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
m_a_m_a [10]
3 years ago
15

Portions of the financial statements for Myriad Products are provided below. MYRIAD PRODUCTS COMPANY Income Statement For the Ye

ar Ended December 31, 2021 ($ in millions) Sales $620 Cost of goods sold 217 Gross margin 403 Salaries expense$85 Depreciation expense 72 Amortization expense 5 Interest expense 12 Loss on sale of land 3 177 Income before taxes 226 Income tax expense 113 Net Income $113 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) Year 20212020Change Cash$108 $104 $4 Accounts receivable 224 238 (14) Inventory 442 454 (12) Accounts payable 150 142 8 Salaries payable 82 90 (8) Interest payable 31 24 7 Income tax payable 21 14 7 Required: Prepare the cash flows from the operating activities section of the statement of cash flows for Myriad Products Company using the indirect method
Business
1 answer:
Tamiku [17]3 years ago
6 0

Answer:

$233 million

Explanation:

                      Statement of cash flow

              Cash flow from operating activity

Particulars                                                 Amount ($ in millions)

Net income                                                 113

<em>Adjustment in net income</em>

Depreciation                                   72  

Amortization                                    5

Loss on sale of land                        3

Decrease account receivable       14  

Decrease inventory                       12

Increase account payable             8

Decrease salary payable              (8)

Increase interest payable              7

Increase income tax payable        7           <u>120</u>

Net cash flow from operating activity     <u>233</u>

You might be interested in
F ZMW 51,000 cash is paid to buy land, the land is reported on the buyer's balance sheet at ZMW 51,000.
Tomtit [17]

Answer:

This is made due to the application of the cost principle or historical cost concept.

Explanation:

The cost principle or historical cost concept states that the assets, equities, and liabilities are required to be recorded on the financial records on the basis of their original cost. Thus as the cash paid is ZMW 51,000, the same is required to be recorded on the balance sheet of the buyer.

5 0
3 years ago
Omar, an individual in the 37% tax bracket, wants to shift some of his income to a new corporation in order to take advantage of
Dovator [93]

Answer:

Omar's plan of retaining earnings can work depending on the liquidity preference of the shareholders.

If the shareholders have interest in short-term liquidity benefit (i.e. dividend), then his plans might be frustrated and vice versa.

7 0
3 years ago
when commercial farming proposals have promised more jobs in zambia, why have there been job losses at the farm taken over by ch
bekas [8.4K]

The commercial farms have not offered assistance to the nearby subsistence farmers.

<h3>What is commercial farming?</h3>

Commercial farming is done to cultivate crops and cattle in order to gain money. Crops can be sold directly to consumers and businesses or processed into products like juices, jellies, pickles, and other foods.

Commercial agricultural practices: the raising of animals and food for market, frequently utilizing current technology.

Thus, The commercial farms have not offered assistance to the nearby subsistence farmers.

For more information about commercial farms, click here:

brainly.com/question/17392167

#SPJ1

4 0
1 year ago
An adjusting entry was made on year-end December 31 to accrue salary expense of $1,500. Assuming the company does not prepare re
cluponka [151]

Answer and Explanation:

The Journal entries are shown below:-

1. Salary Expense $1,500

          To Salary Payable $1,500

(Being salary expense is recorded)

Here we debited the salary expenses as it increased the expenses and we credited the salary payable as  it also increased the liabilities

2. Salary Expense Dr, $2,100

   Salary Payable Dr, $1,500

              To Cash $3,600

(Being cash paid is recorded)

Here we debited the salary expenses and salary payable as it increased the expenses and decreased the liabilities  and we credited cash as it reduced the assets

7 0
3 years ago
both the demand for and the supply of the resource declines in the same proportion. demand remaining constant, supply of the res
leonid [27]

If both demand and supply decrease, consumers wish to buy less and firms wish to supply less, so output will fall. However, since consumers place a lower value on each unit, but producers are willing to supply each unit only at higher prices, the effect on price will depend on the relative size of the two changes.

What happens if both the demand and supply curves decrease at the same time?

Since decreases in demand and supply, considered separately, each cause equilibrium quantity to fall, the impact of both decreasing simultaneously means that a new equilibrium quantity of coffee must be less than the old equilibrium quantity.

What happens when supply and demand shift at the same time?

If the increase in both demand and supply is exactly equal, there occurs a proportionate shift in the demand and supply curve. Consequently, the equilibrium price remains the same. However, the equilibrium quantity rises. In such a case, the right shift of the demand curve is more relative to that of the supply curve.

What is the meaning of demand and supply?

the amount of goods and services that are available for people to buy compared to the amount of goods and services that people want to buy If less of a product than the public wants is produced, the law of supply and demand says that more can be charged for the product.

What is the relationship of demand and supply?

It's a fundamental economic principle that when supply exceeds demand for a good or service, prices fall. When demand exceeds supply, prices tend to rise. There is an inverse relationship between the supply and prices of goods and services when demand is unchanged.

Learn more about demand and supply :

brainly.com/question/1222851

#SPJ4

6 0
1 year ago
Other questions:
  • Waygate's residential internet modem works well but is sensitive to power-line fluctuations. On average, this product hangs up a
    6·1 answer
  • Journalize the following transactions of Trapper Jon’s Productions. Assume 360 days in a year. If an amount box does not require
    8·1 answer
  • What are some consideration that must taken into account to evaluating economics model
    7·1 answer
  • Is designed to protect you from injuries to your head face ears eyes hands feet
    7·1 answer
  • Principals that manage an llc owe its members __________.
    11·1 answer
  • What are the three practices of oligopolies that concern the government the most?
    8·2 answers
  • A small business loan is used to pay for the costs associated with starting your own company? True or false
    11·1 answer
  • Improvised explosive devices (IEDs) are responsible for many deaths in times of strife and war. Unmanned ground vehicles (robots
    11·1 answer
  • Summerlin Company budgeted 4,000 pounds of material costing $5.00 per pound to produce 2,000 units. The company actually used 4,
    7·1 answer
  • Thế nào là dãy số thời kỳ
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!