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
podryga [215]
3 years ago
15

Selected data taken from the accounting records of Laser Inc. for the current year ended December 31, are as follows: Balance, D

ecember 31 Balance, January 1 Accrued operating expenses $5,590 $6,110 Accounts payable (merchandise creditors) 41,730 46,020 Inventories 77,350 84,110 Prepaid expenses 3,250 3,900 During the current year, the cost of merchandise sold was $448,500, and the operating expenses other than depreciation were $78,000.
The direct method is used for presenting the cash flows from operating activities on the statement of cash flows.

Required:

Determine the amount reported on the statement of cash flows for:

(1) Cash payments for merchandise; and

(2) Cash payments for operating expenses.
Business
1 answer:
Olin [163]3 years ago
5 0

Answer:

1. Cash payments for merchandise is $446,030

2.Cash payment for operating expense is $77,870

Explanation:

1. In order to calculate the Cash payments for Merchandise we would have to use the following formula:

   

Cash payments for Merchandise= cost of goods sold +decrease in accounts payable-decrease in inventory

Cash payments for Merchandise=$448,500+$4,290-$6,760  

Cash payment for Merchandise=$446,030

2. In order to calculate the Cash payments for operating expenses we would have to use the following formula:

Cash payment for operating expense=operating expense - decrease in prepaid expense +decrease in Accured

Cash payment for operating expense=$78,000 -$650+$520  

Cash payment for operating expense=$77,870

You might be interested in
Which C of the four Cs of marketing relates to the place element of the marketing mix?
kompoz [17]

Which C of the four Cs of marketing relates to the place element of the marketing mix? Convenience. When a customer is looking for a place to purchase the product form, they are wanting a place nearby and easy to get to. Consumers want to be able to find the products they are looking for conveniently. Once a consumer can find what they want at the best place, they will continue to look and shop for their product where they know they can find it.

7 0
3 years ago
Stephani Corporation has provided data concerning the Corporation's Manufacturing Overhead account for the month of May. Prior t
VashaNatasha [74]

Answer:

the manufacturing overhead for the month should be overapplied by $16,000

Explanation:

Given that

The debit to the manufacturing overhead is $53,000

And, the credit balance is $69,000

So, it should be overapplied by the

= $53,000 - $69,000

= $16,000

Therefore the manufacturing overhead for the month should be overapplied by $16,000

This is the answer but the same is not provided in the given options

7 0
3 years ago
Which of the following should show a profit in order for a financial institution to give a the company a loan
Andrew [12]

Answer:

A I think not really sure hope this helps you

3 0
3 years ago
Read 2 more answers
_____ includes banking and short- and long-term financing, investments, and cash management.
Ratling [72]

Controllership includes banking and short- and long-term financing, investments, and cash management.

<h3>What is Controllership?</h3>

The position of the controller, the position in charge, and the position in command are the definitions of controllership. An example of a person who holds the controllership responsibilities in a corporation is the person in charge of accounting and auditing.

The top accountant for a business or organization. The controller is in charge of both managerial and financial accounting and is the leader of the accounting division. He or she assists management in interpreting accounting data and taking the right action. Comptroller is another name for a controller.

Providing financial data for managers' and shareholders' reports as well as managing the overall operations of the accounting system are both responsibilities of the controllership.

Therefore, the correct answer is option C) Controllership.

The complete question is:

________ includes providing financial information for reports to managers and shareholders and overseeing the overall operations of the accounting system.

A) Internal audit

B) External audit

C) Controllership

D) Treasury

To learn more about Controllership refer to:

brainly.com/question/21305473

#SPJ4

8 0
1 year ago
A produce distributor uses 800 packing crates a month, which it purchases at a cost of $10 each. The manager has assigned an ann
iren2701 [21]

Answer:

The company could save $364.29 if it used the EOQ

Explanation:

The company uses 800 crates per month(u = 800), so they use 9,600 crates per year: D = 9,600

The holding cost is 35% of the crate's price = 35% x $10 = $3.50 per crate: H = 3.50

Ordering cost is: S = $28.

The actual total annual inventory cost: TC = [(u / 2) x H] + [(D / u) x S] = [(800 / 2) x 3.50] + [(9,600 / 800) x 28] = (400 x 3.5) + (12 x 28) = 1,400 + 336 = $1,736

EOQ = √[(2 x S x D) / H)] = √[(2 x 28 x 9,600) / 3.5] = √(537,600 / 3.5) = √153,600 = 391.92

The total cost using the EOQ = [(EOQ / 2) x H] + [(D / EOQ) x S] = [(391.92 / 2) x 3.5] + [(9,600 / 391.92) x 28] = (195.96 x 3.5) + (24.49  x 28) = 685.86 + 685.85 = $1,371.71

The difference between the actual total cost minus the EOQ cost = $1,736 - $1,371.71 = $364.29

8 0
4 years ago
Other questions:
  • Action Co. is attempting to decide whether or not to launch a new $10 million advertising campaign for a product whose sales hav
    9·1 answer
  • Trans Globe Airlines has recently looked into a merger with Royal Blue Airlines, a financially troubled rival. The firms believe
    6·1 answer
  • Suppose that a small town has seven burger shops whose respective shares of the local hamburger market are (as percentages of al
    6·1 answer
  • Grib Corporation uses a predetermined overhead rate based on direct labor cost to apply manufacturing overhead to jobs. The pred
    13·1 answer
  • SweetTooth Candies is a U.S.-based company that manufactures and distributes candy bars and snack foods globally. The company so
    14·1 answer
  • Suppose the following transactions occur during the current year:1. Darnell orders 50 bottles of champagne from a French distrib
    9·1 answer
  • The income statement of Blossom Company for the month of July shows net income of $3,310 based on Service Revenue $7,210, Salari
    12·1 answer
  • Maxell Company uses the FIFO method to assign costs to inventory and cost of goods sold. The company uses a periodic inventory s
    7·1 answer
  • A firm purchased a three-year insurance policy for $5,760 on July 1, 2019. The $5,760 was debited to the Prepaid Insurance 2. On
    10·1 answer
  • To compute net income for a merchandiser, you will start with net sales, subtract cost of goods sold and subtract other.
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!