Answer:
Altoona’s Net Income for 2021 was: $296,000
Explanation:
The Net Income can be determined by reconciling the Net cash flow from operating activities to Operating Profit as follows :
Net cash flow from operating activities $300,000
Less Depreciation and amortization ($24,000)
Add Increase in accounts receivable $20,000
Operating Profit $296,000
Notes :
Reconcile the non-cash items previously added or deducted from Net cash flow from operating activities and any changes to Working Capital accounted for in determination of Net cash flow from operating activities .
Answer:
$211,971.
Explanation:
he will have earned in $115,971 in interest.
Explanation:
- Online shopping platform
- Counselor
- Food corner
These are the three trends for small scale business which can be changed into the small business opportunities.
Online shopping platform- It can be seen as the need of the present time as everyone is now depended on the online sources through which they can but the stuff they want to without going out.
Counselor - It is one of the most professional business in which a person can just changed the lives of the people with the power of words and ideas. In present time people really look for the person who can help them without passing any judgement.
Food corner- The need of each and every person, food corner is one of the thing which every want to at every street or corner.
Answer:
Closing inventory based on Specific IDENTIFICATION
7 Dec purchase ( 20-16) = 4 * $16 = $64
14 Dec purchase ( 35 -14) = 21*$24 = $504
21 Dec purchase 30*$29 = $870
closing inventory 31 Dec <u>= $1438</u>
Explanation:
The question is incomplete but here is a complete one
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 30 units for $40 each.
Purchases on December 7 20 units @ $16.00 cost
Purchases on December 14 35 units @ $24.00 cost
Purchases on December 21 30 units @ $29.00 cost
Required:
Monson sells 30 units for $40 each on December 15. Of the units sold, 16 are from the December 7 purchase and 14 are from the December 14 purchase. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on specific identification.
