1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Crazy boy [7]
3 years ago
14

The following summarized Cash T-account reflects the total debits and total credits to the Cash account of Thomas Corporation fo

r calendar year 2015.
Cash
Balance, Dec. 31, 2014 $212,900
Receipts from customers 9,367,600 Payments for inventory $2,482,414
Receipts from dividends 3,278,660 Payments for wages 861,819
Receipts from land sale 3,466,012 Payments for rent 496,483
Receipts from machinery sale 1,105,377 Payments for interest 337,234
Receipts from issuing stock 2,407,473 Payments for taxes 702,570
Receipts from borrowing 4,056,171 Payments for machinery 3,494,115
Payments for long-term investments3,531,585
Payments for note payable 599,526
Payments for dividends 777,511
Payments for treasury stock 337,234
Balance, Dec. 31, 2015 $
Required:
Use this information to prepare a complete statement of cash flows for year 2015. The cash provided or used by operating activities should be reported using the direct method.
Business
1 answer:
myrzilka [38]3 years ago
6 0

Answer:

Thomas Corporation

Statement of Cash Flows for the year ended December 31, 2015:

Operating Activities:

Receipts from customers                       $9,367,600

Receipts from dividends                           3,278,660

Payments for inventory                            (2,482,414)

Payments for wages                                    (861,819)

Payments for rent                                      (496,483)

Payments for interest                                (337,234)

Payments for taxes                                   (702,570)

Net cash from operations                     $7,765,740

Investing Activities:

Receipts from land sale                       $3,466,012

Receipts from machinery sale                1,105,377

Payments for machinery                       (3,494,115)

Payments for long-term investments (3,531,585)

Net cash from investments               ($2,454,311)

Financing Activities:

Receipts from issuing stock              $2,407,473

Receipts from borrowing                     4,056,171

Payments for note payable                 (599,526)

Payments for dividends                         (777,511)

Payments for treasury stock               (337,234)

Net cash from financing                  $4,749,373

Net cash flows                               $10,060,802

Explanation:

a) Data and Calculations:

Cash

Balance, Dec. 31, 2014              $212,900

Receipts from customers     $9,367,600

Receipts from dividends         3,278,660

Receipts from land sale           3,466,012

Receipts from machinery sale 1,105,377

Receipts from issuing stock   2,407,473

Receipts from borrowing        4,056,171

Total receipts                     $23,681,293

Payments for inventory                      $2,482,414

Payments for wages                                861,819

Payments for rent                                   496,483

Payments for interest                             337,234

Payments for taxes                                702,570

Payments for machinery                      3,494,115

Payments for long-term investments 3,531,585

Payments for note payable                  599,526

Payments for dividends                          777,511

Payments for treasury stock                337,234

Total payment                                $13,620,491

Balance, Dec. 31, 2015 $10,273,702 ($212,900 + 23,681,293 - 13,620,491)

Classification of receipts and payments:

Operating Activities

Receipts from customers                       $9,367,600

Receipts from dividends                           3,278,660

Payments for inventory                            (2,482,414)

Payments for wages                                    (861,819)

Payments for rent                                      (496,483)

Payments for interest                                (337,234)

Payments for taxes                                   (702,570)

Net cash from operations                     $7,765,740

Investing Activities

Receipts from land sale                       $3,466,012

Receipts from machinery sale                1,105,377

Payments for machinery                       (3,494,115)

Payments for long-term investments (3,531,585)

Net cash from investments               ($2,454,311)

Financing Activities

Receipts from issuing stock              $2,407,473

Receipts from borrowing                     4,056,171

Payments for note payable                 (599,526)

Payments for dividends                         (777,511)

Payments for treasury stock               (337,234)

Net cash from financing                  $4,749,373

Net cash flows                               $10,060,802

Cash Reconciliation:

Beginning Cash Balance $212,900

Net cash flows              10,060,802

Ending Cash balance $10,273,702

You might be interested in
Vanessa bought a house for $268,500. She has a 30 year mortgage with a fixed rate of 6.25%. Vanessaâs monthly payments are $1,59
Musya8 [376]

Answer:

Ans. A) $9,314.45

Explanation:

Hi, first we have to bring to present value the monthly payments to be made for 30 years (360 months). In order for this to be useful, we have to convert this annua compounded monthly rate (6.25%) to an effective rate, that is 6.25% / 12 = 0.5208%. Now, when we find this present value, we are going to substract it from the price of the house and that is the value of the down payment. But let´s just go ahead and do it together.

We have to use this formula to bring to present value the $1,595.85 monthly payments, for 30 years (360 months) at a rate of 6.25% (0.5208% monthly).

PresentValue=\frac{A((1+r)^{n}-1) }{r(1+r)^{n} }

It should look like this

PresentValue=\frac{1,595.85((1+ 0.005208 )^{360}-1) }{0.005208(1+0.005208)^{360} }

Present Value=259,185.55

Now, let´s go ahead and find the down payment.

DownPayment=Price-PresentValue

DownPayment=268,500-259,185.55= 9,314.45

So, the answer is a). $9,314.45

Best of luck.

