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mario62 [17]
3 years ago
12

Additional information:1. Accounts receivable decreased $360,000 during the year.2. Prepaid expenses increased $170,000 during t

he year.3. Accounts payable to suppliers of merchandise decreased $275,000 during the year.4. Accrued expenses payable decreased $100,000 during the year.5. Administrative expenses include depreciation expense of $60,000.Prepare the operating activities section of the statement of cash flows for the year ended December 31, 2020, for Vince Gill Company, using the indirect method.

Business
1 answer:
Mekhanik [1.2K]3 years ago
6 0

Answer and Explanation:

The preparation of cash flows from operating activities is shown below:-

Net Loss                                                                          $1,050,000

Add:

Decrease in accounts receivable         $360,000

Add: Decrease in inventory                   $300,000

Less: Increase in prepaid expenses     ($170,000)

Less: Decrease in accounts payable    ($275,000)

Less: Decrease in accrued expenses

payable                                                    ($100,000)

Add: Depreciation                                   $60,000              $175,000

Cash flows from operating activities                                $1,225,000

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In business, people often make choices. Opportunity Cost is the value of what must be foregone in order to undertake an activity.

<h3>What is opportunity cost?</h3>
  • The economists often refer to this type of cost as the amount or the value of the next highly rated alternative use of one's money or resource.

An example is when a person spend their time and money going to a shop, one cannot spend that time at cooking, and you even did not spend the money on other things.

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Eric wants to attend a public four-year university. He estimates that the average cost of one year at this university is $19,500
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QUESTION 11 Given the following information, calculate the equity dividend rate for this investment: first-year NOI: $18,750; be
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Answer: D. 2.2%

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T. Dole invests cash and land into an existing partnership. The cash invested is $30,000 and the land has a fair market value of
bekas [8.4K]

The journal entry to reflect this transaction would include a credit to T. Dole, Capital in the amount of $90,000.

<h3>What journal entries?</h3>
  • A journal entry is an act of keeping or producing records of any economic or non-economic transaction.
  • An accounting journal, which shows a company's debit and credit balances, records transactions.
  • The journal entry can be made up of multiple records, each of which is either a debit or a credit.
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So, the journal entry to reflect this transaction would include a credit to T. Dole, Capital in the amount of cash invested, and the fair market value.

30,000 + 60,000 = $90,000

Therefore, the journal entry to reflect this transaction would include a credit to T. Dole, Capital in the amount of $90,000.

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The complete question:

T. Dole invests cash and land into an existing partnership. The cash invested is $30,000 and the land has a fair market value of $60,000. The journal entry to reflect this transaction would include a credit to T. Dole, Capital in the amount of $ ______.

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