Business, 04.08.2021 04:50 haileysolis5
Portions of the financial statements for a company are provided below. Income Statement For the year ended December 31, Year 2 Net sales $1,575,000 Expenses: Cost of goods sold$960,000 Operating expenses 470,000 Depreciation expense 41,000 Income tax expense 31,000 Total expenses 1,502,000 Net income $73,000 Selected Balance Sheet Data December 31 Year 2Year 1Increase (I) or Decrease (D) Cash$93,000 $80,500 $12,500 (I) Accounts receivable 46,900 53,500 6,600 (D) Inventory 66,000 50,500 15,500 (I) Prepaid rent 2,100 3,200 1,100 (D) Accounts payable 36,000 32,500 3,500 (I) Income tax payable 4,100 5,500 1,400 (D) Required: Prepare the operating activities section of the statement of cash flows for the company using the indirect method.
Answers: 3
Business, 22.06.2019 08:20
Suppose that jim plans to borrow money for an education at texas a& m university. jim will need to borrow $25,000 at the end of each year for the next five years (total=$125,000). jim wishes his parents could pay for his education but they canβt. at least, he qualifies for government loans with a reduced interest rate while he is in school. he has a special arrangement with aggiebank to lend him the money at a subsidized rate of 1% over five years without having to make a payment until the end of the fifth year. however, at the end of the fifth year, jim agrees to pay off the loan by borrowing from longhorn bank. longhorn bank will lend him the money he needs at an annual interest rate of 6%. jim agrees to pay back the longhorn bank with 20 annual payments and the payments will be uniform (equal annual payments including principal and interest). (i) calculate how much money jim has to borrow at the end of 5 years to pay off the loan with aggiebank. a. $121,336 b. $127,525 c. $125,000 d. $102,020 e. none of the above
Answers: 2
Portions of the financial statements for a company are provided below. Income Statement For the year...
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