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LenKa [72]
3 years ago
6

he accounting records of Baddour Company provided the data below. Net loss $ 4,350 Depreciation expense 6,320 Increase in salari

es payable 515 Decrease in accounts receivable 2,050 Increase in inventory 2,250 Amortization of patent 470 Reduction in discount on bonds 370 Prepare a reconciliation of net income to net cash flows from operating activities. (Amounts to be deducted should be indicated with a minus sign.)
Business
1 answer:
german3 years ago
6 0

Answer:

Net cash flows from operating activities $3,125

Explanation:

Cash flows from operating activities:

Net loss($4,350)

Adjustments for non cash effects:

Depreciation expense $6,320

Amortization of patent $470

Changes in operating assets and liabilities:

Increase in salaries payable $515

Decrease in accounts receivable $2,050

Increase in inventory($2,250)

Decrease in discount on bonds $370

Net cash flows from operating activities $3,125

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All of the current year's entries for Zimmerman Company have been made, except the following adjusting entries. The company's an
lianna [129]

Answer:

1) adjusting entries

a. On September 1 of the current year, Zimmerman collected six months' rent of $8,520 on storage space. At that date, Zimmerman debited Cash and credited Unearned Rent Revenue for $8,520.

Dr Unearned rental revenue 5,500

    Cr Rental revenue 5,500

b. On October 1 of the current year, the company borrowed $13,200 from a local bank and signed a one-year, 12 percent note for that amount. The principal and interest are payable on the maturity date.

Dr Interest expense 396

    Cr Interest payable 396

c. Depreciation of $3,000 must be recognized on a service truck purchased in July of the current year at a cost of $24,000.

Dr Depreciation expense 3,000

    Cr Accumulated depreciation 3,000

d. Cash of $3,600 was collected on November of the current year, for services to be rendered evenly over the next year beginning on November 1 of the current year. Unearned Service Revenue was credited when the cash was received.

Dr Unearned service revenue 600

    Cr Service revenue 600

e. On November 1 of the current year, Zimmerman paid a one-year premium for property insurance, $9,960, for coverage starting on that date. Cash was credited and Prepaid Insurance was debited for this amount.

Dr Insurance expense 1,660

    Cr Prepaid insurance 1,660

f. The company earned service revenue of $4,200 on a special job that was completed December 29 of the current year. Collection will be made during January of the next year. No entry has been recorded.

Dr Accounts receivable 4,200

    Cr Service revenue 4,200

g. At December 31 of the current year, wages earned by employees totaled $13,700. The employees will be paid on the next payroll date in January of the next year.

Dr Wages expense 13,700

    Cr Wages payable 13,700

h. On December 31 of the current year, the company estimated it owed $490 for this year's property taxes on land. The tax will be paid when the bill is received in January of next year.

Dr Property taxes expense 490

    Cr Property taxes payable 490

2) Assets     = Liabilities + Stockholders’     Revenues - Expenses = Net

                                          Equity                                                          Income

a.    na               -                    +                           +               na                +

b.    na               -                    -                           na              -                   -

c.     -               na                   -                           na              -                   -

d.    na               -                    +                           +               na                +

e.     -               na                   -                           na              -                   -

f.      +              na                   +                           +               na                +

g.    na              +                    -                            na             -                   -

h.    na              +                    -                            na             -                   -

4 0
3 years ago
Jason Liang has gotten three job offers. He is now looking at the benefits packages of all three to see what he likes and doesn'
Dovator [93]

Answer:

Which step in the career planning process is Jason completing?

E) Evaluate financial and other factors of positions offered.

Explanation:

Career planning is an aspect of career management that involves self evaluation and formulation goals to have a strong career path. It involves constant evaluation in improving skills and setting goals to ensure that one achieves career objectives that they set out. Career planning is a step-wise procedure that is to move an individual to a direction that will make him/her achieve professional excellence in the career that is chosen. The following steps are involved in career planning;

1. Self assessment

Self assessment involves the evaluation of one's own skills and interests and also capabilities to understand what he/she already has and where he/she wants to be in the career path.

2. Research on careers

Once the skills and interests has been assessed, one can research on the careers they would love to pursue to find out if they align with their skills, capabilities and interests

3. Set career objectives

The individual should then set clean career objectives, both short-term and long-term objectives.

4. Learn and improve skills

In order to align with set career objectives, the individual should keep improving and acquiring new skills.

5. Search for a Job

This involves the preparation of Curriculum vitae and supporting documents and search for jobs that offer opportunities that will help in advancing your career.

6. Once you receive job offers, evaluate various factors including the financial ones offered by the positions.

7 0
4 years ago
ABC, Incorporated desires to have the most qualified people in every position throughout its organization. This is an example of
Mashutka [201]

Answer:

The correct answer is letter "A": Developing human capital.

Explanation:

Developing human capital implies training existing employees of the company so they can specialize in their every-day duties which is likely to be positively reflected in their efficiency at work, increasing at the same time the productivity of the organization.

4 0
3 years ago
Presented below is information related to Waterway Company. Cost Retail Beginning inventory $374,710 $283,000 Purchases 1,393,00
Lilit [14]

Answer:

$218,050

Explanation:

Please see attachment.

5 0
3 years ago
abc and xyz agree to maximize joint profits. However, while ABC produces the agreed upon amount, XYZ breaks the agreement and ea
Marat540 [252]

Answer:

The answer is "$ 140".

Explanation:

The company produces the quantity MR = MC and if there is no quantity MR = MC, the amount throughout the case MR is just greater and closest to MC to maximize profit.

Here MR = marginal income and marginal cost =MC

MR =\frac{Overall \ sales \ change}{Quantity\ shift}

In the above table, we could see that the amount MR = MC = 8 isn't available. Thus it produces the amount where the MR

is only larger but nearest to MC.

25 unit MR =\frac{TR \ change}{Quality \ change}

= [TR (when \ Q = 25) -TR \frac{(when \ Q = 20)]}{(25 - 20)}

= \frac{(450 - 400)}{5}= 10

(Minimum and superior to MC)

MR of 30 units=\frac{(480 – 450)}{(30–25)}=6, similarly MR of 30 units.

Consequently, 25 units were produced and 12.5 units were produced.

Currently, XYZ breaks the agreement and produces three more so thus maximum quantity produced on a market = 25 + 5 = 30 and through the above table they see which if quantity = 30, price = 16.

XYZ produces 12.5 + 5 = 17.5 output from 30 units.

Cost Total = TVC + TFC

Total TVC = Total Cost for Variable TFC = Maximum Cost of TFC = 0.

If MC is stable, TVC = MC \times Q = 8 \times q, where Q = exposed to the real produced and XYZ produces 17.5 in this case.

Total expenditure (TC+) is TVC = TFC = 8 \times 17.5.

Take control = TR - TC = TC = 16 \times 17.5 - 8 \times 17.5 = 150.

So the business XYZ is profiting = 140

7 0
3 years ago
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