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
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

You might be interested in
Smith Company reported pretax book income of $400,000. Included in the computation were favorable temporary differences of $50,0
Hoochie [10]

Answer:

$10,200

Explanation:

The computation of the deferred income tax expense or benefit is shown below:

Favorable temporary difference = $50,000

Less:  Unfavorable temporary difference -$20,000

Net favorable temporary difference $30,000

We assume the tax rate is of 34%

So, the deferred tax expense is

= $30,000 × 34%

= $10,200

By finding out the net favorable temporary difference and then multiplied with the tax rate we can get the deferred tax expense and the same is shown above

3 0
3 years ago
The price elasticity of demand for a particular cancer drug is zero and the price elasticity of supply is 0.50. If a $1 excise t
Ede4ka [16]

Answer:

$1 or 100% of the tax

Explanation:

When the price elasticity of demand is 0, it means that the good or service will be purchased regardless of its cost. Very few things have such a low price elasticity, and the fact that this is drug for treating cancer is the reason why that happens. Anyone that can purchase a drug that will keep you alive, will do so as long as you have enough money to do so. Another good with a very low price elasticity, but not 0, is gasoline with a 0.02 to 0.04, and gasoline is a basic necessity also.

The curve for a perfectly inelastic good is vertical. So any increase in taxes will be paid by the customers.

7 0
3 years ago
ANSWER ASAP-- In one year, Corey earned $25,000 from his employer and a $300 capital gain from the sale of an investment. Corey
andrezito [222]

Answer:

Corey’s adjusted gross income is <u>$25,300</u>  and his total tax due will be <u>decreased</u> by the credit.

Explanation:

Add what Cory earned and his capital gain to make $25,300

Cory claimed the lifetime learning credit which decreases his total tax due

5 0
3 years ago
Tom rented an apartment from margaret on a month-to-month basis, with rent due on the first of the month. this type of tenancy i
Alborosie
False. 

This is a periodic tenancy because Tom, as the tenant, may rent the apartment for successive periods under his lease, despite being "month-to-month." A tenancy at will, however, allows either the landlord or the tenant to terminate the arrangement at any time because there is more flexibility in the arrangement.

One key difference is the issue of the tenant's notice to vacate the apartment. Under periodic tenancy, the law typically requires the tenant to give at least one period (here, one month) notice to the landlord of the tenant's wish to leave the property. No such notice requirement is typically found within a tenancy at will. 
3 0
3 years ago
Which of the following statements will an auditor most likely add to the negative from of confirmations of accounts receivable t
MrRissso [65]

Answer:

The correct answer is letter "C": "If you do not report any differences with 15 days, it will be assumed that this statement is correct".

Explanation:

Accounts Receivable, or AR, is an accounting term used to refer to the money that is owed to a company by its customers. The customers, who may be individuals or corporations, are the debtors since they owe money for the goods or services provided by the company. When the product is sold in credit the company sets a number of days so that the customer can pay the bill amount. The term usually is 30, 60 or 90 days.

In that sense, and auditor may find 15 days suitable for a debtor for report changes in a statement, otherwise, it is considered as correct.

7 0
3 years ago
Other questions:
  • If Marla's company changed its organizational structure from one based on country to one based on industry groups, it would best
    12·1 answer
  • Which of these is not an advantage of television as an advertising medium?
    6·1 answer
  • Clarence is visiting his friends in Germany. Which currency will he use to pay for souvenirs?
    15·2 answers
  • The balance in the Bonds Payable account is a credit of $65,500. The balance in the Discount on Bonds Payable account is a debit
    10·1 answer
  • Julius, a collector and seller of Egyptian relics, hired Brutus to act as his sales agent. Julius later discovered that Brutus,
    9·1 answer
  • . If the company produces 5,000 fewer units than it sells in its second year of operations, will absorption costing net operatin
    8·1 answer
  • What is corporate social performance and how does this differ from traditional corporate performace?
    10·1 answer
  • If a policy change causes a pareto improvement, is the outcome necessarily pareto efficient? if a policy change causes a pareto
    6·1 answer
  • the republic of south africa exports edible fruits and nuts into the common market known as the european union, and imports from
    6·1 answer
  • your client began purchasing shares of the gro mutual fund two years ago. she has followed a dollar cost averaging approach by i
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!