When in the statement of cashflows, the cash inflows and the outflows are added, the result is the <u>change </u><u>in the </u><u>cash balance. </u>
The statement of cashflows shows the movement of cash in a company and how much cash the company is left with at the end of the period.
The statement includes:
- Cash outflows which are deductions
- Cash inflows which bring in money
Cash outflows are denoted in negatives and when added to cash inflows, show the change in the cash that the company has / its balance.
In conclusion, adding the cash inflows and outflows shows the change in cash.
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Answer:
$176,800
Explanation:
Operating income ×income tax rate
$520,000 × 34% = $176,800
Therefore Provincial would report $176,800 of income tax expense as a separately stated line item in the income statement because $520,000 is the operating income tax before-tax income statement items and 34% is the actual income rate.
Answer:
If an economy grows at 7% per year, it will take 70 / 7 = 10 years for the size of that economy to double, and so on.
Answer: B. One asset would increase $1,750 and a different asset would decrease $1,750, causing no effect
Explanation:
From the information given in the question, the journal entry at the time of sales will be represented as:
Debit Accounts receivable $1,750
Credit Sales $1750
Now, when the credit receipt is received as illustrated in the question, the journal entry will be:
Debit Cash $1,750
Credit Accounts receivable $1,750
Therefore, one asset would increase $1,750 and a different asset would decrease $1,750, causing no effect.
The correct option is B.
Answer:
150000
Explanation:
The question says that Harry received a fair market value = 450000 dollars
Meanwhile he transferred 650000 dollars of assets
Fair value of assets = 650000 - 200000 = 450000
Harry's adjusted basis = 350000
Therefore the share received will be:
350,000 - 200,000
= 150,000 dollars.
Harry's basis in the stock received from the corporation is $150,000.
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