5 0
3 years ago
Bank A quotes a bid rate of $0.300 and an ask rate of $0.305 for the Malaysian ringgit (MYR). Bank B quotes a bid rate of $0.306
Artemon [7]

Answer: $1639.3

Explanation:

From the question, we are informed that Bank A quotes a bid rate of $0.300 and an ask rate of $0.305 for the Malaysian ringgit (MYR) and that bank B quotes a bid rate of $0.306 and an ask rate of $0.310 for the ringgit.

The profit for an investor that has $500,000 available to conduct locational arbitrage goes thus:

Purchasing Malaysian ringgit (MYR) from bank A at the ask rate will be:

= $500,000/$0.305

= 1,639,344.3

Selling the Malaysian ringgit (MYR) at bank B based on the ask rate will be:

= 1,639,344.3 × 0.306

= $501,639.3

The profit for an investor that has $500,000 available to conduct locational arbitrage will be:

= $501,639.3 - $500,000

= $1639.3

5 0
3 years ago
The monopoly demand curve is _____________, while the perfectly competitive firm’s demand curve is _______________. This is beca
Amiraneli [1.4K]

Answer:

Downward sloping; horizontal line; demand; large number of competitors

Explanation:

A monopoly is a market structure where there is only a single firm in the market. This firm is a price maker. It can charge whatever price it wants, but the consumers will demand more at a lower price.  

That is why the demand curve of a monopoly is downward sloping and the same as the market demand curve.  

A perfectly competitive market refers to the market structure where there is a large number of buyers and sellers. These firms are price takers. They face a horizontal line demand curve. This is because of a large number of competitors producing homogenous products. So if a firm raises its prices the consumers will move to the firm at a lower price.  

The market demand curve though is downward sloping.

8 0
3 years ago
Lois has a balance of $970 on a credit card with an APR of 24.2%, compounded monthly. About how much will she save in interest o
Aleks04 [339]

Answer:

Lois will save $152.51 when she wil transfer her balance.

Explanation:

Amount to be paid in 1 year for original credit card is given as

P_1^{'}=P*(1+r_1)^t

Here P^{'}_1 is the amount to be paid after P is the balance which is 970, r_1 is the APR for first credit card which is 24.2% and t is compounding frequency which is 12 so

P_1^{'}=P*(1+r_1)^t\\P_1^{'}=970*(1+\dfrac{24.2}{12}\%)^{12}\\P_1^{'}=970*(1.0207)^{12}\\P_1^{'}=970*1.2707\\P_1^{'}=\$1232.61

Similarly for the second one the values are calculated as

P_2^{'}=P*(1+r_2)^t\\P_2^{'}=970*(1+\dfrac{10.8}{12}\%)^{12}\\P_2^{'}=970*(1.108)^{12}\\P_2^{'}=970*1.1135\\P_2^{'}=\$1080.10

The differnce of the two values is calculated as

P_1'-P_2'=1232.61-1080.10\\Difference=\$ 152.51

The difference is $152.51 which she could save.

7 0
3 years ago
Read 2 more answers
Fred and Barney started a partnership. Fred invested $20,000 in the business and Barney invested $32,000. The partnership agreem
svet-max [94.6K]

Answer:

The amount of income assigned to the two partners would be $18,100 and $19,900 respectively.

Explanation:

For computing the amount of income assigned to the two partners, we have to do the following calculations which are shown below:

1. Dividend amount for each partner:

For Fred = Invested amount × rate of return

              = $20,000 × 15%

              =$3,000

For Barney =  Invested amount × rate of return

                  = $32,000 × 15%

                  = $4,800

The total dividend amount equals to

= Fred dividend + barney dividend

= $3,000 + $4,800

= $7,800

2. Now compute the remaining amount, and divide it in the sharing ratio

So, the remaining amount would be

= Partnership income - total dividend amount

= $38,000 - $7,800

= $30,200

So the Fred income would be = $30,200 × 50% = $15,100

And, the barney income would be = $30,200 × 50% = $15,100

So, the amount of income:

For Fred = Dividend income + remaining income

              = $3,000 + $15,100

              = $18,100

For Barney = Dividend income + remaining income

                   =$4,800 + $15,100

                   = $19,900

Hence, the amount of income assigned to the two partners would be $18,100 and $19,900 respectively.

8 0
3 years ago
Other questions:
  • Information from observers should be used as a supplement to information from incumbents. Identify the statement that is most li
    12·1 answer
  • A $1,000 par bond is currently selling for $1,100. It has a 9% coupon rate, fifteen years remaining to maturity, and pays intere
    11·1 answer
  • The unemployment rate in Economy X when it is growing normally is 5%. When Economy X is in a recession, the unemployment rate is
    13·1 answer
  • At the luxury hotel in miami, florida, three hotel employees serve the needs of each guest. in every room, a guest can summon a
    15·1 answer
  • If we are told specifically to pay attention to a particular element of a decision or event, we are likely to miss all of the su
    7·1 answer
  • In targeting professionals (such as doctors, lawyers, and teachers) with advertising, the advertiser must be aware that
    6·1 answer
  • Prepare the journal entries to record these transactions on Wildhorse Co.’s books using a periodic inventory system. (If no entr
    5·1 answer
  • This month, Susan, the branch manager of Intrepid Car Rentals, has heard several complaints from customers that Intrepid employe
    5·1 answer
  • Employer and Worker Responsibilities
    12·1 answer
  • A machine has a cost of $15,000, an estimated residual value of $3,000, and an estimated useful life of four years. The machine
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!