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Makovka662 [10]
3 years ago
7

Loster Company reported a net loss of $17,017 for the year ended December 31. During the year, accounts receivable decreased by

$7,476, inventory increased by $5,997, accounts payable increased by $15,357, and depreciation expense of $5,495 was recorded. What was the net cash used for or provided by operating activities during the year
Business
1 answer:
Goshia [24]3 years ago
5 0

Answer:

The answer is $5,314

Explanation:

Net loss ($17,017)

Add back:

Depreciation expense. $5,495

($11,522)

Changes in working capital:

Decrease accounts receivable $7,476

Increase Inventory. ($5,997)

Increase accounts payable. $15,357

Net cash provided by operating activities. $5,314

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Explanation:

7 0
2 years ago
Sheffield Co. uses the gross method to record sales made on credit. On July 1, 2020, it made sales of 83,000 with terms 2/10 n/3
dezoksy [38]

Answer:

July 1

Dr r Accounts Receivable $83,000

Cr Sales Revenue $83,000

July 9

Dr Cash $81,340

Dr Sales Discount $1,660

Cr Accounts Receivable $83,000

Explanation:

Preparation of the required journal entries for Sheffield Co.

July 1

Dr r Accounts Receivable $83,000

Cr Sales Revenue $83,000

July 9

Dr Cash $81,340

[($83,000 -($83,000 *.02)]

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8 0
3 years ago
On January 1, Year 1, McClurg Corporation issues 5%, 11-year bonds with a face amount of $70,000 for $76,180. The market interes
Mice21 [21]

Answer:

The journal entry for the issuance of the bond is shown below:

Explanation:

The entry to be posted on Jan 1

Cash A/c..............................................Dr   $76,180

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As bonds issued, so cash is increasing and any increase in cash is debited. Therefore, the cash account is debited. But the bonds issued at a premium so the premium on the bonds payable will be credited. And bonds payable account is credited.

6 0
3 years ago
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Answer:

B

Explanation:

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3 0
3 years ago
question 3 of 25 : historically, the reason for most incident responses failures is due to: a. insufficient resources. b. poor m
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