Brecker Inc., a greeting card company, had the following statements prepared as of December 31, 2017.
BRECKER INC.
COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31, 2017 AND 2016
12/31/17 12/31/16
Cash $6,000 $7,000
Accounts receivable 62,000 51,000
Short-term debt investments
(available-for-sale) 35,000 18,000
Inventory 40,000 60,000
Prepaid rent 5,000 4,000
Equipment 154,000 130,000
Accumulated depreciation
—equipment (35,000 ) (25,000 )
Copyrights 46,000 50,000
Total assets $313,000 $295,000
Accounts payable $46,000 $40,000
Income taxes payable 4,000 6,000
Salaries and wages payable 8,000 4,000
Short-term loans payable 8,000 10,000
Long-term loans payable 60,000 69,000
Common stock, $10 par 100,000 100,000
Contributed capital, common
stock 30,000 30,000
Retained earnings 57,000 36,000
Total liabilities &
stockholders’ equity $313,000 $295,000
BRECKER INC.
INCOME STATEMENT
FOR THE YEAR ENDING DECEMBER 31, 2017
Sales revenue $338,150
Cost of goods sold 175,000
Gross profit 163,150
Operating expenses 120,000
Operating income 43,150
Interest expense $11,400
Gain on sale of equipment 2,000 9,400
Income before tax 33,750
Income tax expense 6,750
Net income 27000
Additional information:
1. Dividends in the amount of $6,000 were declared and paid during 2017.
2. Depreciation expense and amortization expense are included in operating expenses.
3. No unrealized gains or losses have occurred on the investments during the year.
4. Equipment that had a cost of $20,000 and was 70% depreciated was sold during 2017.
Prepare a statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Answers

Answer 1

Answer and Explanation:

The presentation of the cash flow statement using the direct method is presented below:

                                                  Cash flow statement

Particulars                                  Amount ($)      Total Amount($)

Cash flow from operating activities:-  

Cash received from customers    327,150  

Less-Cash paid to suppliers     (149,000)  

Less-Cash paid for operating expenses (89,000)  

Less-Cash paid for interest              (11,400)  

Less- Cash paid for income taxes (8,750)  

Net cash                                                                   $69,000

Cash flow from investing activities  

Sale of equipment {[$20,000-($20,000 × 70%)] + $2,000} 8,000  

Less-Equipment purchase [$154,000 - ($130,000 - $20,000)] (44,000)  

Less - Purchase of available –for-sale on investments   (17,000)  

($18,000-$35,000)

Net cash used by investing activities                              $53,000

Cash flow from financing activities:-  

Less - Principle payment on long term loan ($69,000-$60,000) (9,000)  

Less - Principle payment on short term loan ($10,000-$8,000) (2,000)  

Less - Paid Dividend (6,000)  

Net cash used by financing activities                                      ($17,000)

Net Cash decrease  (1,000)

Add : December 31,2016 Cash  7,000

December 31,2017 Cash  6,000

Working notes  

1. Particular  Amount ($)

Sales  338,150

Less - Account Receivable increase ($62,000-$51,000) (11,000)

Cash received by customers 327,150

2. Particular  Amount ($)

Cost of goods sold 175,000

Less-Decrease in inventory ($40,000-$60,000) (20,000)

Less-Increase in accounts payable ($46,000-$40,000) (6,000)

Cash paid to suppliers 149,000

3. Particular  Amount ($)

Operating expenses 120,000

Add-Increase in prepaid rent ($5,000-$4,000) 1,000

Less-Amortization of copyright ($46,000-$50,000) (4,000)

Less-Depreciation expenses [$35,000-{$25,000-($20,000*70/100)}] (24,000)

Less-Increase in salaries and wages payable($4,000-$8,000) (4,000)

Cash paid for operating expenses 89,000

4. Particular  Amount ($)

Income tax expense 6,750

Add-Income tax payable decrease($6,000-$4,000) 2,000

Total cash paid for income tax 8,750    

Answer 2

The  statement of cash flows using the direct method is $6,000.

