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Igoryamba
3 years ago
14

The 2020 accounting records of Splish Brothers Inc. reveal these transactions and events. Payment of interest $ 10,400 Collectio

n of accounts receivable $189,500 Cash sales 49,300 Payment of salaries and wages 57,700 Receipt of dividend revenue 17,900 Depreciation expense 15,100 Payment of income taxes 15,000 Proceeds from sale of vehicles 12,300 Net income 38,500 Purchase of equipment for cash 22,500 Payment of accounts payable Loss on sale of vehicles 3,300 for merchandise 115,400 Payment of dividends 14,900 Payment for land 73,400 Payment of operating expenses 28,400 Prepare the cash flows from operating activities section using the direct method
Business
1 answer:
Alekssandra [29.7K]3 years ago
3 0

Answer and Explanation:

The Preparation of cash flows from operating activities section using the direct method is shown below:-

                                  Splish Brothers Inc.

               Statement of Cash Flows using Direct method

                           For the Year ended 2020

Particulars                                                                        Amount

Cash Flows from operating activities:

Cash collection from:-  

Customers

($49,300 + $189,500)                       $238,800

Dividend Revenue                            $17,900                  $256,700

Less: Cash payments for

Interest                                              ($10,400)

Income Taxes                                    (15,000)

Salaries and wages                           (57,700)

Operating Expenses                        ($28,400)

Cash payment to

Suppliers for Merchandise               ($115,400)              $226,900

Net Cash provided by operating activities                     $29,800

Since the cash payment reflects the cash outflow so this items would be represented in a negative sign and the cash collections reflects the cash inflow so this item would be represented in a positive sign

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Mr. Decker invested $20,000 in cash in his new business. How does the company record the investment?
Rudiy27

Answer:

The company records the investment by the entry:

(D) debit Cash and credit Owner's Equity

Explanation:

Mr. Decker invested $20,000 in cash in his new business. He is the Owner of the company.

In the case, the company that he invested received cash from Mr. Decker.

The company will record the increasing in cash and increasing in Owner's Equity account by the journal entry:

Debit Cash $20,000

Credit Owner's Equity $20,000

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3 years ago
The situation described in the first excerpt, what is the inspector's opinion of employer taylor, ibbotson, and co.? what phrase
kap26 [50]

Full Question:

Directions: The following excerpts come from reports of child labor practices submitted to Parliament.

The first is from a report by Superintendent of Factory Inspections Robert A. Baker in 1836, three years after the 1833 Factory Act went into effect.

The second is a personal narrative from a report compiled by the Children's Employment Commission nearly 30 years later in 1864. Read the excerpts and answer the questions that follow:

<em>My Lord, in the case of Taylor Ibbotson, and Co., I took the evidence from the mouths of the boys themselves. They stated to me that they commenced working on Friday morning, the 27th of May last, at six, A.M, and that, with the exception of meal hours and one hour at mIdnIght extra, they did not cease working till four o'clock on Saturday evening, having been two days and a night thus engaged. Believing the case scarcely possible, I asked every boy the same question, and from each received the same answer. I then went into the house to look at the time-book, and in the presence of one of the Masters referred to the cruelty of the case, and stated that I should certainly punish It with all the severity In my power....  My Lord, by a clause In the factory act, it Is enacted that, “no more than one penalty can be obtalned from any one person for any one description of offence in any one day” Had I laid the information, therefore, on all the boys for the same offence, the penalty could have only been 20/. [About $100 in 2010] a sum which appeared to me inadequate to the gross nature of the offence committed, I therefore, my lord, varied the Information, so as to enable me to sue for 80/ [about $400 In 2010], being four full penalties, could I have obtained them, laying the first for working two boys more than twelve hours on the Frlday; the second for working a boy before five o'clock on the Saturday morning; the other for working two boys in the night time, between FrIday and Saturday; and the fourth for keeping a false time-book, as to the hours of working. These views, however my lord, were not responded to, I very much regret to say, by the magistrates before whom the case was heard. The parties were only fine 50/. [about $50 fo In 2010] on each Information, and wIth an aggregate of penalties of 102 [about $100 In 20101 escaped.  —Robert A. Baker, Superintendent of Factory Inspections, 1836 </em>

Question: The situation described in the first excerpt, what is the inspector's opinion of employer Taylor, Ibbotson, and co.? what phrases in the report support this

Answer:

The inspectors opinion of Taylor Ibboston and Co, is that they have engaged in criminal activities which are in violation fo the 1833 Factory Act. He is also is of the opinion that they ought to be punished to the full extend of the Law.

Explanation:

In the excerpt, he clearly states:

<em>I then went into the house to look at the time-book, and in the presence of one of the Masters referred to the cruelty of the case, and stated that I should certainly punish It with all the severity In my power....  </em>

<em />

Another phrase which supports his position states:

<em> I therefore, my lord, varied the Information, so as to enable me to sue for 80/ [about $400 In 2010], being four full penalties, ... </em>

<em />

Cheers!

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A fifteen-year adjustable-rate mortgage of $117,134.80 is being repaid with monthly payments of $988.45 based upon a nominal int
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Answer:

Using an excel spreadsheet I prepared an amortization schedule. For the 61st payment, the interest rate is increased from 0.5% to 0.625% monthly.

(a) Calculate the loan balance immediately after the 84th payment.

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(b) Calculate the amount of interest in the 84th payment.

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As you can see, the interest amount for the 61st payment increases, while it had been decreasing previously.

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Oligopolistic firms have been called what as this lesson has mentioned
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Answer: B. Cats in a bag

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oligopolistic firms is a small number of firms who realize that they all constitute such a small number of firms that they enjoy a lot of power together. so together they are cats in a bag.

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