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3 years ago

The following information is available for Windsor Corporation for the year ended December 31, 2022.

Business

1 answer:

expeople1 [14]3 years ago

7 0

Answer:

Windsor Corporation Statement of Cashflows For

Year Ended December 31, 2022

Cashflow from Operating Activities:

Net Income $337,500

Adjustments to reconcile net income to

Net Cashflow from Operating Activities:

Add: Depreciation 82,000

Less: Accounts Payable decrease (3,300)

Accounts Receivable increase (9,200)

Inventory increase (12,300)

Add: Income tax payable increase 4,900

$62,100

Net cashflow: Operating Activities $399,600

Cashflow from Investing activities:

Add: Sale of Land 40,000

Less: Purchase of Building (149,500)

Net cashflow: Investing activities ($109,500)

Cashflow from Financing activities:

Less: Cash dividends paid (10,100)

Purchase of treasury stock (37,000)

Add : Bond issuance 225,000

Net cashflow: Financing activities $177,900

Total Cashflow increase (decrease) $468,000

Beginning Cash balance $40,000

Ending Cash balance $508,000

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Explanation:

1. Financial information in itself possesses some vital characteristics. One of these is the accuracy of the financial information. As the handler of financial activities, accountants are therefore saddled and ethically obligated to present and prepare their information accurately. This is so as to reflect the true picture of the going in the organization.

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In 2020, Miranda records net earnings from self-employment of $158,500. She has no other gross income. Determine the amount of M

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(158,500*92.35%)

Social Security Tax ($137,700*12.4%) $17,074.80

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Self employment Tax = $17,074.80 + $4,244.88

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