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kobusy [5.1K]
2 years ago
7

g The comparative balance sheets for Pharoah Company show these changes in noncash current accounts: Accounts Receivable increas

ed $29,800, Prepaid Expenses decreased $10,800, and Inventory decreased $18,900. Accounts payable increased $13,400. Calculate net cash provided by operating activities using the indirect method assuming that profit is $252,000 for the year ended June 30, 2021. Depreciation expense for the year was $26,900 and the company incurred a gain on sale of equipment of $21,000.
Business
1 answer:
Tcecarenko [31]2 years ago
5 0
I really need these points thx a lot
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Derk owns 600 shares of stock in Rose Corporation. The remaining 1,400 shares of Rose are owned as follows: 200 by Derk's daught
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8 0
2 years ago
On July 1, 2019, Sheffield Corp. pays $20,700 to Kalter Insurance Co. for a 3-year insurance contract. Both companies have fisca
11111nata11111 [884]

Explanation:

The journal entries are as follows:

On July 1

Prepaid Insurance A/c Dr $20,700

           To Cash A/c $20,700

(Being prepaid insurance is paid)

On December 31

Insurance expense A/c Dr $

          To Prepaid insurance A/c $1,110

(Being the insurance expense is recorded)

The insurance expense is shown below:

= $20,700 ÷ 3 years × 6 months ÷ 12 months

= $3,450

3 0
3 years ago
Which of the following is considered to be an accrued expense?
scoundrel [369]

Answer:

B. a computer technician has installed the latest software updates, but you have not received an invoice or made payment

Explanation:

An accrued expense arises when a service has been rendered to an individual or organisation but to which the recipient of the service has not made payment for the service. The expense will be recognized in the period in which the service is rendered. In this scenario, the technician has rendered a service by installing software updates but the organisation has not made payment for the service provided. This represents an accrued expense.

8 0
3 years ago
Last year, Stumble-on-Inn, Inc. reported an ROE of 19 percent. The firm's debt ratio was 60 percent, sales were $34 million, and
Sonja [21]

Stumble-on-Inn, Inc.'s net income for last year is <u>$3,359,200</u>.

<h3>Data and Calculations:</h3>

ROE (Return on Equity) = 19%

Debt ratio =60%

Sales = $34 million

Capital intensity = 1.30 times

Assets = $44.2 million ($34 million x 1.30)

The Total Debt = $26,520,000 ($44,200,000 x 60%)

The Equity = $17,680,000 ($44,200,000 - $26,520,000)

The Net income = $3,359,200 ($17,680,000 x 19%)

Thus, Stumble-on-Inn, Inc.'s net income for last year is <u>$3,359,200</u>.

Learn more about Net Income at brainly.com/question/21271689

5 0
2 years ago
The following partial information is taken from the comparative balance sheet of Levi Corporation: Shareholders’ equity 12/31/20
salantis [7]

Answer:

17 million

Explanation:

The computation of the outstanding common shares is shown below:

= Number of common shares outstanding - treasury common stock

where,

Number of common shares outstanding = Total value of the common shares ÷ par value of the share

=  $105 million ÷ $5

= 21 million

And, the  treasury common stock is 4 million

Now put these values to the above formula  

So, the value would equal to

= 21 million - 4 million

= 17 million

6 0
2 years ago
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