A comparative balance sheet for Culver Corporation is presented as follows.
December 31
2020 2019
Assets
Cash 72740 22000
Accounts receivable 83220 67480
Inventory 181220 190480
Land 72220 111480
72,740 83,220 181,220 72,220 $ 22,000 67,480 190,480 111,480
Equipment 261,220 201,480
Accumulated Depreciation- (70,220) (43,480)
Equipment
Total $600,400 $549,440
Liabilities and Stockholders' Equity
Accounts payable 35,220 $48,480
Bonds payable 150,000 200,000
Common stock ($1 par) 214,000 164000
Retained earnings 201,180 136,960
Total Additional information:
1. Net income for 2020 was $127,440. No gains or losses were recorded in 2020.
2. Cash dividends of $63,220 were declared and paid.
3. Bonds payable amounting to $50,000 were retired through issuance of common stock.
Prepare a statement of cash flows for 2020 for Culver Corporation. (Show amounts that decrease cash flow wit sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Answers

Answer 1

Answer:

Increase in cash = $50,740

Explanation:

The statement of cash flows for 2020 can be prepared as follows:

Culver Corporation

Statement of Cash Flows

For December 31, 2020

Particulars                                                               $                       $             

Net income                                                        127,440

Adjustment to reconcile net income:

Depreciation expenses (w.1)                             26,740

(Increase) decrease in current assets:

Increase in accounts receivable (w.2)             (15,740)

Decrease in inventory (w.3)                                9,260

Increase (decrease) in current liabilities:

Decrease in accounts payable (w.4)               (13,260)  

Net cash from operating activities                                          134,440

Cash Flow from Investing Activities

Sales of land (w.5)                                             39,260          

Purchase of equipment (w.6)                          (59,740)

Net cash from investing activities                                            20,480

Cash Flow from Financing Activities                                      

Cash dividends paid                                        (63,220)  

Net cash from financing activities                                            63,220  

Increase / (Decrease) in cash                                                     50,740

Beginning cash balance                                                             22,000  

Ending cash balance                                                                   72,740  

Workings:

w.1: Depreciation expenses = Accumulated Depreciation in 2020 -  Accumulated Depreciation in 2019 = $70,220 - $43,480 = $26,740

w.2: Increase in accounts receivable = Accounts receivable in 2020 - Accounts receivable in 2021 = $83,220 - $67,480 = $15,740

w.3: Decrease in inventory = Inventory in 2020 - Inventory in 2019 = 181220 190480 = -$9,260

w.4: Decrease in accounts payable = Accounts payable in 2020 - Accounts payable in 2019 = ($35,220 - $48,480) = $13,260

w.5: Sales of land = Land in 2019 - Land in 2020 = ($111,480 - $72,220) = $39,260

w.6: Purchase of equipment = Equipment in 2020 - Equipment in 2019 = $261,220- $201,480 = $59,740


Related Questions

What percentage of personal finance is head knowledge?

Answers

Answer:

It's 20%

Explanation:

Personal Finance is 80 percent behavior.

Based on 2 images which i have attached below answer the question plss

Based on 2 images which i have attached below answer the question plss
Based on 2 images which i have attached below answer the question plss

Answers

The journal entry to record the purchase of equipment on January 1 is :

Date           Account Title                                    Debit               Credit

Jan. 1          Equipment                                        $ 1, 280

                   Cash                                                                          $ 1, 280

How to record equipment purchase ?

Upon purchase of the equipment, an increase in assets is made through debiting the Equipment account with its total cost. A decrease in assets is then represented upon crediting the Cash/Bank account for the same amount which was used to cover the cost (i.e., cash or bank balance).

This means that we will debit Equipment for the amount of $ 1, 280 which was the cost of the equipment, then we credit the cash account for the same amount to show it has reduced.

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Which type of logic is based on indisputably verifiable information?

Answers

Answer:

Falsifiability

Explanation:

Falsifiability

The federal government has enacted laws which allow you to ______.
a.
Apply for credit cards without revealing personal information
b.
Establish a personal identity lockbox to protect your information
c.
Restrict the way your personal information is shared.
d.
None of the above

Answers

The federal government has enacted laws which allow to restrict the way your personal information is shared. Therefore option (C) is correct.

What is Federal Government?

Federal Government refers to the division of the power among the legislative, executive and judicial. The U.S. Constitution gives the Congress, President, and Federal courts specific powers.

The ability to limit the sharing of personal information is permitted under legislation that the federal government has passed. Therefore, choice (C) is the right one.

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It Isn't necessary to consider convenlence Issues when selecting a bank.
O True
O False

Answers

It should be false bec u have to consider convenience issues when selecting bank
it should be false i agree

how do u get arrested

Answers

Answer:

breaking the laws that's one way to get arrested, if that's what you are asking lol

Answer:

Basically anything that interferes with the law or disturbs peace

Explanation:

1)hurt someone.