 

Brecker Inc., Statement of cash flows

Cash flows from operating activities:

Cash received from customers $327,150

[$338,150 - ($62,000 - $51,000)]

Less Cash paid to suppliers ($149,000)

[$175,000 - ($46,000 - $40,000) + ($40,000 - $60,000)]

Less Cash paid for operating expenses ($89,000)

[$120,000 + ($5,000 - $4,000) - ($35,000 - ($25,000 - ($20,000 ×70%))) + ($46,000 - $50,000) + ($4,000 - $8,000)]

Less Cash paid for interest ($11,400)

Less Cash paid for income taxes ($8,750)

[$6,750 + ($6,000 - $4,000)]

Net cash provided by operating activities $69,000

Cash flows from financing activities:

Sales of equipment $8,000

[($20,000 - ($20,000 ×70%)) + $2,000]

Less Purchase of equipment  ($44,000)

($154,000 - $130,000 + $20,000)

Add Purchase of available-for-sale investments -$17,000

($18,000 -$35,000)

Net cash used by financing activities  -$53,000

Cash flows from investing activities:  

Principal payment on short-term loan -$2,000

($8,000 - $10,000)

Less Principal payment on long-term loan ($9,000)

($69,000 - $60,000)

Less Dividend payment $6,000

Net cash used by financing activities -$17,000

Net decrease in cash  -$1,000

[$69,000+(-$53,000)+(-$17,000)]

Add Cash, December 31, 2016 $7,000

Cash, December 31, 2017, $6,000

($-1,000+$7,000)

Inconclusion the  statement of cash flows using the direct method is $6,000.

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Related Questions

Which of the following is a disadvantage of using nominal interest rate to compare investment options?
(1 Point)


It doesn't account for inflation

It doesn't account for compounding

It doesn't account for credit risk

It doesn't account for liquidity risk

Answers

The disadvantage of using nominal interest rate to compare investment options is that it doesn't account for inflation.The correct option is A.

The overall rise in prices of goods and services in an economy over time is referred to as inflation. It is a sustained rise in the average level of prices, leading to a decrease in the purchasing power of money.

Inflation occurs when there is an imbalance between the supply of money and the available goods and services in the economy. When the supply of money exceeds the available goods and services, prices tend to rise.

Thus, the ideal selection is option A.

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true/false. a product's purchase cost plus the discounted cost of maintenance and repair less the discounted salvage value is known as the product's activity cost.

Answers

False. The product's activity cost is not necessarily equal to the product's purchase cost plus the discounted cost of maintenance and repair less the discounted salvage value.

Activity cost is a term used in activity-based costing, which is a method of accounting that assigns costs to specific activities and products based on the resources they consume. Activity cost is calculated by taking into account the direct and indirect costs associated with a specific activity, such as the production of a product. This could include costs such as raw materials, labor, energy, and supplies, as well as indirect costs such as overhead, maintenance, and repair.

While the purchase cost of a product and the costs of maintenance and repair may be included in the calculation of activity cost, the concept of activity cost is broader and includes a wider range of costs associated with a specific activity or product.

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Describe six factors that can affect participation in sport and active leisure.
Explain trends in participation in sport and active leisure.

Answers

Answer:

나는 매우 미안하지만 대답을 모른다.나는 매우 미안하지만 대답을 모른다.

Answer:

True

Explanation:

Competitive sports are a form of active leisure. Passive leisure is just as beneficial as active leisure. When setting your schedule, it is sometimes necessary to tell people "No." Free time takes priority over committed time.

100 pts
The table identifies how many thousands of units of corn and diamonds the United States and Congo can produce in one week. Use this data to answer the question that follows.


Corn

Diamonds

United States

60

10

Congo

20

5



Which statement is true based on the data table?
The United States should specialize in diamonds and trade for corn.
The United States should specialize in corn and trade for diamonds.
Congo should specialize in corn and trade for diamonds.
Congo should specialize in both corn and in diamonds.

Answers

Answer:

In view of the units of corn and precious stones delivered by the US, the open-door cost of creating corn is B. 10⁄60.

What is the open-door cost of delivering corn?

The open-door cost of delivering corn to the US would be the number of precious stones that are surrendered to make one unit of corn.

This can be found as:

= Units of jewels/Units of corn

= 10/60 jewels

All in all, choice B is right.

Answer:

B) The United States should specialize in corn and trade for diamonds.

Explanation:

I got it right on the test

Why would a winning scratch off ticket come back.as.invalid after you won?

