Answer:
The following records won't be required in drawing up a cash flow statement:
a. Income statement (True)
b. Balance sheet (True)
c. Prospectus (False)
d. Financial statement notes (True)
e. Company news releases (False)
f. Statement of cash flows (True)
g. Stock price information and analysis (False)
h. Statement of shareholders' equity (True)
i. Management discussion and analysis of financial performance (False)
Explanation:
A cash flow statement is an element of the financial statement which helps investors identify the liquidity of the business.
It reveals in great details the sources and uses of the cash resources of the business, and gives true indication to the internal workings of management in wealth creation for the shareholders
Since its only concerned about the cash uses and sourcing, it means not all financial record of the business will be essential in drawing up a statement of cash flow.
Answer:
No. Account Titles & Explanation Debit Credit
1.
Cash $38,000
Barry Capital Account $38,000
2.
No Entry Requires as Employee are only Hired there id no financial transaction involved in hiring the employees only.
3.
Prepaid Rent $10,800
Cash $10,800
4.
Wages Expense $500
Cash $500
5.
Cash $2,900
Revenue $2,900
Explanation:
1. Cash paid is the capital contribution in the business so cash account will be debited and capital account will be credit as per their nature.
2. Hired an employee does not need any transaction as there is no financial involvement in just hiring an employee.
3. Prepaid expense is actually an asset for us as we paid expenses in advance which is not incurred yet. It will be recognized as expense with passage of time.
4. Payment to worker is an expenses against a credit to cash as wage is paid in cash.
5. Revenue earned should be recorded and also received so cash will be debited for the receipt from sales and revenue shold be debited due to its nature of account.
Answer:
A technological choice
Explanation:
Here, what you care about is taking the dollar home in form of cash not necessarily the free lunch in the restaurants. This is an example of technological choice.
Answer:
Money owing to bank, Motor Van, Stock of goods
Explanation:
Answer:
Incremental loss of Spock = $19,800
Incremental profit of Uhura = $12,300
Incremental profit of Sulu = $94,200
Explanation:
Note: See the attached excel for the determination the incremental profit or loss that each of the three joint products.
In the attached excl file, the following formulae are used:
a. Incremental sales value = Sales value of processed product - Sales value at split off point
b. Incremental profit (loss) = Incremental sales value - Costs to process further