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Neko [114]
3 years ago
6

Giblin Corporation earned $9,700 of service revenue on account during Year 1. The company collected $8,245 cash from accounts re

ceivable during Year 1. Required Based on this information alone, determine the following for Giblin Corporation. (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) (Enter any decreases to account balances with a minus sign.)
a. The balance of the accounts receivable that would be reported on the December 31, Year 1, balance sheet.
b. The amount of net income that would be reported on the Year 1 income statement.
c. The amount of net cash flow from operating activities that would be reported on the Year 1 statement of cash flows.
d. The amount of retained earnings that would be reported on the Year 1 balance sheet.
Business
1 answer:
Ainat [17]3 years ago
5 0

Answer and Explanation:

The computation is shown below:

a. The balance in the account receivable is

= $9,700 -  $8,245

= $1,455

b. The amount of the net income is equivalent to the service revenue earned i.e. $9,700

c. The net cash flow from operating activities is

Net income  $9,700

Less; increase in account receivable -$1,455

Net cash flow from operating activities $8,245

d. The retained earnings is equivalent to the amount of the net income i.e. $9,700

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True

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Ingvar Kamprad’s influence over IKEA may have even been stronger than that of Sam Walton over Walmart because IKEA is a privatel
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Answer:

There are similarities in the way businesses are run, but the management and influencing capacity on both are completely different.

Though during the founding days both the organizations, IKEA and Walmart operated under direct influence of the founders.

Also,  power and responsibility is more shared, though there would be some adaptation and conflict changes that is expected, but it is differently structured than Walmart and would not suffer much.

Explanation:

Solution:

Now,

There are similarities in the way businesses are run, but the management and influencing capacity on both are completely different.

Though during the founding days both the organizations, IKEA and Walmart operated under direct influence of the founders.

Where as Walmart still had a lot of key decisions directly made through the founders,

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But after the few years of success, the model of IKEA remained same but they went to several countries and became more regional.

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