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3 years ago

The following data are available for Springer Corporation.

Business

1 answer:

Alchen [17]3 years ago

6 0

Answer:

B) $330,000

Explanation:

Cash from operating activities involves the cash inflows and outflows that is realised during normal busines s activities. It is the first section that appears in the statement of cash flows.

Other sources of cash flows is from investing activities and financing activities.

Operating cash flow= Net income+ Depreciation- Taxes +/- Change in working capital

Operating cash flow= 300,000+ 60,000- 15,000+ 30,000- 45,000= $330,000

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Question 12 Which answer illustrates "compound interest"?

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2 years ago

On January 1, 2017, Eagle borrows $16,000 cash by signing a four-year, 5% installment note. The note requires four equal total p

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Answer:

Issuance - January 1, 2017

Cash $16,000 (debit)

Note Payable $16,000 (credit)

December 31, 2017

Interest Expense $800 (debit)

Note Payable $3,712.19 (debit)

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Interest Expense $614.39 (debit)

Note Payable $3,897.80 (debit)

Cash $4,512.19 (credit)

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Note Payable $4,092.69 (debit)

Cash $4,512.19 (credit)

December 31, 2020

Interest Expense $214.87 (debit)

Note Payable $4,297.32 (debit)

Cash $4,512.19 (credit)

Explanation:

The Loan Amortization Schedule is most appropriate way to solve all parts of this problem.

The first step to construction of the Amortization Schedule is to determine the payments made annually, PMT (interest and principal).

Using a Financial calculator, this can be determined as ;

Pv = $16,000

r = 5%

n = 4

Fv = $0

p/yr = 1

Pmt = ?

Thus PMT is $4,512.19.

Amortisation Schedule (Extracted from Financial Calculator)

2017

Principle Payment = $3,712.19

Interest Payment = $800

Balance = $12,287.81

Accounting Entries :

Interest Expense $800 (debit)

Note Payable $3,712.19 (debit)

Cash $4,512.19 (credit)

2018

Principle Payment = $3,897.80

Interest Payment = $614.39

Balance = $8,390

Accounting Entries :

Interest Expense $614.39 (debit)

Note Payable $3,897.80 (debit)

Cash $4,512.19 (credit)

2019

Principle Payment = $4,092.69

Interest Payment = $419.50

Balance = $4,297.32

Accounting Entries :

Interest Expense $419.50 (debit)

Note Payable $4,092.69 (debit)

Cash $4,512.19 (credit)

2020

Principle Payment = $4,297.32

Interest Payment = $214.87

Balance = $0

Accounting Entries :

Interest Expense $214.87 (debit)

Note Payable $4,297.32 (debit)

Cash $4,512.19 (credit)

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