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Natali5045456 [20]
2 years ago
8

The income statement and a schedule reconciling cash flows from operating activities to net income are provided below for Macros

oft Corporation. MACROSOFT CORPORATION
Income Statement
For the Year Ended December 31, 2018
($ in millions)
Revenues and gains:
Sales $ 324.00
Gain on sale of cash equivalents 2.70
Gain on sale of investments 24.70 $ 351.40
Expenses and loss:
Cost of goods sold $ 127.00
Salaries 40.70
Interest expense 12.70
Insurance 20.70
Depreciation 10.70
Patent amortization 4.70
Loss on sale of land 6.70 223.20
Income before tax 128.20
Income tax expense 64.10
Net income $ 64.10
Reconciliation of Net Income to Net Cash Flows from Operating Activities ($ in millions)
Net income $ 64.10
Adjustments for noncash effects:
Depreciation expense 10.70
Patent amortization expense 4.70
Loss on sale of land 6.70
Gain on sale of investment (24.70 )
Decrease in accounts receivable 6.70
Increase in inventory (12.70 )
Increase in accounts payable 18.70
Decrease in bond discount 1.70
Increase in salaries payable 6.70
Decrease in prepaid insurance 4.70
Increase in income tax payable 10.70
Net cash flows from operating activities $ 98.00
Required:
1. Prepare the cash flows from operating activities section of the statement of cash flows (direct method). (Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). Amounts to be deducted should be indicated with a minus sign.)

Business
1 answer:
DIA [1.3K]2 years ago
5 0

Answer:

The net cash flow from operating activities = $98.0 million

Explanation:

See the following images to get proper explanation

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Explanation:

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5 0
3 years ago
Felicia is very warm and accepting to both of her two children, but she also sets firm rules that the children must follow with
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Answer:

Responsive and demanding

Explanation:

according to Baumrind, there are four parenting styles :

Authoritative

authoritarian

permissive

Neglectful

Parenting behaviour are divided into two dimensions :

demandingness - when a parent controls their child's actions

Responsiveness - refers to the extent to which the parent accepts and recognises their child's needs

7 0
3 years ago
Farrel Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just compl
larisa [96]

Answer:

Dr Work in Process 574,000

Dr Manufacturing Overhead 163,000

Cr Wages Payable 737,000

Explanation:

Preparation of the journal entry to record the direct and indirect labor costs incurred during the year

Based on the information given the appropriate journal entry to record the direct and indirect labor costs incurred during the year will be :

Dr Work in Process 574,000

Dr Manufacturing Overhead 163,000

Cr Wages Payable 737,000

(574,000+163,000)

(Being to record direct and indirect labor costs incurred )

3 0
2 years ago
Walker Company prepares monthly budgets. The current budget plans for a September ending merchandise inventory of 27,000 units.
harkovskaia [24]

Answer:

Walker Company

a. Merchandise Purchases Budget for the months of July, August, and September:

                                     July             August      September

Sales units                210,000        290,000       290,000

Ending inventory       43,500           43,500         27,000

Goods available      253,500         333,500        317,000

Beginning inventory  31,500           43,500         43,500

Purchases               222,000        290,000       273,500

b. The ratio of ending inventory to the next month's sales = 15% (Ending Inventory/Sales next month * 100)

c. The units budgeted for sale in October = 180,000 units.

Explanation:

a) Data and Calculations:

September ending inventory = 27,000 units

Ending inventory always equal to 15% of budgeted sales for the following month.

                  Sales (Units)    Purchases (Units)

July              210,000             222,000

August        290,000            290,000

September 290,000            273,500

October       180,000

                                     July             August      September      October

Sales units                210,000        290,000       290,000        180,000

Ending inventory       43,500           43,500         27,000

Goods available      253,500         333,500        317,000

Beginning inventory  31,500           43,500         43,500         27,000

Purchases               222,000        290,000       273,500

6 0
2 years ago
Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies fo
Andre45 [30]

1. The missing amounts should be determined in the following manner:

On Company A. Materials inventory December 1 Materials inventory December 31-+Materi also purchased -Cost of direct materials

Off Company Total manufacturing costs incurred in December -Direct labor Cost of direct materials used in production -Factory

2. On Company's statement of goods manufactured should be prepared as follows:

On Company Statement of Goods Manufactured For the Month of December 2016 Materials inventory December 1 Add: Purchases Total

3. On Company's income statement should be prepared as follows:

On Company Income Statement For the Month of December 2016 Sales 1,127,000 827.400 299,600 Less: Operating expenses 117,600.

Learn more about income statements at

brainly.com/question/24498019

#SPJ4

5 0
2 years ago
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