2)Spray paint.

3)Punch someone.

4)Fight with officer.

5)Get out of control at school.

6)Get in a fight.

7)Steal a car.

8)Sell drugs.

9)Hit a police car and drive off.

10)Threaten to hurt yourself.

etc

If you wanted to see how much time you spent working on your assignments last Thursday, which
screen would you look at?
Student Activity
External Links
Suggested Facing

Answers

Note that If you wanted to see how much time you spent working on your assignments last Thursday, which screen would you look at is: "Student Activity" (Option A). This has to do with a learning management system.

What is Student Activity?

A Learning Management System (LMS) is a web-based tool used to store classroom activity online. They are a sort of cloud computing in which the program is accessible whenever and wherever a user has Internet connection.

The goal of a learning management system (LMS) is to provide training and development to Learning and Development (L&D) departments so that they can maintain a company's growth, success, and, eventually, revenue. These are some lofty learning objectives.

Student activities are extracurricular groups and programs that are available to students at a college or university. Student activities are typically intended to get students more active on campus.

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QUESTION 9 of 10: Which of the following is not part of the process of passion transference?

a) The fan attends an event where branding/sponsorship is present,
b) The fan sees the brand as special and set apart from competitors.
c) The fan does not see the relevance of the brand advertisement,
d) The fan purchases the brand,

Answers

Answer:

The fan does not see the relevance of the brand advertisement.

Explanation:

Trust :)

Creative and innovative

Answers

A creative innovation is bringing about something unique and different.

What is creativity?

Creativity is the ability to imagine something unique or new that have not been in existence.

It could also be a modification to what have been existing before.

Therefore, A creative innovation is bringing about something unique and different.

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Amber’s starting salary for her new job will be $35,500 a year. How much will she pay to the Social Security system for her first year assuming total FICA withholdings of 7.65%?

Answers

Answer:

I dont know the answer but I want whatever job she has

During December, Acme, Inc., performed and billed its customers $27,000 for services on account of which it collected $9,000. How much revenue should Acme record in December?

Answers

The amount of revenue that should be recorded by Acme Inc, given the amount billed to customers is $ 27, 000.

How much should be revenue ?

Revenue is the amount that a company recognizes when they sell goods or provide services. As per the Accrual basis, this amount is to be recognized even when the cash has not been paid so long as the services have been given or the goods provided.

The revenue that Acme Inc would then need to recognize is the amount that it billed its customers on account which is $ 27, 000.

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how is structure related to organizations need for efficiency versus its need for learning and innovation ? how can managers tell if structure is out of alignment with the organization's needs?

Answers

Answer:

Structure related to organizations need for efficiency versus its need for learning and innovation is described below in brief detail.

Explanation:

A flat or horizontal composition is the best alternative as it enables all levels of representatives to have a say in the conversations, discussions, and resolving business problems. A horizontal composition gives assurance as well as boosts worker confidence (as they feel wanted). An example will be Goo-gle which has a flat composition giving all workers the efficiency to come up with new inventive approaches and innovative solutions.


Which of the following is an example of an investing activity?

Issuance of shares

Repayment of long term debt
Prepayment of a contract
Purchase of machinery

Answers

Answer:

Purchase of machinery

Explanation:

Once you have purchased for a machinery, you will earn the interst from the The profit the machine brings to you.

Suppose you have $1,000 to invest over a 10-year period. Explain under what circumstances you would buy penny stocks or junk bonds as an investment. In your answer, explain why an investment with greater risk, such as a penny stock, will likely have a lower market price but an uncertain rate of return.

Answers

Answer:

Explanation:

There is only one circumstance in which I (personal opinion) would be willing to place my money in penny stocks and that is If the money is extra money that is only an extremely small percent of my overall portfolio and I am ok loosing it completely. That is because penny stocks are stocks from new companies that basically have an idea and are just starting out. The rate of return can be massive on these stocks but they can also go bankrupt and you can loose all your money just as fast. Therefore, they are incredibly risky investments.

5. The current level of money supply in the economy is 10million USD. However the economy needs 50million USD. If the reserve requirement is 15%, what the government should make to meet the amount of money supply its economy needs? (Use open market operation concept).​

Answers

To meet the amount of money supply its economy needs the government should Use the open market operation concept.

What is the economy?

The annual output to the annual consumption ratio, which also evaluates the flow of money into the market by considering each person's purchasing power, is the backbone of every country's economy.

The Federal Reserve participates in open market operations, which are defined as the sale and purchase of securities there. They enable the Federal Reserve to control price changes without directly affecting the market economy.

It would encourage economic stability by reducing commercial banks' reserves and by reducing their investment and loan activities. So this will be considered to meet the amount of money supply its economy needs.

