1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
tangare [24]
3 years ago
5

Concord Corporation reported net income of $177,200 for 2017. Concord Corporation also reported depreciation expense of $35,230

and a loss of $4,920 on the disposal of plant assets. The comparative balance sheets show an increase in accounts receivable of $14,160 for the year, a $17,220 increase in accounts payable, and a $4,190 increase in prepaid expenses. Prepare the operating activities section of the statement of cash flows for 2017. Use the indirect method
Business
1 answer:
klio [65]3 years ago
4 0

Answer

Net income 177,200

+35230 depreciation

+4,920 loss on disposal

217,350 adjusted net income (a)

↑↓

↑AR -14,160

↑Prepaid -4,190

↑AP 17,220

Change in working Capital -1,130(b)

<u />

<u>Cash Flow generated from operating activities 216,220</u>

<u />

Explanation:

(a) we must remove the non-monetary account from the income statement

This means add the non-monetary expenses and losses

Subtract the non monetary revenue and gains

(b)

The increase in assets account have a negative meaning, because it is assumed the company used cash to adquire it.

Whiel increase in liabilities are positive, because the company receive aah or delay the payment of cash.

You might be interested in
Non price competition price leadership and cartels are models in the ____ market structure(s)
Degger [83]
<span>These are monopoly market structures. This is where the person or company selling items does not face competition and is the only person or company selling the items with no competitor that has a close substitute. This is an imperfect kind of competition.</span>
5 0
3 years ago
The following units of an inventory item were available for sale during the year. Beginning inventory 10 units at $55 First purc
Sphinxa [80]

Answer:

$1,375

Explanation:

Given the information above, the Ending inventory = Units available - Units sold

Units available = 10 + 25 + 30 + 70 = 80

Units sold = 60

Ending inventory = 80 - 60

Ending inventory = 20

Cost of ending inventory under FIFO

= (15 × $70) + (20 - 15) × $65

= $1,050 + $325

= $1,375

Therefore, the ending inventory cost using FIFO is $1,375

5 0
3 years ago
Bramble Corp. has two divisions; Sporting Goods and Sports Gear. The sales mix is 65% for Sporting Goods and 35% for Sports Gear
Dima020 [189]

Answer:

The break even in dollars is $23000000

Explanation:

The break even point in dollars is the amount of revenue which produces no profit or no loss and where total revenue equals total cost. The break even in dollars is calculated by dividing the fixed cost by the weighted average contribution margin ratio.

Break even in dollars = Fixed costs / Weighted average contribution margin ratio

Weighted average contribution margin ratio is the contribution margin ratio of each products multiplied by the products weight in the sales mix.

Weighted average contribution margin ratio = Weight in sales mix of Product A * contribution margin ratio of product A + Weight in sales mix of Product B * Contribution margin ratio of Product B

Weighted average contribution margin ratio = 0.65 * 0.3 + 0.35 * 0.5  = 0.37

Break even in dollars = 8510000 / 0.37

Break even in dollars = $23000000

3 0
4 years ago
The assets, liabilities, and equity account of a business, which are interrelated and interact with each other, represent:______
REY [17]

Answer: C. the financial structure of the business

Explanation:

The financial structure of the business is made up of the assets, liabilities, and the equity account of a business, which are interrelated and interact with each other.

The assets are a company's property while liabilities has to do with what the company owes and equity is gotten when liabilities is deducted from the asset.

3 0
3 years ago
Three reasons for the looting of shops and malls​
Marina86 [1]
To steal stuff
Take their anger out
To make it up for what other bad people have done
7 0
3 years ago
Read 2 more answers
Other questions:
  • Jorge has $300 for work he performed. He expects to spend the money in the next few weeks to buy a new bike. Which type of accou
    14·1 answer
  • The file manager is a user blank.
    10·1 answer
  • Penny, a full-time biochemist, loves stock car racing. To feed her passion, she bought a used dirt-track car and has started ent
    14·1 answer
  • The sarbanes-oxley act created the _____ to protect the interests of investors and further the public interest in the preparatio
    7·1 answer
  • Barney decides to quit his job as a corporate accountant, which pays $10 890 a month, and goes into business for himself as a ce
    12·2 answers
  • V
    12·2 answers
  • What is the primary role of individuals as participants in the money market?
    8·2 answers
  • true false Stocks, or equity securities, represent the purchase of ownership in a business corporation.
    14·1 answer
  • is the area of business that deals with how a company conducts its business and implements controls to ensure proper procedures
    8·1 answer
  • the economy was in long-run equilibrium when aggregate demand increased. at this point in time, the expected inflation has start
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!