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Bezzdna [24]
2 years ago
13

Gutierrez Company reported net income of $196,100 for 2020. Gutierrez also reported depreciation expense of $47,400 and a loss o

f $5,600 on the disposal of plant assets. The comparative balance sheet shows a decrease in accounts receivable of $10,900 for the year, a $12,900 increase in accounts payable, and a $3,200 decrease in prepaid expenses.
Required:
Prepare the operating activities section of the statement of cash flows for 2020.
Business
1 answer:
Leokris [45]2 years ago
4 0

Answer:

$276,100

Explanation:

Preparation of the operating activities section of the statement of cash flows for 2020

GUTIERREZ COMPANY Statement of Cash FlowsFor Year Ended December 31, 2020

Cash flows – operating activities

Net income $196,100

Add Reconciling adjustments to net income to netcash provided by activities:

Depreciation expense$47,400

Loss on Disposal of plant assets $5,600

Increase in Accounts payable $12,900

Decrease in Accounts receivable $10,900

Decrease in Prepaid expenses $3,200

Net cash – operating activities $276,100

Therefore the operating activities section of the statement of cash flows for 2020 will be $276,100

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The following transactions occur for Cardinal Music Academy during the month of October:
tamaranim1 [39]

Answer:

The entries to record the transactions are given below.

a. Provide music lessons to students for $7,000 cash.

Debit Cash Asset                          $ 7000

CreditService Revenue income   $ 7000

b. Purchase prepaid insurance to protect musical equipment over the next year for $3,000 cash.

Debit Prepaid Insurance equipment Asset $ 3000

Credit Cash Asset                                          $ 3000

c. Purchase musical equipment for $10,000 cash.

Debit Equipment Asset    $ 10,000

Credit Cash Asset            $ 10,000

d. Obtain a loan from a bank by signing a note for $10,000

Debit Cash Asset            $ 10,000

Credit Notes payable     $ 10,000

7 0
3 years ago
Mugs Café sells 1000 cups of coffee per week if it does not advertise. For every $50 spent in advertising per week, it sells an
Zepler [3.9K]

Answer:

1,300 cups

Explanation:

This can be solved as follows:

Question "a"

y = a + bx ................................................. (1)

Where,

y = number of cups of coffee sold per week

x = number of times b is multiplied based on the amount spent on adverts

amount spent on advertising per week

a = fixed cups of coffee per week without advertising = 1,000 cups

b = extra quantity sold when $50 is spent on advertisement = 150 cups

If the available figures above are substituted into equation (1), we will have the linear function as follows:

y = 1000 + 150x ................................................. (2)

Equation (2) is the linear function required.

Question "b"

If $100 per week is spent on advertising, we can get X by dividing it by $50 as follows:

x = $100 ÷ $50 = 2

Substituting 2 for x in equation (2), we can calculate y as follows:

y = 1000 + 150(2)

  = 1000 + 300

  = 1,300 cups.

Therefore, 1,300 cups of coffee are expected to be sold per week by Mugs Café if it spends $100 per week on advertising.

I wish you the best.

8 0
3 years ago
The world price of a ton of steel is $1000. Before Russia allowed trade in steel, the price of a ton of steel there was $650. On
Arte-miy333 [17]

Answer:

The correct answer is B

Explanation:

Export is the term which is defined as the goods and the services which are produced in one country and the residents of the other country purchased or bought it.

In short, it means that produced domestically, and then sold it to the foreign country.

Under this situation, the world price of the steel is $1,000. And the Russia started to export the steel so, it will lead to exporting the steel and the price would be $1,0000.

6 0
3 years ago
Genetic Innovations, LP, is a limited partnership. The partners sign an agreement purporting to state how the firm’s profits and
Gnom [1K]

Answer:

a. according to the agreement.

Explanation:

Profits or losses, made by a partnership firm shall be divided among its partners in accordance with terms specified in the agreement.

However, in absence of any written or oral agreement among the partners, profits and losses shall be distributed equally among the partners.

6 0
3 years ago
A _____ is an organizational group responsible for coordinating the project management function throughout an organization. Proj
-BARSIC- [3]

Answer:

Project Management Office

Explanation:

Project Management Office ( PMO )-

It refers to the group in the business or any agency , which is responsible for maintaining the standard of the project management in the organisation is referred to as the Project Management Office .

The project management office , is the main source of any documentation regarding the project , all the guidance and information is present with the PMO.

Hence, from the given information of the question,

The correct option is Project Management Office.

7 0
3 years ago
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