Answer:
Usher Sports Shop's cash flow from operations for 2018: $5,414,000
Explanation:
Cash at the end of the year = Cash at the beginning of the year + Cash flows from investing activities + Cash flows from financing activities + Cash flows from operating activities
Therefore:
Cash flows from operating activities = Cash at the beginning of the year + Cash flows from investing activities + Cash flows from financing activities - Cash at the end of the year
Cash flows from investing activities of ($2,150,000) <0 and cash flows from financing activities of ($3,219,000) <0.
Cash flows from operating activities = -$980,000 + $2,150,000 + $3,219,000 + $1,025,000 = $5,414,000
express agency
Explanation:
Express agency means an actual agency created by written or oral agreement between the principal and the agent. Through this agreement the principal authorizes a person to act as the principal's agent. For example, a written listing agreement between a seller of real estate and broker is an express agency
Calculation of amount of prepaid insurance and insurance expense shown on the year 2 financial statements;
It is given that on June 1 of year 1 the company paid $1,800 cash for an insurance policy for one year.
Hence the insurance expense for the first year shall be calculated for 7 months (June to December) = 1800*7/12 = $1050. The balance in the prepaid instance as on December 31 of the first year shall be (1800-1050) = $750
In the second year the insurance expense shall be $750 and at the end of the second year, the balance in the prepaid insurance shall be nil.
Answer:
<em>Voidable at Race's option.
</em>
Explanation:
If the individual was so<em> impaired at the time the contract was created that the individual was unable to comprehend what he or she was doing, a person could dis-affirm or revoke.</em>
Because the ability of Race to understand the true nature or conditions of the contract has been substantially compromised, Race (Race will dis-affirm) has voidable the contract.
