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Talja [164]
2 years ago
14

Sharp Screen Films, Inc., is developing its annual financial statements at December 31, current year. The statements are complet

e except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized as follows:
Current Year Prior Year
Balance sheet at December 31
Cash $66,550 $65,500
Accounts receivable 18,150 24,750
Merchandise inventory 24,750 19,200
Property and equipment 212,250 152,600
Less Accumulated depreciation (61,500) (47,050)
$260,200 $215,000
Accounts payable $11,800 $21,900
Wages payable 4,500 5,100
Note payable, long-term 62,300 74,400
Contributed capital 102,000 67,000
Retained earnings 79,600 46,600
$260,200 $215,000
Income statement for current year
Sales $206,000
Cost of goods sold 103,000
Depredation expense 14,450
Other expenses 44,100
Net income $44,450

Additional Data:

a. Bought equipment for cash $59 650.
b. Paid $12,100 on the long-term note payable.
c. Issued new shares of stock for $35,000 cash.
d. Dividends of $11,450 were declared and paid.
e. Other expenses all relate to wages.
f. Accounts payable includes only inventory purchases made on credit.

Required:
Prepare the statement of cash flows using the indirect method for the year ended December 31, current year.
Business
1 answer:
Aloiza [94]2 years ago
7 0

Answer and Explanation:

The preparation of the cash flow statement using the indirect method is as follows:

Cash flow from operating activities

Net income $44,450

Add: depreciation expense $14,450

Add: decrease in account receivable ($18,150 - $24,750) $6,600

Less: Increase in merchandise inventory ($24,750 - $19,200) $5,550

LesS: decrease in accounts payable ($11,800 - $21,900) $10,100

Less Decrease in wages payable ($4,500 - $5,100) -$600

Net cash provided from operating activities $49,250

Cash flow from investing activities

Equipment purchased -$59,650

Cash flow used by investing activities -$59,650

Cash flow from financing activities

Cash payment made for long term note payable -$12,100

Issuance of the new shares $35,000

Dividend paid -$11,450

Cash flow from financing activities $11,450

Net increase in cash $1,050

Add: opening cash balance $65,500

Closing cash balance $66,550

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Answer:

Timeline and tagging settings

Explanation:

Timeline and tagging settings is a feature in social media applications such as Face-book, Twi-tter, Insta-gram etc. that allows you to control being linked to other people's posts.

When this settings is properly configured, you will only be linked to the posts of people you allowed, in this case it will be your mutual friends rather than the general public.

3 0
3 years ago
E-commerce can be defined as: Question 48 options: A) the digital enablement of transactions and processes within an organizatio
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Answer:

C) the use of the Internet, the Web, and mobile apps to transact business

Explanation:

E-commerce refers to the economic commerce in which the buying and selling of goods and services are involved over and above electronic networks that we called the internet. It could be done in the following ways

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2. Business to business = B2B

3. Customer to customer = C2C

And many more

By using mobile applications, the customer could easily order their products that are to be shown in different applications

Therefore the option C is correct

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Question 27 (1 point)<br> The relationship between the amount of inputs and outputs is known as
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A production function

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2 years ago
Which of the following would LEAST likely foster diversity in the workplace?
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Answer:

The correct answer is letter "A": changing the culture through diversity training education programs.

Explanation:

Boosting diversity at the workplace is an activity that mainly relies on the representatives of the Human Resources (HR) Department. They are in charge of recruiting and selecting the applicants that will be part of the institution based on their capabilities and expertise. Thus, HR representatives could promote the selection of different individuals from different ages, races, gender, ethnicity, and nationality, without preferring one or another, so the working environment will be diversified and the company can take advantage of the different backgrounds of those new hires.

Therefore, <em>training other employees could improve the understanding of other employees on dealing with workers different than them but this does not foster diversity in the workplace.</em>

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3 years ago
At December 31, 2011, Newman Engineering’s liabilities include the following:1. $10 million of 9% bonds were issued for $10 mill
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Answer:

total long term debt: 24,000,000

Explanation:

the 1988 bonds will be long-term debt as there is no suggestion to the option to be exercised.

The 1978 bonds will be current liabilities as they matures at 2012

which is within the twelve months time period to be classified as current laibily.

the note payable has an agreement with the bank to not claim it at least until June 2012 The most probable reason is that the 1978 bonds are generating this situation, so once they are retired the normal 2 to 1  ratio will be acomplished, so the note payable will be kept at long term debt

but a note tothe financial statemtn should be made

Long term debt:

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note payable  14,000,000

total                24,000,000

6 0
3 years ago
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