Homework Answers
Prepaid Insurance is a Current Asset in Balance Sheet.
Increase in Current asset is a decrease in cashflow from operating activities.
Answer is :- An increase in $ 200 will be subtracted from the Net Income.
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Reid Company's balance in prepaid insurance at the beginning and end of the year was $1,000...
A company purchased a 12 month insurance policy on October 1 at a cost of $1,200....
A company purchased a 12 month insurance policy on October 1 at a cost of $1,200. On the December 31 annual financial statements: Click the answer you think is right. $300 is reported as a expense and $900 is reported as a liability $300 is reported as a expense and $900 is reported as an asset $1,200 is reported as an asset $1,200 is reported as an expense $1,200 is reported as a liability D Read shout this Do you...
On September 1, Taggert Company paid $1,800 for a 6-month insurance premium beginning September 1. Which...
On September 1, Taggert Company paid $1,800 for a 6-month insurance premium beginning September 1. Which of the following statements are correct regarding the accounting for this insurance over the six-month period? (Check all that apply.) O Check all that apply. Taggert will credit Prepaid Insurance for $300 on Sept. 30. Taggert will debit Insurance Expense for $300 on Sept. 30. Taggert will debit Instrance Expense for $1,800 on Sept. 1. O Taggert will debit Prepaid Insurance for $1,500 on...
People Window Help % 20% D Sat 1:58 P mapter 3. The income Stateme x +...
People Window Help % 20% D Sat 1:58 P mapter 3. The income Stateme x + v/connect.html ting - Fundamentals of Financial Accounting - Philips, Libby, Libby, 6e. The Income Statement If expenses are greater than revenues, Retained Earnings will Click the answer you think is right. decrease increase remain unchanged Do you know the answer? D Read about this I know it Think so Unsure No idea 18 Roms eft MacBook Air OM
1. Statement of Cash Flows: Cash Flow from Operating Activities, Indirect Method. Indic whether each of...
1. Statement of Cash Flows: Cash Flow from Operating Activities, Indirect Method. Indic whether each of the following items would be added to net income, subtracted from net income or not included in the Operating Activity section. Use the letters "A" for added;' subtracted or "N" for not included in Operating Activity section. Answer S A) a. А. N Example: Increase in Accounts Receivable Decrease in Accounts Payable b. Decrease in Inventory c. Increase in Bond Payable d. Increase in...
Ragle Corp. issues 1,000 shares of its $5 par value common stock in exchange for equipm...
Ragle Corp. issues 1,000 shares of its $5 par value common stock in exchange for equipm The book value of the equipment on the investor's books was $40,000, and its catalog list price was $45,000. The equipment could be purchased in the market for $42,000. The stock was not publicly traded. Which of the following entries will be included in the journal entry to record the issuance of the stock? Click the answer you think is right Debit equipment $42,000....
Type your answer in the box. Two capital budgeting approaches that use discounted cash flows are...
Type your answer in the box. Two capital budgeting approaches that use discounted cash flows are the value method and the return method. (Enter only one word per blank.) When the cash flows associated with an investment project change from year to year, the payback period must be calculated: Click the answer you think is right. using statistical computer software using the average annual net cash inflow using the equation Investment required/annual net cash inflows by tracking the unrecovered investment...
Salud Company reports the following information. Selected Annual Income Statement Selected Year-End Balance Sheet Data Data...
Salud Company reports the following information. Selected Annual Income Statement Selected Year-End Balance Sheet Data Data Net income $475,000 Accounts receivable increase 90,000 Prepaid expenses decrease 21,500 Accounts payable increase Wages payable decrease $53,600 Depreciation expense Gain on sale of machinery 14,700 6,600 2,200 Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash...
In year 1, Pride Corp. issued 10,000 shares of $1 par value common stock for $8...
In year 1, Pride Corp. issued 10,000 shares of $1 par value common stock for $8 per share. In year 3, Pride repurchased and immediately retired 1,000 shares of the stock at $6 per share. Which of the following entries would be required to retire the shares? Click the answer you think is right. Credit paid-in capital $7,000. Debit common stock $6,000 Debit paid-in capital in excess of par $7,000. Debit retained earnings $6,000. Credit common stock $6,000. Read about...
QUESTION 1 A company had net income of $252.000. Depreciation expense was $26,000. During the year,...