Answers

There could be several reasons why a winning scratch-off ticket might be declared invalid. Some possible reasons include:

altered or damaged ticketillegal purchasea counterfeiterror in distribution

How could these reasons bring about an invalid ticket?

The following demonstrate how a ticket could be invalid after winning:

1. The ticket was damaged or altered in some way, making it difficult for the lottery machine to read it correctly.

2. The ticket was purchased illegally, and therefore is not valid for redemption.

3. The ticket was a counterfeit, and therefore is not a legitimate winning ticket.

4. There was an error in the printing or distribution of the ticket, which resulted in it being declared invalid.

If you believe that you have a winning ticket that has been declared invalid, you should contact the lottery office for more information. They may be able to provide you with more information about why your ticket was declared invalid, and what steps you can take to resolve the issue.

Therefore, the correct answers are as given above

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Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2020. During that time, he earned $76,000 of self-employment income. On April 1, 2020, Kyle took a job as a full-time software engineer with one of his former clients, Hoogle Inc. From April through the end of the year, Kyle earned $196,000 in salary. What amount of FICA taxes (self-employment and employment related) does Kyle owe for the year

Answers

Answer:

$18,943.40

Explanation:

FICA taxes when Kyle was self employed = $76,000 x 15.3% = $11,628

Social security taxes while employed = ($137,700 - $76,000) x 6.2% = $3,825.40

Medicare taxes while employed = [($200,000 - $76,000) x 1.45%] + [($196,000 + $76,000 - $200,000) x 2.35%] = $1,798 + $1,692 = $3,490

Total FICA taxes = $18,943.40

define the meaning of an action plan​

Answers

Answer:

a action plan is a detailed outlining actions needed to reach one or more goals

Units: Beginning Inventory: 34,000 units, 55% complete as to conversion. Units started and completed: 128,000. Units completed and transferred out: 162,000. Ending Inventory: 34,500 units, 35% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $52,000.Costs in beginning Work in Process - Conversion: $57,850. Costs incurred in February - Direct Materials: $296,000.Costs incurred in February - Conversion: $608,150. Calculate the cost per equivalent unit of conversion.a. 196,500.b. 135,725.c. 128,000.d. 174,075.

Answers

Answer:

the cost per equivalent unit of conversion is $3.49

Explanation:

The computation of the cost per equivalent unit of conversion is as follows;

= Total conversion cost ÷ equivalent units

where

total conversion cost is $608,150

And, the equivalent units is

= 162,000 units × 100% + 34,500 units × 35%

= 162,000 units + 12,075 units

= 174,075 units

Now the cost per equivalent unit of conversion is

= $608,150 ÷ 174,075 units

= $3.49 per unit

Hence, the cost per equivalent unit of conversion is $3.49

This is the answer but the same is not provided in the given options

tell me the HCF of 18 and 48​

Answers

Answer:

6

Explanation:

The answer is 6 because 6 is the highest number that is a factor of both 18 and 48

Misu Sheet, owner of the Bedspread Shop, knows his customers will pay no more than $120 for a comforter. Misu wants a 30% markup on cost instead of on selling price. What is Misu’s cost? (Round your answer to the nearest cent.)

Answers

Based on the price that Misu Sheet's customers will pay no more than, and the markup on cost, Misu's cost can be found to be $92.31

How to find the cost?

If the customers to the Bedspread Shop will not pay more than $120 then this is the amount that can be charged as a selling price.

The cost will need a 30% markup on it to be able to get to the selling price of $120.

This means that the cost is:

= Selling price / ( 1 + Markup percentage)

= 120 / (1 + 30%)

= 120 / 1.30

= $92.31

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Question 8 of 10
Which of the following responses is the most ethical way to deal with a
problem?
A. Hire a public relations firm to deal with the media fallout.
B. Consider what effects your actions would have over the long term
if they were discovered.
C. Discover who was responsible and terminate their relationship
with the company.
D. Assume that the customer is always right.

Answers

Answer:

B

Explanation:

If you're going to solve it ur going to need to know how it's going to effectively help don't just do it first think.

Out of the choices provided above, it can be concluded to state that considering the effects of one's actions over a long term discovery is one of the ideal responses, and an ethical way to deal with a problem. Therefore, the option B holds true.

What is the significance of an ethical problem?

