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Monica [59]
3 years ago
12

In 2020, Metlock Corporation had net cash provided by operating activities of $569,000, net cash used by investing activities of

$988,000, and net cash provided by financing activities of $595,000. At January 1, 2020, the cash balance was $331,000.
Required:
Compute December 31, 2020, cash.
Business
1 answer:
Mashcka [7]3 years ago
3 0

Answer:

See below

Explanation:

The cash balance as at the end of December 31 2020 is the net cash provided by operating activities, less net cash used by investing activities plus net cash provided by financing activities plus the beginning cash balance as at January 1, 2020

Net cash provided by operating activities = $569,000

Net cash used by investing activities = $988,000

Net cash provided by financing activities = $595,000

Beginning cash balance = $331,000

Closing cash balance = $569,000 - $988,000 + $595,000 + $331,000

Closing cash balance = $507,000

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Answer:

(D) Carrying amount / Carrying amount

4 0
3 years ago
. Zoe Corporation has the following information for the month of March: Purchases $ 92,000 Materials inventory, March 1 6,000 Ma
rodikova [14]

Answer:

1. Cost of goods manufactured = $150,500

2. Net income = $36,500

3. Total Inventory = $61,500

Explanation:

Requirement 1

                   Zoe Corporation

Schedule of cost of goods manufactured

     For the month ended March 31

Direct Materials:

Beginning Materials inventory             $6,000

Add: Raw materials purchases         <u>    92,000</u>

Raw materials available for use          $98,000

<u>Less: Ending Raw Materials                    8,000</u>

Direct materials used                          $90,000    

<u>Direct Labor                                           25,000</u>

Prime Cost                                          $115,000

<u>Factory overhead                                   37,000</u>

Total manufacturing cost                 $152,000

Add: Work in process, March 1              22,000

<u>Less: Work in process, March 31          (23,500)</u>

Cost of goods manufactured           $150,500

Requirement 2

                        Zoe Corporation

Income Statement for manufacturing company

            For the month ended March 31

Sales revenue                                                                $257,000

<em>Less: Cost of goods sold</em>

Beginning finished goods inventory           $   21,000

Add: Cost of goods manufactured (Req.1)   <u>  150,500</u>

<em>Finished goods available for sale                   171,500</em>

Less: Ending finished goods inventory     <u>     (30,000)</u>

<u>Cost of goods sold                                                            141,500</u>

Gross Profit                                                                     $115,500

<u>Less: Sales and administrative expenses                         79,000</u>

Net operating Income                                                    $36,500

Requirement 3

                        Zoe Corporation

                          Balance Sheet

                          As at March 31

Inventory:

Materials                           $8,000

Work-in-process               23,500

<u>Finished goods                 30,000</u>

Total Inventory                $61,500

Inventory consists of all the ending materials, ending work-in-process, and ending finished goods. All the ending items need to be shown in the balance sheet because those inventories will remain at hand at the end of the period.

5 0
3 years ago
Baseball Corporation is preparing its cash budget for January. The budgeted beginning cash balance is $19,500. Budgeted cash rec
Mice21 [21]

Answer:

$12,500

Explanation:

Budgeted cash receipts refer to the money that the company expects to receive in a specific period of time.

Budgeted cash disbursements are the payments that the company expects to make in a specific period of time.

$19,500+190,500-191,000= 19,000

Then, you have to subtract 19,000 from 31,500 to determine the amount that the company needs to attain its desired ending cash balance:

31,500-19,000= 12,500

According to this, the company should borrow $12,500.

4 0
3 years ago
How many kalamata olives come on a whole salad? Enter the exact number.
skelet666 [1.2K]

Answer:7

Explanation:

5 0
2 years ago
Saphire Company budgeted the following production in units for the second quarter of the year:
Ugo [173]

Answer:

Instructions are below.

Explanation:

Giving the following information:

Sales:

April 45,000

May 38,000

June 42,000

Each unit requires one pound of raw material. Saphire's policy is to have 30% of the following month's production needs for materials in inventory.

A) Budgeted production= sales + desired ending inventory - beginning inventory

Budgeted production:

Sales=38,000

Ending inventory= 42,000*0.3= 12,600

Beginning inventory= 38,000*0.3= (11,400)

Total= 39,200

B) Desired beginning inventory= budgeted sales*30%

Beginning inventory= 42,000*0.3= 12,600

6 0
3 years ago
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