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Elza [17]
3 years ago
11

Alex Company prepares its statement of cash flows using the direct method for operating activities. For the year ended December

31, 2018, Alex Company reports the following activity: Sales on account $2,100,000 Cash sales 1,110,000 Decrease in accounts receivable 915,000 Increase in accounts payable 108,000 Increase in inventory 72,000 Cost of good sold 1,575,000 What is the amount of cash collections from customers reported by Alex Company for the year ended December 31, 2018
Business
1 answer:
SpyIntel [72]3 years ago
4 0

Answer:

The amount of cash collections from customers reported by Alex company for the year ended December 31, 2018 is $4,125,000.

Explanation:

Cash collection refers to the collection of cash from from an individual or a business whom invoice has been issued to. Any invoice unpaid are noted as being outstanding.

Cash collection fomular is therefore;

Cash collection = Sales on account + Cash sales + Decrease in accounts receivable

=$2,100,000 +$1,110,000 + $915,000

=$4,125,000

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3 years ago
This year Randy paid $29,050 of interest on his residence. (Randy borrowed $464,000 to buy his residence, and it is currently wo
Luden [163]

Answer:

the last part of the question is missing, so I looked for it:

a. Randy received $2,200 of interest this year and no other investment income or expenses. His AGI is $75,000.

b. Randy had no investment income this year, and his AGI is $75,000.

a) Randy can deduct $31,575:

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  • he can deduct $4,725 - $2,200 = $2,525 as investment interest expense

b) Randy can deduct $29,050

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3 years ago
The main advantage of diversification as an investment policy is that it
Lera25 [3.4K]

Answer:

Minimising risk of loss

Explanation:

One of the most significant values of investment is to guarantee that you have a extended portfolio. The key advantage of constructing a portfolio is that it helps in Limiting danger of misfortune. If one venture performs ineffectively over a specific period, different speculations may perform better over that equivalent period, decreasing the potential misfortunes of your venture portfolio from concentrating all your capital under one kind of speculation.

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3 years ago
Cari Chair Company manufactures rocking chairs. The estimated number of rocking chair sales for each of the last three months of
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Answer:

Production December=  15,000

Explanation:

Giving the following information:

Month Unit Sales

October 10,000

November 14,000

December 15,000

Finished goods inventory at the end of November was 4,000 units.

<u>To calculate the production required for December, we need to use the following formula:</u>

Production= sales + desired ending inventory - beginning inventory

Production=  15,000 + 16,000*0.25 - 4,000

Production=  15,000

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3 years ago
Rebel Technology maintains its records using cash-basis accounting. During the year, the company received cash from customers, $
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Answer:

The cash-basis net income and accrual-basis net income for the year is $19,500 and $22,800 respectively.

Explanation:

The computation is shown below:

1. Net income under cash basis:

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= $43,000 - $23,500

= $19,500

2. Net income under accrual basis:

= Cash received - salary paid

where,

Cash received = Cash owed at the end of the year + cash received - cash owed at the beginning of the year

= $6,600 + $43,000 - $1,000

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And, the salary paid = salary owed at the end of the year + salary paid - salary owed at the beginning of the year

= $5,600 + $23,500 - $3,300

= $25,800

Now put these values to the above formula  

So, the value would equal to

= $48,600 - $25,800

= $22,800

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3 years ago
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