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nalin [4]
3 years ago
8

Tamarisk Corporation had the following 2020 income statement. Sales revenue $189,000 Cost of goods sold 129,000 Gross profit 60,

000 Operating expenses (includes depreciation of $20,000) 54,000 Net income $6,000 The following accounts increased during 2020: Accounts Receivable $14,000, Inventory $10,000, Accounts Payable $12,000. Prepare the cash flows from operating activities section of Tamarisk’s 2020 statement of cash flows using the indirect method.

Business
1 answer:
densk [106]3 years ago
6 0

Answer:

Kindly check attached picture for Tamarisk Corporation Statement Of Income 2020 (indirect method)

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Return on sales for south drive is lower in year 2 than year 1 what expense is causing this lower?
sergey [27]

The correct answer is d: Interest Expense. The expense that is causing lower profitability is the Interest Expense.

The fee incurred by a business for borrowed cash is known as an interest expense. On the income statement, it is listed as a non-operating expense. It stands for the interest due on all borrowings, including bonds, loans, convertible debt, and credit lines. In essence, it is determined by multiplying the interest rate by the debt's outstanding principal. Instead of the amount of interest paid over the reporting period, interest expense on the income statement shows interest accrued during that time. While interest costs are tax deductible for businesses, they may not be in the case of an individual, depending on their jurisdiction and the purpose of the loan.

Since there are typically lags between interest accruing and interest paid, interest expense frequently appears as a line item on a company's balance sheet.

Comparative income statements for South Drive Company for Year 2 and Year 1 are given below.

................................................Year 2.......................... Year 1

Sales ....................................900,000 .......................500,000

Cost of goods sold ..........(432,000) ......................(240,000)

Gross profit on sales ........468,000 ........................260,000

Wage expense ..................(54,000) .......................(30,000)

Rent expense ....................(90,000) .......................(50,000)

Operating income .............324,000 ........................180,000

Interest expense............... (80,000)........................ (30,000)

Net income........................ 244,000 ..........................150,000

Return on sales for South Drive is lower in Year 2 than in Year 1. What expense is causing this lower profitability?

a. Cost of Goods Sold

b. Wage Expense

c. Rent Expense

d. Interest Expense

Learn more about interest expense here:

brainly.com/question/14185533

#SPJ4

6 0
2 years ago
The following table shows a portion of a three-year amortization schedule. A 3-year amortization schedule. The loan amount or pr
larisa [96]

The correct statement is that at the end of two years a total interest of 1246.10 has been paid  on a principal of $11940, where the interest rate is 7.45 percent. So, the correct option is B.

The calculation on monthly payment of interest can be done by ascertainment of the interest paid for two years and division of such amount by total number of months.

<h3>Calculation of Monthly Payment</h3>

We know that the interest to be paid for the first year will be close to $902 and that for the second year will be calculated as follows,

\rm Interest for\ Second\ Year= Monthly\ Payment\ x\ 12\\\\\rm Interest for\ Second\ Year= 28.69\ x\ 12\\\\\rm Interest for\ Second\ Year= \$344.28

So, the total interest paid at the end of the second year will be,

\rm Total\ Interest\ for\ Two\ Years= Interest\ for\ One\ Year+ Interest\ for\ Second\ Year\\\\\rm Total\ Interest\ for\ Two\ Years= 902+344.10\\\\\rm Total\ Interest\ for\ Two\ Years= \$1246.10

So, the total interest paid fully at the end of two years will be $1246.10

Hence, the correct option is B that the  total interest of 1246.10 has been paid  on a principal of $11940 at the end of two years upon monthly payments of such years.

Learn more about monthly payment here:

brainly.com/question/22891559

5 0
2 years ago
The growth rate in the fourth quarter of 2010 was 3.1%. What was the growth rate in the first quarter of 2011?
TiliK225 [7]
The answer is C) 1.9
5 0
3 years ago
Read 2 more answers
A person who wants to cash his paycheck is advised to go to his bank rather than to a check cashing store because check cashing
Marianna [84]
<span>Often take a commission for their service. The commission could be a flat rate or a percentage of the check. Generally banks do not charge their customers to cash checks. A bank may charge a small fee to cash a check if the person is not their customer.</span>
3 0
3 years ago
intext:"A corporation issued 6,000 shares of its $2 par value common stock in exchange for land that has a market value of $84,0
guajiro [1.7K]

Answer:

Date     Account Titles and Explanation              Debit       Credit

              Land                                                         $84,000

                 Common stock                                                     $12,000

                  Paid in capital in excess of par value                 $72,000

Workings:

Amount of Common stock = Number of shares * Paid in capital per share

= 6,000 shares * $2

= $12,000

Amount of excess of paid in capital = Market value of land - Amount of common stock

= $84,000 - $12,000

= $72,000

8 0
3 years ago
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