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sattari [20]
3 years ago
10

he following selected account balances appeared on the financial statements of Sanchez Company: Accounts Receivable, January 1 $

13,000 Accounts Receivable, December 31 9,000 Accounts Payable, January 1 4,000 Accounts Payable, December 31 7,000 Inventory, January 1 10,000 Inventory, December 31 15,000 Sales 62,000 Cost of Goods Sold 31,000 Sanchez Company uses the direct method to calculate net cash flow from operating activities. Cash received from customers is
Business
1 answer:
frez [133]3 years ago
4 0

Answer:

Cash received from customers is $66,000.

Explanation:

Cash Received from Customers is determined by opening a Total Accounts Receivables  T- Account as follows :

Total Accounts Receivables  T- Account

<u>Debit :</u>

Opening Balance                 $13,000

Sales                                    $62,000

Totals                                   $75,000

<u>Credit:</u>

Closing Balance                    $9,000

Cash <em>(Balancing figure)</em>      $66,000

Totals                                   $75,000

Conclusion:

Cash received from customers is  $66,000.

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Ariana and John, who file a joint return, have two dependent children, Kai and Angel. Kai is a freshman at State University and
mihalych1998 [28]

The amounts and types of education tax credits that Ariana and John can take without modified AGI limitation are as follows:

              Amount of Education Tax     Type of Education Tax Credits

For Kai      $1,000 ($2,500 x 40%)        The American Opportunity Credit

For Angel $1,560 ($7,800 x 20%)        The Lifetime Learning Credit

Total tax credit = $2,560 ($1,000 + $1,560)

<h3>What are the American Opportunity Credit and the Lifetime Learning Credit?</h3>

Whereas the American Opportunity Credit (Kia's) covers only the first 4 years of post-secondary education at 40% of $2,500 per student because Kia is a half-time student, the Lifetime Learning Credit applies to graduate schooling (Angel's) and covers 20% of the first $10,000 paid for tuition.

We must note that no taxpayer can claim both the American Opportunity Credit and the Lifetime Learning Credit for the same student in the same tax year.

Thus, the total education tax credit that Ariana and John can claim for both Kai and Angel is $2,560.

Learn more about education tax credits at brainly.com/question/8166956

6 0
2 years ago
g You deposit $1,900 in your savings account that pays an annual interest rate of 3.25%. If the inflation rate is 1.09%, by how
gayaneshka [121]

Answer:

Real purchasing power increase= 2.16%

Explanation:

Giving the following information:

You deposit $1,900 in your savings account that pays an annual interest rate of 3.25%. The inflation rate is 1.09%.

In this example, we have two different and opposite effects. The interest rate increases your purchasing power. If the inflation rate is 0, the purchasing power will increase (in one year) 3.25%.

The inflation rate decreases the purchasing power of nominal income.

Real purchasing power increase= annual interest rate - inflation rate

Real purchasing power increase= 3.25 - 1.09= 2.16%

6 0
3 years ago
Rules that prevent the creation and behavior of are called antitrust laws.
iVinArrow [24]
To prevent monopolies. The law was also created to make competition in the market place.
6 0
3 years ago
Read 2 more answers
Fits Like A Glove Shoes, Inc., and Retail Footwear Stores enter into a contract for a sale of shoes. The contract indicates that
andre [41]

Answer:

D) ​F.O.B.

Explanation:

Based on the scenario being described within the question it can be said that the included term would be F.O.B. This is a contractual term meaning Free on Board, and immediately specifies that the seller will deliver the goods at their own cost , through a specific route to the destination set forth by the buyer. Once the goods arrive the responsibility is no longer the sellers.

6 0
3 years ago
The Smith Company manufactures insulated windows. Costs for March were as follows. Direct labor $53,000 Indirect labor 18,000 Sa
Marat540 [252]

Answer:

$27,000

Explanation:

The following costs were incurred by Smith's company during the month of March

Direct labor $53,000

Indirect labor 18,000

Salary of corporate vice president for advertising 25,000

Direct materials 48,000

Indirect materials 4,000

Interest expense 7,500

Salary of factory supervisor 3,000 Insurance on manufacturing equipment 2,000

Therefore the actual manufacturing overhead for March can be calculated as follows

= Indirect labour + indirect materials + salary of factory supervisor + insurance on manufacturing equipments

= $18,000 + $4,000 + $3,000 + $2,000

= $27,000

Hence the actual manufacturing overhead for March is $27,000

8 0
3 years ago
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