An ethical problem can be referred to or considered as one of the most critical concern for the smooth functioning of a working organization. It is needed to be dealt in an effective way using relevant solutions that can derive positive outputs for the organization.

The consequences of a problem may be ambiguous in nature, and thus, it becomes important to review them well by taking the effects of actions into consideration, and what influence they could have on the organization in the longer run.

Therefore, the option B holds true and states regarding the significance of an ethical problem.

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Present value of bonds payable; discount Pinder Co. produces and sells high-quality video equipment. To finance its operations, Pinder Co. issued $25,000,000 of five-year, 7% bonds, with interest payable semiannually, at a market (effective) interest rate of 9%. Determine the present value of the bonds payable, using the present value tables in Exhibits 8 and 10. Round to the nearest dollar.

Answers

Answer:

$23,021,880.00

Explanation:

The present value of the bond consists of the present value of semiannual coupon payment and present value of face value discounted using the market interest rate of 9% per year(but 4.5% semiannually)

present of face value=face value*discount factor

discount factor=1/(1+4.5%)^10=0.64393

present value of face value=$25,000,000*0.64393 =$16,098,250.00  

Present value of semiannual coupon=coupon payment*discount factor

The discount factor is the present value of annuity of 4.5% for ten periods i.e 7.91272

coupon payment=$25,000,000*7%*6/12=$875000

present of coupon=7.91272 *$875000 =$6,923,630.00  

total present value=$6,923,630.00+$16,098,250.00=$23,021,880.00  

Fire Department Turns to BI Analytics. New York City has nearly one million buildings, and each year, more than 3000 of them experience a major fire. The Fire Department of the City of New York (FDNY) is adding BI analytics to its arsenal of firefighting equipment. It has created a database of over 60 different factors (e.g., building location, age of the building, whether it has electrical issues, the number, and location of sprinklers) in an attempt to determine which buildings are more likely to have a fire than others. The values of these parameters for each building are fed into a BI analytics system that assigns each of the city's 330,000 inspectable buildings a risk score. (FDNY doesn't inspect single and two-family homes.) Building inspectors then use these risk scores to prioritize which buildings to visit on their weekly inspections. The FDNY has roughly 350 inspectors who are trained and certified to perform their duties.
Which set of three parameters all provides measures useful in determining which buildings are more likely to have a fire than others?
a. Year the building was constructed, the number of building occupants, and primary materials used in the construction of the building
b. Primary materials used in the construction of the building, the assessed value for property taxes, and distance from the nearest fire station
c. Distance from the nearest fire hydrant, whether or not the building has an elevator, and the number of stories in the building
d. The amount the building is insured for, distance from the nearest fire hydrant, and primary building materials used in the construction of the building

Answers

Answer:D

Explanation:

What is the different between capital and revenue expenditure​

Answers

Answer:

Typically, the purpose of capital expenditures is to expand a company's ability to generate earnings, whereas revenue expenditures include the operational costs of running a business and the maintenance costs that are necessary to keep the asset in working order.

Explanation:)

Which statement best summarizes the role of households in the flow of
goods?
( B. Households sell products created in product markets.
C. Households act as consumers for goods made by businesses.
product and resource markets.
SUBMIT
O A. Households provide natural resources to businesses.

• D. Households trade goods between

Answers

Businesses produce goods that are used by households.

Who are the consumers among households?

The final consumers of the goods and services produced by the businesses are the households. According to their tastes and preferences, they create demand in the market. The businesses supplied and produced goods in response to customer demand. As a result, a nation's production line is determined by its households.

What positive effects does a business have on families?

To run a business, workers are needed, and business owners, managers, and employees also have families. In return for labor, the business pays wages, which increase household income.

What are five examples of services and goods?

Automobiles, household goods, and clothing are examples of goods. Legal advice, housekeeping, and consulting are examples of services. A company's output may fall somewhere in the middle of these two ideas. A landscaping company, for instance, might offer a homeowner a service and sell them a tree as a product.

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Explain with examples, why the study of macroeconomics is important to an undergraduate student of Economics in Nigeria.

