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babunello [35]
3 years ago
11

Cemptex Corporation prepares its statement of cash flows using the indirect method to report operating activities. Net income fo

r the 2021 fiscal year was $634,000. Depreciation and amortization expense of $89,000 was included with operating expenses in the income statement. The following information describes the changes in current assets and liabilities other than cash: Decrease in accounts receivable $24,000 Increase in inventory 9,400 Increase in prepaid expenses 8,700 Increase in salaries payable 10,200 Decrease in income taxes payable 13,000Required: Prepare the operating activities section of the 2021 statement of cash flows.
Business
1 answer:
tankabanditka [31]3 years ago
6 0

Answer:

$726,100

Explanation:

Preparation of the operating activities section of the 2021 statement of cash flows.

Cash Flow from Operating Activities

Net Income $634,000

Adjustments:

Depreciation and amortization $89,000

Changes in operating asset and liabilities

Decrease in Account receivable $24,000

Increase in Inventory $ (9,400)

Increase in Prepaid expenses $ (8,700)

Increase in Salaries payable $10,200

Decrease in Income tax payable $ (13,000)

Operating activities $726,100

Therefore the operating activities section of the 2021 statement of cash flows will be $726,100

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Answer:

The answer is $215,000

Explanation:

Cost of goods sold equal:

Opening/beginning inventory plus purchases minus closing/ending inventory

To find beginning inventory at January 1, 2018, lets rearrange the formula:

Cost of goods sold minus plus purchases plus closing/ending inventory.

Cost of sales is $470,000

Purchases is $415,000

Ending inventory is $160,000

Therefore, beginning inventory at January 1, 2018 is

$470,000 - $415,000 + $160,000

=$215,000

3 0
3 years ago
Mack reynolds, the manager of the special products division, must decide whether to bid or not, and if intermodular semiconducto
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2 years ago
Type the correct answer in the box. Spell all words correctly.
Shalnov [3]

The marketing method used in the situation described is advertising.

<h3>What is marketing?</h3>

Marketing is a business term that refers to the set of actions of a company intended to intentionally stimulate the demand and purchase of goods and services.

One of the most popular marketing actions is advertising, in which advertisements are created to create a need for the buyer to purchase that good or service. Sometimes advertising includes a specialization, that is, it focuses on a specific audience.

In the case described, the company is using advertising so that people believe they need to buy the ticket and participate in the experience offered by it. Additionally, people will be more interested in this package because it includes different activities from other cruises.

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3 0
2 years ago
question content area if $354,000 of 10% bonds are issued at 95, the amount of cash received from the sale is
Ludmilka [50]

The amount of cash received from the sale is calculated to be $336,300.

The amount of cash received from the sale of bonds can be calculated by using the following formula;

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Since $354,000 of 10% bonds are issued at 95 in this case, therefore we substitute the values in the equation to determine the amount of cash received from the sale as follows;

Cash received = $354,000 × (95 / 100)

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Cash received = $336,300

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10 months ago
An accountant has encountered a perplexing financial reporting issue related to the private college for which he is preparing fi
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Answer:

c) AICPA accounting and auditing guide, Audits of Colleges and Universities and/or AICPA SOP 74-8, Financial Accounting and Financial Reporting by Colleges and Universities.

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As accounting and auditing guide which is issued by AICPA for health care 3 gives full guidance on how to deal with financial reporting issues for the hospital so the accountant would look into it for any problem related to it.

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