Answer:
The answer is $209,300
Explanation:
This is an indirect method of preparing cash flow. Why? - Because indirect method of preparing cash flow start with net income under cash flow for operating activities section.
Account payable decrease over the year($36,600 - $32,100)
=$4,500
Inventory balance increase over the year($46,300 - $43,100)
=$3,200
Therefore, Nevada Boot would report operating cash flows of:
Net income....................................$217,000
Less:
Increase in inventory......... ($3,200)
Decrease in accounts payable.................................. ($4,500)
Cash flow from operating activities...............................$209,300
Answer:
What is allowance for doubtful debt?
This represents management's estimate of the amount of accounts receivable that will not be paid by customers. They are amount owed by debtors, whose likelihood of collection is not certain.
1 Bad debts expense Dr ($18,000 × 0.25%) $45
To Allowance for Doubtful Accounts $45
(Being the bad debt expense is recorded)
2. Bad debts expense $45
($72 - $27)
To Allowance for Doubtful Accounts $45
(Being the bad debt expense is recorded)
3 Bad debts expense $105
($72 + $33)
To Allowance for Doubtful Accounts $105
(Being the bad debt expense is recorded)
4 Allowance for Doubtful Accounts $15
To Accounts Receivable $15
(Being the allowance for doubtful accounts is recorded)
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Explanation:
The reported ending inventory was $43,112 thousand. If FIFO were used exclusively, the ending inventory would have been $6,964 thousand higher than reported, or $50,076 thousand.
Inventory refers to all the items, goods, goods, and materials that a business holds for sale in the market to make a profit. Example: If a newsagent uses a vehicle to deliver newspapers to customers, only the newspapers are considered inventory. A car is treated as an asset.
The manufacturer has three types of inventory. There are raw materials (awaiting processing), work in process (processed), and finished goods (preparing for shipment). The LIFO method assumes that the most recently purchased inventory units are sold.
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Answer:
6.21%
Explanation:
Discount of the bond can be calculated by subtracting the purchase price of the bond from the face value. Discount Yield is the ratio of discount on the bond to the future value of the bond.
Discount Yield = [(F - P)/F] x [360/t]
Where
F = Face Value = $1,000 ( assumed)
P = Present value = $1,000 x 97.5% = $975
t = 145 days
Placing the value in the formula
Discount Yield = [($1,000 - $975)/$1,000] x [360/145] = 0.0621 = 6.21%
Answer:
$11,671.73
Explanation:
The computation of the bank statement dated October 31,2015 balance is
Ending balance $21,335.83
Less: Outstanding checks -$9,669.69
Add: Interest received $30.59
Less: Service charged -$25
Reported balance $11,671.73
We simply deducted the outstanding checks and service charged and the rest items would be added to the ending balance so that the reported balance could come