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1. What is the concept of boundaryless marketing and its relationship with global marketing

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Answer:

Explanation: More than the 4Ps or simply social media, Boundaryless Marketing refers to what marketing should always be about: connecting with customers, understanding fina… ... Assistant Director, Global Brand, Marketing and Communications

name three benefits of being a for-profit business​

Answers

Answer:

Owner Income

Owner Income

Company Morale

Explanation:

hope this helped please give brainliest.

Substitute, compliments, or unrelated?

Substitute, compliments, or unrelated?

Answers

Substitute Goods refers to the goods which can be used in place of one every other to fulfill a precise want. Complementary Goods refers to those goods which are consumed together to fulfill a specific want.

How do you recognize if its complement or substitute?

We determine whether items are complements or substitutes based on pass price elasticity - if the go price elasticity is superb the items are substitutes, and if the pass rate elasticity are negative the items are complements.

What are examples of enhances and substitutes?

age of extra of good A requires the use of more correct B. For example, ink jet printer and ink cartridge are complements. Two goods (C and D) are substitutes if the use of extra of properly C replaces the use of proper D. For example, Pepsi Cola and Coca Cola are substitutes.

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A business must decide whether to open a new office in China. If it opens the
branch, it will increase its chances of selling a high volume of its products in
China. On the other hand, the business will have to spend a lot of money to
make the branch operational.
What would be an opportunity cost for the business if it chooses not to open
the new branch in China?
O A. The business would increase its marginal benefits on each
product it makes
O B. The business would lose the chance to make more money in
China.
O C. The business would have to open a new branch in a different
country
O D. The business would be able to use the money it saves on other
projects.

Answers

pretty sure that it’s B cause opportunity cost refers to sacrifice, and the other options like D and A look like they’re beneficial to the conpany.

c) “Shadow price is the increase in value created by having one additional unit of a limiting resource at original cost”. Provide a comprehensive real world example of where a shadow price can be calculated with multiple limiting factors and with more than one product. Your answer should be in a form of a short case study roughly 4 or 5 sentences. (5 marks)​

Answers

A real world example of shadow pricing would be in a case where a manufacturer produces two product A and B with 2 input such as raw materials and labor.

How is this so?

Two products (A & B) are produced through the use of two primary resources: labor & raw materials. To produce one unit of product A, we require roughly an hour's worth (60 minutes) of work time from our available pool.

Also, approximately two pounds worth of our current stockpile must be incorporated into each instance as well. Comparatively speaking, producing one unit from group B takes almost three times that much effort (3 hours' time), but only requires about half as much by weight (a single pound).

Our maximum allowance stands at exactly 60 work-hours across all levels plus another hundred pounds maximum in terms concerning these earthly elements - with that established pricing amounts to a flat rate where five dollars buys us one metric pound whereas ten dollars goes towards hourly wages; so what is their shadow price?

When dealing with limited input availability, the optimal allocation of resources and production process optimization can be achieved using shadow prices. In this regard, it has been determined that labor's shadow price stands at $10 per hour while the shadow price for raw materials is set at $5 per pound.

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Consider the following statement: “An increase in the cost of oil will cause the price of a plane ticket to increase. This increase
in price will cause a decrease in demand for airline travel and a leftward shift in the demand curve."
What is the flaw of this reasoning?
O A decrease in demand will shift the curve rightward, not leftward.
O The increase in the cost of oil will cause a decrease in the price of a plane ticket.
O The cost of oil affects supply and not demand so prices of tickets will remain the same.
O An increase in the sice of a ticket will not cause a decrease in demand, but rather a decrease in quantity demanded.

Answers

The flaw in the reasoning is an increase in the price of a ticket will not cause a decrease in demand, but rather a decrease in quantity demanded.

When is there a change in quantity demanded?

There is a change in quantity demanded when the price of a good changes. For example, if the price of plane tickets increase, there would be a decrease in quantity demanded for airplane travel.

There is a change in demand when other factors except for the price of a good change. For example, if there is a news that airplane travel increase lifespan, there would be an increase in demand for airplane travel.

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Think of as many problems, challenges or issues that affect you, your school, or your community. Create a list of as many of these issues that come to mind. At this phase, aim for quantity over quality and let your imagination run wild! List at least 5.

Answers

Eating healthy

Need for working out

Getting more sleep

Wanting to go different places and not stay in one place for ever.

Learning new stuff

a)You own a picture frame store and want to determine the number of pictures you must sell in order to break even. The average price your consumes are willing to pay for each picture is $75.00. Your fixed costs are $32,000.00 and your unit variable cost is $35.00. Under these conditions what quantity must you sell to break even? Show your work as described in Chapter 19 (page 595).



b) At the break-even point, what is your profit?



c) What happens with each additional picture you sell over the break-even point number? Provide a dollar amount to your answer.

