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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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Some of the characteristics of the new breed of global leaders include Question 8 options: a) The skills and abilities to intera
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d) All of the above

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Illiquid currencies tend to exhibit ________ volatile exchange rate movements, as the equilibrium prices of their currencies adj
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B) More; even minor

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3 0
3 years ago
Read 2 more answers
On December 31, 2017, Reagan Inc. signed a lease with Silver Leasing Co. for some equipment having a seven-year useful life. The
svlad2 [7]

Answer:

Reagan Inc.

The balance of the lease liability on Reagan's December 31, 2019 Balance Sheet (after the third lease payment is made) is $280,531 .

Explanation:

a) Data:

Reagan's lease amortization schedule appears below:

                             Payments       Interest       Decrease       Outstanding

                                                                         in Balance         Balance

                                                                                                  $ 519,115

Dec. 31  2017      $ 90,000                               $ 90,000           429,115

            2018       $ 90,000      $ 17,165               72,835         356,280

            2019       $ 90,000         14,251               75,749          280,531

           2020       $ 90,000          11,221               78,779          201,752

           2021        $ 90,000          8,070               81,930           119,822

          2022        $ 90,000          4,793              85,207             34,615

          2023        $ 36,000           1,385               34,615                     0

b) Reagan's lease liability is the amount that is due to Silver Leasing Co. for the equipment which Reagan Inc. leased on December 31, 2017.  It is shown as the outstanding balance or balance to be paid to the lessor.

5 0
2 years ago
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