Answer:
$129,000
Explanation:
The indirect method fir calculating cash flows generally starts with net income and then adds or subtracts depending on the non-cash revenue or expense accounts. I.e. it starts at the end and comes back.
In this case, we are starting with net income and we need to add or subtract the changes in accounts receivable. Since accounts receivable decreased during the year it means that more money was collected increasing the cash flow.
Cash flow = net income + change in accounts receivable = $120,000 + ($40,000 - $31,000) = $120,000 + $9,000 = $129,000
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Answer:
reduction in jasmine gross pay is = $94.32
Explanation:
Given data:
gross pay = $754.80
federal tax is $31
social securty tax 6.2%
Medicare tax is 1.45%
Paystate tax is 18%
reduction in jasmine gross pay is calculated as
Reduction = federal tax+ ( social security tax * gross pay) + (medicare tax * gross pay) + ( paystate tax * federal tax)
Reduction = 31 + ( 6.2% + 754.8) + (1.45% *754.8) + (0.18*31)
reduction in jasmine gross pay is = $94.32
Answer:
B)debit Interest Expense, $200; credit Interest Payable, $200
Explanation:
The adjusted journal entry for the interest expense is shown below:
Interest expense A/c Dr $200
To Interest payable $200
(Being the interest adjusted entry is recorded)
Since we have to record the interest expense from September 1 to September 30 which reflects 1 month and the computation of interest expense is shown below:
= Principal × rate × (number of month ÷ total number of months in a year)
= $40,000 × 6% × (1 ÷ 12)
= $200
