spectacular should report cash flows from operating activities for the year. The company uses the indirect method
Business
1 answer:
bixtya [17]3 years ago
6 0

Answer:

Explanation:

The preparation of the Cash Flows from Operating Activities—Indirect Method is shown below:

Cash flow from Operating activities - Indirect method

Net income $82,000

Adjustment made:

Add : Depreciation expense $10,000

Less  : Gain on the sale of land ($3,000)

Less: Increase in current assets -$11,000 ($78,000 - $67,000)

Less: Decrease in current liabilities -$1,000 ($43,000 - $44,000)

Total of Adjustments -$5,000

Net Cash flow from Operating activities $77,000

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What kind of bread is boiled before it is baked?
Scrat [10]

Explanation:

Breads such as bagels and pretzels are made by boiling them first because boiling sets the crust before it is placed in the oven. The starch on the exterior quickly gels and forms a barrier. This keeps the water from penetrating very far into the bread. Bagels are usually boiled for 30 to 60 seconds per side.

8 0
2 years ago
How can you train yourself to never give up before you reach you number one goal.
slavikrds [6]

Answer:

Make a List of Goals. Write down your goals and visualize how you will feel when you hit each one. ...

Work Out Every Day. ...

Make a Schedule and Stick to It. ...

Find Your “Whys” ...

Find Some Mentors. ...

Stop Comparing Yourself With Other People. ...

Take Care of Yourself and Think Positively.

Explanation:

3 0
2 years ago
While designing a management support system, it's important to remember that executives do not care about _____.
Morgarella [4.7K]

Answer:

a. sales figures

Explanation:

In the case when the design would be made with regard to management support system so it would be significant to remeber that the executives should not care for the sales amount or figures as they do not play any kind of role in the management support system.

So the same would be relevant

Hence, the correct option is a.

3 0
2 years ago
Kareem bought a rental house in March 2014 for $300,000, of which $50,000 is allocated to the land and $250,000 to the building.
Bingel [31]

Answer: See explanation

Explanation:

a. What is Kareem's realized gain or loss?

Amount realized from sale = $330,000

Less: adjusted basis for house and land = $269000

Less: tennis court adjusted basis = $6200

Realized gain = $54700

b. What is the adjusted basis of the rental house and land at the time of the sale?

Original land basis = $50000

Add: Original house basis = $25000

Less: Depreciation = $30900

Adjusted basis = $269100

c. What is the adjusted basis of the tennis court at the time of the sale?

Tennis court original basis = $7500

Less: Depreciation = $1300

Adjusted basis of the tennis court = $6200

d. If the buyer takes the property subject to the $80,000 mortgage, rather than assuming it, what is Kareem's realized gain or loss?

Amount realized = $330000 + $80000 = $410,000

Less: Adjusted basis for house and land = $269100

Less: Adjusted basis of tennis court = $6200

Realized gain = $134700

3 0
3 years ago
The income elasticity of demand for housing property is exactly 1.40. Due to a recession, you expect incomes to drop by 5% next
a_sh-v [17]

Answer:

Buy 7% less houses

Explanation:

Income elasticity of demand measures the responsiveness of quantity demanded to changes in income

Income elasticity of demand = percentage change in quantity demanded/ percentage change in income

1.40 = percentage change in quantity demanded/ 5%

Percentage change in quantity demanded = 1.4 × 5% = 7%

Because the coefficient of elasticity is greater than one, it means demand is income elastic. This means quantity demanded is responsive to changes in income. A fall in income would reduce the quantity demanded.

I hope my answer helps you

5 0
3 years ago
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