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Rasek [7]
2 years ago
11

The net income reported on the income statement for the current year was $212000. Depreciation recorded on plant assets was $355

00. Accounts receivable and inventories increased by $2100 and $7900, respectively. Prepaid expenses and accounts payable decreased by $1900 and $12500 respectively. How much cash was provided by operating activities?
Business
1 answer:
Fudgin [204]2 years ago
7 0

Answer:

$226,900

Explanation:

Calculation to determine How much cash was provided by operating activities

Using this formula

Operating activities=Net income+Depreciation-Accounts receivable + inventories increased-Prepaid expenses - accounts payable decreased

Let plug in the formula

Operating activities=$212000 + $35500 - $2100 - $7900 + $1900 - $12500

Operating activities =$226,900

Therefore The Amount of cash that was provided by operating activities is $226,900

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Certain adjusting entries made at the end of an accounting period are reversed at the beginning of the following period Required
frutty [35]

Answer:

No reversing entry is needed as they are all posted correctly

Explanation:

1. Rent Expense 1,000 Prepaid Rent 1,000

This entry is correct because it rent had been prepaid, then the entry would have been to debit 'Prepaid Rent'and credit Cash/Bank. However at the end of the period when rent is accrued, you debit 'rent expense' and credit 'prepaid rent'

2.Taxes Expense 1,750 Taxes Payable 1,750

This entry is correct because at the end of the period when Tax is accrued, you debit 'Tax expense' and credit 'Tax payable' because tax is always paid much later in a future period not the current period

3. Deferred Rent Revenue 1,550 Rent Revenue 1,550

This entry is correct because at the end of the period when rent income is earned, but has been paid for before: you debit 'Deferred Rent Revenue' and credit 'Rent Revenue' because (at least a portion of) the deferred rent revenue is now earned.

4. Salaries Expense 150 Salaries Payable 150

This entry is correct because at the end of the period when Salary is accrued, you debit 'Salary expense' and credit 'Salaries payable'

6 0
3 years ago
Read 2 more answers
1. The classical dichotomy and the neutrality of money The classical dichotomy is the separation of real and nominal variables.
Archy [21]

Answer:

These two options represent nominal values:

-The price of a beignet is $3.00 in 2011.

-Maria's wage is $27.00 per hour in 2011.

They are expressed in monetary value without taking into account inflation, or without being represented in terms of something else.

This option represents real value:

-The price of a beignet is 0.33 paperback novels in 2011.

The price of a beignet, nominally $3.00 is being expressed in relation to the price of something else: paperback novels, whose nominal price is $9.00.

In other words, in real terms, a beignet costs a third of what a paperback novel costs.

8 0
3 years ago
Adrienne has several receipts from recent transactions that she entered in her records. The receipts include an ATM receipt for
madreJ [45]
I think it's "Adrienne did not enter her ATM withdrawal correctly"
8 0
3 years ago
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A partner that invests money in a business, but does not take an active role in management or assume unlimited liability is best
Arturiano [62]

Answer: Limited partner

Explanation:

The limited partner is part of the owners of a partnership business that doesn't play an active role in supervising daily business operations and whose liability in the business is limited only to the amount of money invested into the business. The limited partner leaves the partnership daily runnings for the active partner.

8 0
2 years ago
refer to the accompanying national income data (in billions of dollars). the gross domestic product for this economy is
jeka94

Answer: $623 billion

Explanation:

Gross Domestic Product refers to the final value of the goods and services produced within a country in a certain period which is usually a year.

It can be calculated by several approaches with one of them being the Expenditure approach.

The formula is:

= Consumption + Investment + Government spending + Net exports

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4 0
3 years ago
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