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2 years ago

The comparative balance sheets for 2021 and 2020 are given below for Surmise Company. Net income for 2021 was $88 million.

1 answer:

8 0

It can be deduced that the cash flow shows that the net cash provided by operating activities will be $58 million.

<h3>How to compute the statement of cash flow</h3>

Cash flow from operating activities

Net income = $54 million

Add: Depreciation $15 million.

Add: Bad debt = $6 million

Add: Amortization expense = $3

Changes in operating assets and liabilities

Decrease in account receivable = $4 million

Increase in inventory = ($9 million)

Increase in prepaid expense = ($2 million)

Decrease in account payable = ($10 million)

Decrease in accrued liability = ($3 million)

Net cash provided by operating activities = $58 million

In conclusion, the net cash provided by operating activities is $58 million.

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$16000 is invested at an APR of 3.5% compounded daily. Write a numerical expression that would compute the value of the investme

babunello [35]

Answer:

The correct answer is $45,720.

Explanation:

According to the scenario, the given data are as follows:

Payment (pmt) = $16,000

Rate of interest (R)= 3.5% = .035

Time (t) = 30 years

Time (compounded daily ) (n) = 365days

(nt) = 365 ×30 = 10950 days

So, we can calculate future value after 30 years by using following formula:

FV = pmt × $(1 + r/n )^{nt}$

= $16,000 × $(1 + .035/365 )^{10950}$

= $16,000 × 2.8575

= $45,720

Hence, the future value after 30 years will be $45,720.

5 0

3 years ago

__________ unemployment refers to loss of jobs due to a recession or a similar downturn in the economy.

Eva8 [605]

Answer:

Cyclical unemployment is the loss of jobs due to a recession or downturn in an economy.

Explanation:

Cyclical unemployment is a type of unemployment. It is also known as Keynesian or deficient-demand unemployment. This type of unemployment occurs when the overall demand in an economy is not enough to provide jobs to the people who want to work. Cyclical unemployment is observed during the periods of slow economic growth or recession.

4 0

3 years ago

The ending Retained Earnings balance of ABC decreased by $1.5 million from the beginning of the year. The company declared a div

saveliy_v [14]

Based on the information given the net income for the year will be is : $2.9 million.

<h3>Net income</h3>

Using this formula

Net income=Dividend declared-Decrease in Ending Retained earning

Where:

Dividend declared=$4.4 million

Decrease in Ending Retained earning=$1.5 million

Let plug in the formula

Net income=$4.4 million-$1.5 million

Net income=$2.9 million

Inconclusion the net income for the year will be is : $2.9 million.

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7 0

3 years ago

Tim is a single, cash-method taxpayer with an AGI of $50,000. In April of this year, Tim paid $1,100 with his state income tax r

Ivan

Answer:

The amount of taxes that Tim can deduct as an itemized deduction is $7,340

Explanation:

The computation of the itemized deduction is shown below:

= State income tax for the previous year + state income tax from his salary + estimated payments of state income tax

= $1,100 + $5,050 + $1,190

= $7,340

The other item values which are mentioned in the question are not considered and not affect the deductions for current year So, we do not take in the computation part. Hence, ignored it

8 0

3 years ago

Nelter Corporation, which has only one product, has provided the following data concerning its most recent month of operations:S

Gnesinka [82]

Answer:

Part a

Nelter Corporation

Contribution format income statement for the month using variable costing

Sales ($ 122 x 6,590) $803,980

Less Cost of Goods Sold

Beginning Inventory $20,300

Add Cost of Goods Manufactured $462,000

Less Ending Inventory ($21,000) ($461,300)

Contribution $342,680

Less Expenses

Selling and administrative expense :

Variable ($21 x 6,590) $138,390

Fixed $46,130

Fixed manufacturing overhead $ 151,800 ($336,320)

Net Income (Loss) $6,360

Part b

Nelter Corporation

Income statement for the month using absorption costing

Sales ($ 122 x 6,590) $803,980

Less Cost of Goods Sold

Beginning Inventory $26,970

Add Cost of Goods Manufactured $613,800

Less Ending Inventory ($27,900) ($612,870)

Gross Profit $191,110

Less Expenses

Selling and administrative expense :

Variable ($21 x 6,590) $138,390

Fixed $46,130 ($184,520)

Net Income (Loss) $6,590

Explanation:

Variable Costing Calculations

Unit Product Cost = Variable Manufacturing Costs

= $ 42 + $ 26 + $ 2

= $ 70

Cost of Goods Manufactured = 6,600 x $ 70 = $462,000

Opening Inventory = 290 x $ 70 = $20,300

Ending Inventory = 300 x $70 = $21,000

Absorption Costing Calculations

Unit Product Cost = Variable Manufacturing Costs

= $ 42 + $ 26 + $ 2 + ($ 151,800 ÷ 6,600)

= $ 42 + $ 26 + $ 2 + $23

= $93

Cost of Goods Manufactured = 6,600 x $93 = $613,800

Opening Inventory = 290 x $93 = $26,970

Ending Inventory = 300 x $93 = $27,900

4 0

3 years ago