Answers

Under these conditions, 800 pictures to break even.

At the break-even point, the profit is exactly $0.

For each additional picture sold over the break-even point, the profit increases by $40.00.

The calculation according to given information is:

Break-even quantity = Fixed costs / (Price - Unit variable cost).Break-even quantity = $32,000 / ($75 - $35)Break-even quantity = 800.

The profit is exactly zero at the break-even point. This is because the break-even point is the level of output at which the costs of manufacturing equal the revenues for a product.

The average price clients are willing to pay for each photo is $75.00, and the unit variable cost is $35.00, thus the unit contribution margin is $40.00.

As a result, the significance of the break-even point is the aforementioned.

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Type the correct answer in the box. Spell all words correctly. Ben’s company makes caps. He has priced all the caps at $9, $49 and $99, depending on their type and quality. Which pricing strategy has Ben made use of? Ben’s company makes caps. He has priced all the caps at $9, $49 and $99, depending on their type and quality. Ben has made use of the _______ pricing strategy.

Answers

Answer:

psychological

Explanation:

It could also be product line but i'm pretty sure its psychological.

   

Answer:

Product line

Explanation:

Select the correct example of a "benefits received" tax.
OA. Income tax.
OB. The tax that is collected at a toll booth on a highway.

Answers

Answer:

I’m thinking it’s A. But I’m not for sure

Explanation:

I looked it up ;)

vì sao nhà quản trị hành chính văn phòng cần phải có đủ 12 tiêu chuẩn???

Answers

Answer:

?

Explanation:

Discuss the errors that can be detected through a trial balance. How are they spotted and corrected? Consider a particular type of error and discuss how you would go about correcting the error.

Answers

In a double entry accounting system, you can utilize a trial balance to find any mathematical mistakes that may have happened. There shouldn't be any mathematical errors in the ledgers if the total debits and total credits balance out. This is known as a balanced trial balance.

How we can correct and rectify errors of trial balance?

Errors can affect both the debit and credit sides of the account, and they must be fixed by making a journal entry to adjust both the debit and credit. A mistake can be fixed by undoing the effects of the incorrect debit and credit entry and re-adding the proper debit and credit input.

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Imagine that you wanted to specialize in working with senior citizens. What special needs might this group have? What kind of skills would you acquire if you specialized in this demographic? What kind of location would work well for this population?

Answers

The needs of senior citizens would require the ability of those who can handle geriatrics.

Why is this so?

There are special health conditions that come with those who are geriatrics or senior citizens.

This is because, as people age, the body no longer can repair it'self like before and becomes more frail, hence the need for more care.

So working with this kind of population will require skills such as:

Emergency resuscitationSpecial Nutrition etc.

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On June 1, 2020, Sandhill Company sells $196,000 of shelving units to a local retailer, ShopBarb, which is planning to expand its stores
in the area. Under the agreement, ShopBarb asks Sandhill to retain the shelving units at its factory until the new stores are ready fo
installation. Title passes to ShopBarb at the time the agreement is signed. The shelving units are delivered to the stores on September
1, 2020, and ShopBarb pays in full. Prepare the journal entries for this bill-and-hold arrangement (assuming that conditions for
recognizing the sale as a bill-and-hold sale have been met) for Sandhill on June 1 and September 1, 2020. The cost of the shelving units
to Sandhill is $109,000.

Answers

The journal entries for this bill-and-hold arrangement for Sandhill Company on June 1 and September 1, 2020, are as follows:

June 1, 2020:

Debit Cash $196,000

Credit Sales Revenue $196,000

September 1, 2020: No journal entry is required

Debit Cost of goods sold $109,000

Credit Inventory $109,000

What is a bill-and-hold arrangement?

A bill-and-hold arrangement is a revenue recognition method that records revenue before the delivery of goods to the customer.

Transaction Analysis:

June 1, 2020: Cash $196,000 Sales Revenue $196,000

September 1, 2020:

Cost of goods sold $109,000 Inventory $109,000

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ABCD A building was purchased for $350,000 with a 20% down payment. If the lender charged the buyer three discount point, how much will the buyer need to cover these two items

Answers

The buyer of the building will need $424,976.87 to cover these two items.

How are the total mortgage payments determined?

The total mortgage payments can be determined using an online finance calculator as below.

Data and Calculations:

Monthly Pay = $1,180.49

House Price = $350,000.00

Loan Amount = $280,00 ($350,000 - $70,000)

Down Payment = $70,000 ($350,000 x 20%)

Interest rate = 3%

Total of 360 Mortgage Payments = $424,976.87

Total Interest = $144,976.87

Thus, the buyer of the building will need $424,976.87 to cover these two items.

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