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monitta
3 years ago
14

Georgia Corp. uses the indirect method to prepare the statement of cash flows. Refer to the following section of the comparative

balance​ sheet: Georgia Corp Comparative Balance Sheet December​ 31, 2019 and 2018 2019 2018 ​Increase/(Decrease) Cash ​$45,000 ​$27,000 ​$18,000 Accounts Receivable ​48,000 ​45,000 ​3,000 Merchandise Inventory ​180,000 ​132,000 ​48,000 Total Assets ​$273,000 ​$204,000 ​$69,000 How will the change in Accounts Receivable be shown on the statement of cash​ flows?
Business
1 answer:
Alexxandr [17]3 years ago
6 0

Answer:

($3,000)

An outflow

Explanation:

The cash flow statement categories the company's transactions in a financial period into 3 groups; these are operating, investing and financing.

The net profit/loss, depreciation, changes in current assets (other than cash) and liabilities are considered as operating activities including income taxes.  

In cash flow statements, an increase in assets(other than cash) is treated as a cash outflow while a decrease is considered as an inflow of cash.

Hence if accounts receivables balance increases from $45,000 i 2018 to $48,000 in 2019, the change of $3,000 will be shown as an outflow.

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Answer:

Anderson Co. 3,100 shares at $18 per share

Munter Ltd. 10,200 shares at $57 per share

King Co. 5,600 preferred stock at $42 per stock

a. Prepare the entry for the security sale on January 15, 2021.

  • Dr Cash 58,880
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b. Prepare the journal entry to record the security purchase on April 17, 2021.

  • Dr Investment in Castle's stock AFS 38,160
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c. Compute the unrealized gains or losses.

  • unrealized gain = $40,800 (gain in Munter) - $11,200 (loss in King) - $13,960 (loss in Castle) = $15,640

d. Prepare the adjusting entry for Vaughn on December 31, 2021.

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2 years ago
When you open excel 2013 for the first time, what will appear?
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What do you want to be when you a grow up? I want to be a model or a fitness model or a boxer or a professional tahitian dancer
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3 years ago
Analyzing Adjusting Journal Entries, Prepaid Asset and Deferred Revenue Voss Inc., an accounting firm, adjusts and closes its ac
Gennadij [26K]

Answer:

a. Case A-the $1,125 was debited to Supplies Expense. What is the balance of Supplies at year-end?

The previous balance was Supplies $225

If the following was made:

Dr Supplies expense 1,125

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Then the ending balance of Supplies would be = -$900

b. Case B the $1,125 was debited to supplies. What is the balance of Supplies at year-end?

The previous balance was Supplies $225

If the following was made:

Dr Supplies 1,125

    Cr Supplies expense 1,125

Then the ending balance of Supplies would be = $1,350

Explanation:

During the current year, supplies were purchased for $1,125 cash. The inventory of supplies at the prior year-end was $225.

Adjusting entry to record supplies expense = $1,125 + $225 - $360

Dr Supplies expense 990

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3 years ago
An asset has had an arithmetic return of 10.3 percent and a geometric return of 8.3 percent over the last 90 years. What return
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Answer:

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The formula is;

<em>= Geometric Mean*(T-1)/(N-1) + Arithmatic Mean *(N-T)/(N-1) </em>

Where;

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= 9.76%

30 years

= 8.3%*(30-1)/(90-1) + 10.3%*(90-30)/(90-1)

= 9.65%

4 0
3 years ago
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