All categories

3 years ago

A comparative balance sheet for Culver Corporation is presented as follows.

Business

1 answer:

laila [671]3 years ago

7 0

Answer:

Increase in cash = $50,740

Explanation:

The statement of cash flows for 2020 can be prepared as follows:

Culver Corporation

Statement of Cash Flows

For December 31, 2020

Particulars $ $

Net income 127,440

Adjustment to reconcile net income:

Depreciation expenses (w.1) 26,740

(Increase) decrease in current assets:

Increase in accounts receivable (w.2) (15,740)

Decrease in inventory (w.3) 9,260

Increase (decrease) in current liabilities:

Decrease in accounts payable (w.4) (13,260)

Net cash from operating activities 134,440

Cash Flow from Investing Activities

Sales of land (w.5) 39,260

Purchase of equipment (w.6) (59,740)

Net cash from investing activities 20,480

Cash Flow from Financing Activities

Cash dividends paid (63,220)

Net cash from financing activities 63,220

Increase / (Decrease) in cash 50,740

Beginning cash balance 22,000

Ending cash balance  72,740

Workings:

w.1: Depreciation expenses = Accumulated Depreciation in 2020 - Accumulated Depreciation in 2019 = $70,220 - $43,480 = $26,740

w.2: Increase in accounts receivable = Accounts receivable in 2020 - Accounts receivable in 2021 = $83,220 - $67,480 = $15,740

w.3: Decrease in inventory = Inventory in 2020 - Inventory in 2019 = 181220 190480 = -$9,260

w.4: Decrease in accounts payable = Accounts payable in 2020 - Accounts payable in 2019 = ($35,220 - $48,480) = $13,260

w.5: Sales of land = Land in 2019 - Land in 2020 = ($111,480 - $72,220) = $39,260

w.6: Purchase of equipment = Equipment in 2020 - Equipment in 2019 = $261,220- $201,480 = $59,740

You might be interested in

Begin by reviewing the labels for the change in stockholders' equity and then enter the amounts for each situation.

Luda [366]

Answer:

Note: The missing part of the question is

" 2017'million 2016'million

Total asset 77 50

Total liability 18 13"

Solution:

Stockholders Equity at year end

2017 2016

Assets 77 50

Less: liabilities -18 -13

Equity at end 59 37

Note: Situation 1, 2 and 3 is the same as question 1, 2 and 3

Situation 1 Situation 2 Situation 3

$'million $'million $'million

Total stockholders Equity 37 37 37

Jan 31 ,2016

Add: Issuance of stock 13 0 20

Less: dividend declared 0 -17 -27

Net income 9 39 29

Total stockholders Equity 59 59 59

January 31,2017

7 0

3 years ago

What percentage tariff increase has nersa granted eskom for the financial period 2016/2017?

Mars2501 [29]

For the financial period of 2016-2017, the percentage tariff increase Nersa has granted to Eskom is 9.4%. This is relatively low compared to the proposed tariff increases in the few previous years.

6 0

3 years ago

Effects of internal migration to the labour force

Tcecarenko [31]

Answer:

Internal migration is the permanent displacement of certain groups of people within the same country, that is, from one region to another of the same nation. These displacements usually occur for economic reasons (that is, not for humanitarian issues, such as wars or major crises, since in those cases migration generally occurs abroad), such as work or personal relocations, such as life choices.

This type of migration tends to occur from rural areas to urban areas, and in general the labor force in cities increases, while that of rural areas decreases.

8 0

3 years ago

How many economic impact payments were there in 2021.

olga2289 [7]

Answer:

three Economic Impact Payments

Explanation:

Recovery rebate credits (Economic Impact Payments) for 2020 and 2021. To provide financial relief during a pandemic, many Americans received three Economic Impact Payments (EIP) in 2020 and 2021. The third payment, which began rolling out in March 2021, served as an advance payment of the 2021 Recovery Rebate Credit.

6 0

3 years ago

Read 2 more answers

Which of the following actions would improve your credit score?

bagirrra123 [75]

Don't over buy items you don't need.

6 0

4 years ago