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gtnhenbr [62]
2 years ago
15

The income statement and selected balance sheet information for Direct Products Company for the year ended December 31 are prese

nted below. Income Statement Sales Revenue $ 39,600 Expenses: Cost of Goods Sold 16,500 Depreciation Expense 1,100 Salaries and Wages Expense 8,100 Rent Expense 3,600 Insurance Expense 1,450 Interest Expense 1,350 Utilities Expense 950 Net Income $ 6,550 Selected Balance Sheet Accounts Ending Balances Beginning Balances Accounts Receivable $ 580 $ 620 Inventory 800 675 Accounts Payable 440 500 Prepaid Rent 33 24 Prepaid Insurance 29 36 Salaries and Wages Payable 62 41 Utilities Payable 28 19
Required:

Prepare the cash flows from operating activities section of the statement of cash flows using the direct method. (Amounts to be deducted should be indicated with a minus sign.)
Business
1 answer:
tamaranim1 [39]2 years ago
5 0

Answer:

The answer is attached;

Explanation:

Download xlsx
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You have just made your first $4,400 contribution to your retirement account. Assume you earn a return of 13 percent per year an
DENIUS [597]

Answer: $152,309.69

Explanation:

You are looking for the future value of this amount in 29 years assuming it will be compounded annually.

Future value = Amount * (1 + rate)^ number of years

= 4,400 * ( 1 + 13%)²⁹

= $152,309.69

4 0
3 years ago
A friend asks you what sort of interest-simple or compound- is better. What would your answer be, and why?
Bas_tet [7]

Answer:

Compound interest is better than simple interest

Explanation:

Compound interest is better than simple interest especially when it comes to investing. Funds grow at a faster rate in compound interest than simple interest.

Simple interest is the interest on only the principal while compound interest is the interest on principal and on the previous accumulated interest (that is, interest on interest).

The formula for simple interest is:

P x r x t

Where P is the principal

r is the interest rate

t in the time.

For compound interest:

A=P(1+r/n)^nt.

A is the amount after compounding.

P is the principal.

r is the interest rate

n is the number of times interest compounds(adds up) per year

t is the number of years.

3 0
3 years ago
What is cosideration
gizmo_the_mogwai [7]

he exchange of money and the receipt of the item is mutual consideration for the transaction. In every single agreement, there must be consideration in order for the agreement to be legally binding; it is a critical part of contract formation. ... In other words, each person in a contract must promise to do something.

4 0
3 years ago
Kai operates the Surf Shop in Laie, Hawaii, which designs, manufacturers, and customizes surf boards. Hawaii has a hypothetical
prohojiy [21]

Answer:

Explanation:

According to the Kai surf shop in Laie, Hawaii, below is the computation of sales and use tax of surf shop that must collect or remit.

A.

Kai doesn't have a sales tax nexus with Utah, therefore it will not have any sales tax liability. Instead, Kalani will have a tax liability in Utah that will be $63($1000 x 6.85%).

B.

kai will have a tax liability of $83($2000 x 4.166%) Also, Nick will have use tax liability of $87[($2000 x (9% - 4.166%)].

C.

Kai doesn't have a sales tax nexus with Michigan, therefore it will not have sales tax liability. Instead, Jim will have a use tax liability in Michigan will be $140($2000 x 6%)

D.

Sales and use tax is not imposed on sale of services. Therefore, neither Kai nor Scott will have any sales or use tax liability.

7 0
3 years ago
In a process costing system, with the exception of the first department, each department receives output from the prior departme
Eduardwww [97]

Process Costing system involved several processes or departments under which the next department receives partially completed product from the previous department. The first department receives the raw material and it does not receive any output from other department.  

Hence except the first department, each department receives output from the prior department as a partially processed product.

Hence the answer is <u>True.</u>



8 0
3 years ago
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