Cash receipts from customers = $136,000
cash payment for operating expenses = $102,000
tax paid = 1 / 3
Amount on which tax paid = $9,300
amount of tax paid = $9,300 / 3 = $3,100
net cash provides by operating activities = ?
Net cash = cash from customers - cash payment for operating expense - amount of tax paid
= $136,000 - $102,000 - $3,100
= $30,900
so the net cash provided by operating activities is $30,900
B - The quantity of milk supplied will decrease
Answer: See explanation
Explanation:
The year-end adjusting entry to record the cost side of sales returns and allowances will be:
Dr Inventory Return estimated $3200
Cr Cost of goods sold $3200
(To record expected coat of returns)
Note that the above calculation was done as:
= $64,000 × 5%
= $64,000 × 0.05
= $3200
"Gross pay"
Gross pay is <em>before </em>taxes and withholdings, net pay (aka take-home pay) is what is left over <em>after </em>taxes/etc are taken out.
Answer:
A. seek information about loans from the banks.
Explanation:
A loan can be defined as an amount of money that is being borrowed from a lender and it is expected to be paid back at an agreed date with interest.
Generally, the financial institution such as a bank lending out the sum of money usually requires that borrower provides a collateral which would be taken over in the event that the borrower defaults (fails) in the repayment of the loan.
An auditor refers to an authorized individual who review, examine and verify the authenticity and accuracy of business financial records or transactions.
An auditor ordinarily sends a standard confirmation request to all banks with which the entity it is auditing has done business during the year under audit, regardless of the year-end balance. One purpose of this procedure is to seek information about loans from the banks so as to examine and verify the amount that was loaned by the bank to the business entity, as well as comparing the figures (values) to that on the balance sheet.
