1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
UkoKoshka [18]
3 years ago
8

Westfall Industries began 2018 with accounts​ receivable, inventory, and prepaid expenses totaling $ 50 comma 000 and its total

current liabilities totaling $ 36 comma 000. At the end of the​ year, these same current assets totaled $ 48 comma 000​, while its total current liabilities totaled $ 40 comma 000. Net income for the year was $ 81 comma 000. Included in net income were a $ 4 comma 000 loss on the sale of land and depreciation expense of $ 8 comma 000. Show how Westfall should report cash flows from operating activities for 2018. The company uses the indirect method. ​(Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in​ cash.)
Business
1 answer:
Dafna11 [192]3 years ago
5 0

Answer:

The cash flows from operating activities for 2018 is $99,000.

Explanation:

Westfall Industries

Statement of cash flows (extract)

Net income                                                 $81,000

Add Loss on the sale of land                        4,000

       Depreciation expense                           8,000

       Decrease in current asset                     2,000

       Increase in current liabilities                  4,000

Cash flows from operating activities      $99,000

  • Decrease in current assets was arrived at by comparing the closing balance of $48,000 to the opening balance of $50,000.
  • Increase in current liabilities was arrived at by comparing the closing balance of $40,000 to the opening balance of $36,000.

You might be interested in
What are possible red flags or signs of a scam when buying a car?.
lisabon 2012 [21]
The price is below market value: If the price of a used vehicle seems too good to be true Fake escrow services: Though escrow services are a legitimate way to protect your money, fraudsters may attempt to trick you into using a fake escrow service.
8 0
2 years ago
Internal controls that should be applied when a business takes a physical count of inventory should include all of the following
irina1246 [14]

Answer:

e) Counters of inventory should be those who are responsible for the inventory.

Explanation:

Having different people do the physical counting of inventory guarantees the integrity of the count. The staff in charge of inventory are probably aware of any variances as they conduct regular checks. Having different people count eliminates the possibility of number manipulation by the staff responsible for the stock.

Before a stock count, all operations should be halted. Items received during the stock count should be separated and not counted. There should be a document giving instructions to staff to ensure consistency.

As a measure of internal control, all stocks should be identified with a numbered tag. The supervisor should ensure proper tagging has been done. Where possible, counters will be organized in teams of two so that each item goes through two counts. Assign groups to count items which are not in their direct responsibility. Should there be a variance, a separate team should be allowed to counter check.

8 0
3 years ago
Can some one do this for me ASAP please help.
charle [14.2K]
Professional growth and development - Bob
Mentoring - Debby
Certification - Joseph
Scholarship - Libby
Networking - Chad
8 0
3 years ago
Which is the correct sequence for recording transactions and preparing financial​ statements?
zheka24 [161]

Answer:

The answer is B.

Explanation:

The first is the journal. A journal entry may be a summary of the debits and credits of the transaction entry to the journal.

Followed by a ledger which may be a book containing accounts during which the classified and summarized information from the journals is posted as debits and credits.

Trial balance which is that the listing of all accounts (asset, liability, equity, revenue, expense) with the ending account balance or or its a report that lists the balances of all book accounts of a corporation at a specific point in time.

And lastly the financial statements. they're written records of a business's financial situation

8 0
3 years ago
A freezer manufacturer might purchase sheets of steel, wiring, shelving, and so forth, as part of its final product. This is an
Lady_Fox [76]

A BUSINESS PURPOSEL?

7 0
3 years ago
Other questions:
  • Which economic advantages does the united states have compared to other nations?
    11·1 answer
  • Calculating Average Operating Assets, Margin, Turnover, Return on Investment (ROI) Forchen, Inc., provided the following informa
    15·1 answer
  • The accountants at Gamone Phones, a cell phone manufacturing company, discover that the firm has performed poorly over the last
    15·1 answer
  • Wilson Co. has three segments -- Tennis, Golf, and Fishing. The Tennis segment is currently producing 2,000 units annually. The
    15·1 answer
  • Some colleges charge for student parking. Currently, your college does not charge for parking but the administration announced a
    15·1 answer
  • The speed of your automobile has a huge effect on fuel consumption. Traveling at 65 miles per hour​ (mph) instead of 55 mph can
    13·1 answer
  • During the _____ age, manufacturers were principally concerned with production, and the primary burden of marketing fell on the
    12·1 answer
  • Citynet, LLC, established an employee incentive plan 'to enable the Company to attract and retain experienced individuals.' The
    15·1 answer
  • Explain why good research habits are important and how they relate to personal integrity and ethics.
    7·1 answer
  • A taxi crashed into a telephone pole. The taxi's passenger commenced a negligence action against the taxi driver, properly servi
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!