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bogdanovich [222]
3 years ago
7

The accounting records of EZ Company provided the data below.

Business
1 answer:
Brrunno [24]3 years ago
7 0

Answer:

Net cash flow from operating activities = $62,200

Explanation:

                           EZ Company

                Statement of Cash Flow

    Particulars                                                     Amount ($)

Net Income                                                           50,000

Net cash flow from operating activities:

Depreciation expense                       7,000

Amortization of patent                          500

Amortization of premium on bonds  1,000

Decrease in accounts receivable     2,000

Increase in inventory                        (1,500)

Decrease in salaries payable             (800)

Increase in accounts payable  <u>         4,000</u>

Net cash used or provided                                <u>   12,200</u>

Net cash flow from operating activities        =$62,200

Cash dividend is a financing activities, that is why it is not added or deducted in the operating activities.

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2 years ago
A firm has actual sales in November of $1,000 and projected sales in December and January of $3,000 and $4,000, respectively. Th
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Explanation:

5 0
3 years ago
Read 2 more answers
ABC purchases inventory for $2,000 and incurs shipping costs of $100 for the goods to be delivered. To record this transaction,
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Answer: 1. D) Assets are understated

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Explanation:

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2. The Specific Identification Method of inventory valuation is based on each individual unit purchased or sold. It does not group items and tracks each item from the moment it is purchased to the moment it is sold so the cost of the specific inventory is known. This method is used more often by businesses that deal with easily identifiable items such as Jewellers and Car dealers because each car is big enough to be tracked individually.

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