QUESTION 1 A company had net income of $252.000. Depreciation expense was $26,000. During the year, accounts receivable and inventory increased by $15.000 and $40.000, respectively. Prepaid expenses and accounts payable decreased by $2.000 and $4,000, respectively. There was also a loss on the sale of equipment of $3,000. How much was the net cash flow from operating activities on the statement of cash flows using the indirect method? a. $284.000 b. $305,000 c. $217,000 d. $224.000 QUESTION 2 The...
please enlarge the pictures to view Mogale Travel Services, Inc. Comparative Balance Bhosle December 31, 2014...
please enlarge the pictures to view
Mogale Travel Services, Inc. Comparative Balance Bhosle December 31, 2014 and 2013 Assets 2014 2013 Current asseta: Cash Accounts receivable Inventory Prepaid insurance 11.000 $ 18.000 78,000 79,000 58,000 18,000 9,000 12,000 $ 156,000 $ 127,000 Total current assets Land Equipment Less: Accumulated depreciation $ 105,000 $ 114,000 83.000 57.000 (15,000) (8.000) $ 329,000 $ 290,000 Total assets Llabilities $ Current liabilities: Accounts payable Wages payable Interest payable 28.000 $ 37.000 26,000 24.000 12.000...
A company purchased a 12 month insurance policy on October 1 at a cost of $1,200. On the December 31 annual financial statements: Click the answer you think is right. $300 is reported as a expense and $900 is reported as a liability $300 is reported as a expense and $900 is reported as an asset $1,200 is reported as an asset $1,200 is reported as an expense $1,200 is reported as a liability D Read shout this Do you...
On September 1, Taggert Company paid $1,800 for a 6-month insurance premium beginning September 1. Which of the following statements are correct regarding the accounting for this insurance over the six-month period? (Check all that apply.) O Check all that apply. Taggert will credit Prepaid Insurance for $300 on Sept. 30. Taggert will debit Insurance Expense for $300 on Sept. 30. Taggert will debit Instrance Expense for $1,800 on Sept. 1. O Taggert will debit Prepaid Insurance for $1,500 on...
People Window Help % 20% D Sat 1:58 P mapter 3. The income Stateme x + v/connect.html ting - Fundamentals of Financial Accounting - Philips, Libby, Libby, 6e. The Income Statement If expenses are greater than revenues, Retained Earnings will Click the answer you think is right. decrease increase remain unchanged Do you know the answer? D Read about this I know it Think so Unsure No idea 18 Roms eft MacBook Air OM
1. Statement of Cash Flows: Cash Flow from Operating Activities, Indirect Method. Indic whether each of the following items would be added to net income, subtracted from net income or not included in the Operating Activity section. Use the letters "A" for added;' subtracted or "N" for not included in Operating Activity section. Answer S A) a. А. N Example: Increase in Accounts Receivable Decrease in Accounts Payable b. Decrease in Inventory c. Increase in Bond Payable d. Increase in...
Ragle Corp. issues 1,000 shares of its $5 par value common stock in exchange for equipm The book value of the equipment on the investor's books was $40,000, and its catalog list price was $45,000. The equipment could be purchased in the market for $42,000. The stock was not publicly traded. Which of the following entries will be included in the journal entry to record the issuance of the stock? Click the answer you think is right Debit equipment $42,000....
Type your answer in the box. Two capital budgeting approaches that use discounted cash flows are the value method and the return method. (Enter only one word per blank.) When the cash flows associated with an investment project change from year to year, the payback period must be calculated: Click the answer you think is right. using statistical computer software using the average annual net cash inflow using the equation Investment required/annual net cash inflows by tracking the unrecovered investment...
Salud Company reports the following information. Selected Annual Income Statement Selected Year-End Balance Sheet Data Data Net income $475,000 Accounts receivable increase 90,000 Prepaid expenses decrease 21,500 Accounts payable increase Wages payable decrease $53,600 Depreciation expense Gain on sale of machinery 14,700 6,600 2,200 Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash...
In year 1, Pride Corp. issued 10,000 shares of $1 par value common stock for $8 per share. In year 3, Pride repurchased and immediately retired 1,000 shares of the stock at $6 per share. Which of the following entries would be required to retire the shares? Click the answer you think is right. Credit paid-in capital $7,000. Debit common stock $6,000 Debit paid-in capital in excess of par $7,000. Debit retained earnings $6,000. Credit common stock $6,000. Read about...
QUESTION 1 A company had net income of $252.000. Depreciation expense was $26,000. During the year, accounts receivable and inventory increased by $15.000 and $40.000, respectively. Prepaid expenses and accounts payable decreased by $2.000 and $4,000, respectively. There was also a loss on the sale of equipment of $3,000. How much was the net cash flow from operating activities on the statement of cash flows using the indirect method? a. $284.000 b. $305,000 c. $217,000 d. $224.000 QUESTION 2 The...
please enlarge the pictures to view
Mogale Travel Services, Inc. Comparative Balance Bhosle December 31, 2014 and 2013 Assets 2014 2013 Current asseta: Cash Accounts receivable Inventory Prepaid insurance 11.000 $ 18.000 78,000 79,000 58,000 18,000 9,000 12,000 $ 156,000 $ 127,000 Total current assets Land Equipment Less: Accumulated depreciation $ 105,000 $ 114,000 83.000 57.000 (15,000) (8.000) $ 329,000 $ 290,000 Total assets Llabilities $ Current liabilities: Accounts payable Wages payable Interest payable 28.000 $ 37.000 26,000 24.000 12.000...
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