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Anuta_ua [19.1K]
3 years ago
12

Novak Corp. reported net income of $1.20 million in 2022. Depreciation for the year was $192,000, accounts receivable decreased

$420,000, and accounts payable decreased $336,000. Compute net cash provided by operating activities using the indirect approach. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Business
1 answer:
Kay [80]3 years ago
6 0

Answer:

$1,476,000

Explanation:

According to the scenario, computation of the given data are as follows:-  

Statement of The Cash Flow 31 December,2022

Particular                               Amount        Total Amount

Net Income                                                  $1,200,000

Depreciation                                $192,000  

Accounts receivable Decrease   $420,000  

Accounts payable Decrease       ($336,000)  

                                                                 $276,000

Net cash provided by operating activities        $1,476,000

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Maker Co. discovered that in the prior year it incorrectly calculated depreciation expense and reported $75,000 in depreciation
WARRIOR [948]

Answer:

The correct answer is D.

Explanation:

Giving the following information:

Maker Co. discovered that in the prior year it incorrectly calculated depreciation expense and reported $75,000 in depreciation expense instead of the correct depreciation expense of $50,000. The tax rate for the current year was 35%.

We need to calculate two different impacts:

Accumulated depreciation= actual depreciation - original depreciation

Accumulated depreciation= 50,000 - 75,000= 25,000 overstated

Now, the effect on income:

Savings in tax= 25,000*0.35= $8,750

7 0
3 years ago
Land originally purchased for $28,390 is sold for $74,057 in cash. What is the effect of the sale on the accounting equation
Elodia [21]

There is no effect on the accounting equation.

<h3>What is accounting equation?</h3>

Accounting equation is the one which states that a company's total assets are equal to the sum of its liabilities and its shareholders' equity.

Assets = owner's equity + liability

The above means that land is not depreciated, therefore assets decrease (-land) but also increase (+cash).

The elements of accounting equation are :

  • Assets
  • Liabilities
  • Shareholders' equity.

Learn more about account equation here: brainly.com/question/24401217

8 0
2 years ago
Assume that you live in California and are on vacation, traveling by car from California to Texas. You are injured in a motel ro
nevsk [136]

Answer:

a. No.  A state court will do a better job in this case because it exercises unlimited jurisdiction.  Moreover, you can only bring your case to a federal court if the amount of your claim is up to $75,000 or the issue is exclusive to the federal court.  This is not the case here.

b. Yes and No.  We need some additional information about the accident location to help answer this question definitively.

c. No. You should not consider accepting the offered settlement.  The jury award is meant to pay for your medical bills and also to help you recover financially as though the accident did not happen in the first place.  Accepting any lesser amount after the judgment is rendered is in bad taste.  The other party should have negotiated to settle out of court before the final judgment was rendered.  But it did not.  So, go with the jury award.

Explanation:

a) Data and Calculations:

Missed work for 15 weeks

Total medical bills incurred = $50,000

Total lost wages incurred = $15,000

Jury award = $100,000 ($50,000 for medical, $15,000 for lost wages and $35,000 for punitive damages)

Settlement offer = $50,000

7 0
3 years ago
Poe Company is considering the purchase of new equipment costing $80,000. The projected net cash flows are $35,000 for the first
sergey [27]

Answer:

$23,773.65

Explanation:

Net present value is the present value of after tax cash flows from an investment less the amount invested

NPV can be calculated using a financial calculator :

cash flow in year 0 = $-80,000.

Cash flow in year 1 and 2 = $35,000.

Cash flow in year 3 and 4 = $30,000.

I = 10%

NPV = $23,773.65

To find the NPV using a financial calculator:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.  

3. Press compute  

5 0
3 years ago
Milano Gallery purchases the copyright on a painting for $420,000 on January 1. The copyright is good for 10 more years. The com
alex41 [277]

Answer:

Explanation:

The journal entries are shown below:

On January 1

Copyright A/c Dr $420,000

        To Cash A/c $420,000

(Being copyright is purchased)

On December 31

Amortization A/c Dr $42,000

          To Accumulated amortization A/c $42,000

(Being annual amortization is recorded)

The computation is shown below:

= Purchase value of copyright ÷  number of goods years

= $420,000 ÷ 10 years

= $42,000

6 0
2 years ago
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