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vodomira [7]
3 years ago
13

​Connecticut, Inc. uses the indirect method to prepare its statement of cash flows. Refer to the following portion of the compar

ative balance​ sheet: ​Connecticut, Inc. Comparative Balance Sheet December​ 31, 2019 and 2018 2019 2018 Increase​ / ​(Decrease) Cash Accounts Receivable ​(​) Merchandise Inventory Plant and Equipment Accumulated DepreciationPlant and Equipment ​(​) ​(​) ​(​) Total Assets Additional information provided by the company includes the​ following: 1. Equipment was purchased for with cash. 2. Equipment with a cost of and accumulated depreciation of was sold for . What was the amount of net cash provided by​ (used for) investing​ activities?

Business
1 answer:
11111nata11111 [884]3 years ago
6 0

Answer:

Net cash used by investing activities  -$16,000

Explanation:

The computation of the amount of net cash provided or used by investing activities is shown below:

Equipment purchase for cash            -$66,000  

Proceeds from the sale of equipment $50,000  

Net cash used by investing activities  -$16,000

The purchase is a cash outflow so it is in negative sign while the sale is cash inflow so it is to be shown in a positive sign

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Mandel transferred property to his new corporation in a section 351 transaction. Among the several properties transferred by Man
JulsSmile [24]

Answer:

False

Explanation:

§ 351 establishes that businesses shall not recognize any capital gain or loss from property transferred to them in exchange of stocks or partnership share. So the businesses have to record this type of transactions at their fair market value and not their tax basis.

5 0
3 years ago
Which of the following is an example of economic investment?
otez555 [7]

Answer:

Nike buys a new machine that increases shoe production.

Explanation:

An economic investment is when you pay for new additions to the capital stock or new replacements for capital stock that has worn out.

It refers to the net additions to the capital stock of the society which consists of goods and services that are used in the production of other goods and services.

Addition to capital stock means an increase in buildings, plants equipments and inventories over the amount of goods and services that existed.

3 0
3 years ago
Ginny was hired by her company because she agreed to work overtime and carry out all tasks assigned to her as per the instructio
Alexus [3.1K]

Answer:

B. Traditional work group

Explanation:

Traditional work group has to do with a group made up of two or more people who comes together to achieve a common goal. People or rather employees belonging to the traditional work group has no control over task given, report to a manager who's responsible for ranking their performances, lack direct responsibility and also they execute task. From the agreements Ginny had with the company, Ginny belongs to the traditional work group.

7 0
3 years ago
Susan has three credit cards - 1) an Old Navy card she got her last year of high school and now doesn't use that much, 2) a Visa
Marta_Voda [28]

Answer: Visa card

Explanation:

Since Susan has decided that she only needs two credit cards, then she should keep the old Navy card she got her last year of high school and the Mastercard that she opened last month which has no annual fee.

In this case, since she doesn't use the Visa card that she got while in college and th e card pays an $50 annual fee for benefits that she doesn't use that much, thus means that the card isn't beneficial to her. Therefore, she should get rid of the Visa card.

7 0
2 years ago
Mike and Diane Carter file jointly and have taxable income of $150,000 prior to considering capital gains. This year, they had t
Veronika [31]

Answer:

C. $570 increase in liability

Explanation:

     Particulars                       Amount

Land                                        $1,400          [50000-48600]

Long term capital gain         +$3,000          [1000 * (15-12)]

Short term capital loss          <u>-$600 </u>            [300 * (8-10)]

Total Capital Gains                $3,800

Tax Rate                                   <u>15%</u>

Increase in liability                 <u>$570</u>              [$3,800 * 15%]

6 0
3 years ago
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