Galaxy Interiors 2016 Income Statement
($ in millions)
Net sales $26,415
Cost of goods sold 19,908
Depreciation 2,611
Earnings before interest and taxes 3,896
Interest paid 1,982
Taxable Income $ 1,914
Less: Taxes 540
Net income $ 1,374
Galaxy Interiors
2015 and 2016 Balance Sheets
($ in millions)
2015 2016 2015 2016
Cash 718 397 Accounts payable 1,894 1,932
Accounts receivable 1,611 1,527 Notes payable 2,000 1300
Inventory 3,848 3,947 Total 3,894 3,232
Total 6,177 5,871 Long-term debt 10,000 10,650
Net fixed assets 17,489 18,107 Common stock 7,300 7,000
Retained earnings 2,472 3,096
Total assets 23,666 23,978 Total liab. & equity 23,666 23,978
Considering this information, what is the cash flow from assets for 2016?

The cutting department of cassel company has the following production and cost data for july. production costs 1. transferred out 12,300 units. beginning work in process $0 2. started 3,900 units that are 60% materials 62,856 complete as to conversion labor 12,622 costs and 100% complete as manufacturing overhead 23,100 to materials at july 31. materials are entered at the beginning of the process. conversion costs are incurred uniformly during the process. determine the equivalent units of production for (1) materials and (2) conversion costs. materials conversion costs total equivalent units of production link to text link to text compute unit costs. (round unit costs to 2 decimal places, e.g. 2.25.) materials $ conversion costs $ link to text link to text prepare a cost reconciliation schedule. (round unit costs to 2 decimal places, e.g. 2.25 and final answers to 0 decimal places, e.g. 1,225.) cost reconciliation costs accounted for transferred out $ work in process, july 31 materials $ conversion costs total costs $

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On september 1, 2016, steve loaned brett $2,000 at 12% interest compounded annually. steve is not in the business of lending money. the note stated that principal and interest would be due on august 31, 2018. in 2018, steve received $2,508.80 ($2,000 principal and $508.80 interest). steve uses the cash method of accounting. what amount must steve include in income on his income tax return?