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krok68 [10]
3 years ago
7

Creative Sound Systems sold investments, land, and its own common stock for $31 million, $14.9 million, and $39.8 million, respe

ctively. Creative Sound Systems also purchased treasury stock, equipment, and a patent for $20.9 million, $24.9 million, and $11.9 million, respectively. What amount should the company report as net cash flows from investing activities?
Business
1 answer:
Pie3 years ago
6 0

Answer:

cash generated from investing activites 9.1 millions

Explanation:

proceeds from investment 31 millions

proceeds from land           14.9 millions

purchase of equipment      (24.9 millions)

purchase of patent             (11.9   millions)

cash generated from investing activites 9.1 millions

The purcahse of treasury stock

and the sale of treasury stock (own common stock)

should be disclosure in the financing activities

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Answer:

a) dollar amount of the gross profit = 17000

b) dollar amount of the income from operations = 11700

c) dollar amount of the income before income tax = 11900

d) dollar amount of the net income = 8400

Explanation:

(a) Gross profit:

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(b) Income from operation:

= Gross profit - Bad debt expenses - other operating expenses - Selling and administrative expenses

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(c) Income before income tax:

= Income from operation + Interest Income and Other Non-operating Revenues

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3 years ago
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Use the following information for calendar year 2020: Accounts receivable, January 1 $125,000 Credit sales during the year 1,400
Aloiza [94]

Answer:

See below

Explanation:

Given the information above, first we need to compute ending balance of account receivables.

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Now, the bad debt expense

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