Answers

Macroeconomics is the study of the overall performance and behavior of the economy as a whole, including the factors that influence economic growth, inflation, unemployment, and international trade. The study of macroeconomics is important to an undergraduate student of economics in Nigeria for several reasons:

1. Understanding the overall economy: Knowledge of macroeconomics is essential for understanding the overall performance and behavior of the Nigerian economy. This includes analyzing key macroeconomic indicators such as Gross Domestic Product (GDP), inflation rates, unemployment rates, and trade balances.

2. Policy-making: Understanding macroeconomics is essential for policy-making at the government level. This includes understanding how monetary policy and fiscal policy can be used to stabilize the economy, promote economic growth, and reduce inflation and unemployment rates.

3. Business decision-making: Understanding macroeconomics is also important for business decision-making. For instance, a business owner needs to understand macroeconomic trends such as inflation and exchange rates in order to make informed decisions about pricing, production, and investment.

4. International trade: Macro economics is important to international trade because it explains the workings of the global economy and how different countries interact with one another. For example, a student of macroeconomics can understand the factors that influence exchange rates and how these impact international trade between Nigeria and other countries.

5. Personal financial planning: Finally, understanding macroeconomics is important for personal financial planning. This includes understanding how inflation and exchange rates impact the value of money over time, and how these factors affect personal savings and investments.

To illustrate the importance of macroeconomics to an undergraduate student of economics in Nigeria, consider the following examples:

1. Suppose a student is interested in starting a business in Nigeria. Understanding macroeconomics would be essential for analyzing the overall economic environment and identifying potential opportunities and risks. For instance, the student needs to understand the current inflation rate, exchange rate, and interest rates in order to make informed decisions about financing, pricing, and production.

2. Suppose a student is interested in pursuing a career in government or public policy. Understanding macroeconomics would be essential for analyzing and formulating policies that promote economic growth, reduce inflation and unemployment rates, and stabilize the economy.

3. Suppose a student is interested in pursuing a career in international trade. Understanding macroeconomics would be essential for analyzing the global economy and identifying potential opportunities and risks in international trade. For instance, the student needs to understand how exchange rates impact the competitiveness of Nigerian exports and how trade policies affect international trade relations.


Hope this helps!!

the five categories of financial ratios include short-term solvency, long-term solvency, asset management, profitability, and___

Answers

The five types of financial ratios include value ratios, asset management, profitability, short-term solvency, and long-term solvency.

What are value ratios?

Short-term solvency, long-term solvency, asset management, profitability, and value ratios are the five categories of financial ratios.

A valuation ratio formula calculates the relationship between a company's or its equity's market value and a basic financial metric (e.g., earnings).

A value analysis' purpose is to demonstrate the cost you are paying for a certain stream of earnings, revenue, or cash flow (or another financial metric).

Five Crucial Financial Ratios for Every Business.

Every company should monitor the following financial measures:

1) liquidity ratios,

2) leverage ratios.

3) efficiency ratios.

4) Ratios of profitability.

5) Ratios of market value.

Therefore, the five types of financial ratios include value ratios, asset management, profitability, short-term solvency, and long-term solvency.

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Which of the following is not a measure of central tendency?​

Answers

Answer:

Standard deviation is not a measure of central tendency

Explanation:

Deviation means change or distance. But change is always followed by a reference. Hence standard deviation is a measure of change from central tendency i.e. mean. It is not itself a measure of central tendency.

How does the way that a search engine gets and organizes information help you understand why Googling alone is not enough?

Answers

Answer:

The search engine works through three primary functions,

Crawling, Indexing and Ranking

Explanation:

Crawling is the process in which the server works as a spiders and finds out information relevant for the user. Indexing is the way to store the web page. Ranking is the priority through which websites are displayed. The most matched text with the URLs are displayed first. The content in the website is matched with the relevance and then displayed to the user.

Question 4 (4 points)
Match each Type of Sales Channel to its corresponding description.
>
Selling products in bulk
to various outlets or
retailers for onward
sale.

When a brand or
manufacturer sells
direct to consumers
and the end users of
their products, as
opposed to selling to
them solely through
retailers.

Selling products directly
to end customers for a
profit, either in-store,
online, mail-order, or
by phone.

Businesses that sell to
other businesses who
are the intended end
user of the product.

1. Retail.
2. Wholesale
3. Direct to Consumer
4. B2B

Answers

Based on business and trading methods, the type of sales channel, that matches the description can be any of the following Retail, Wholesale, Direct Consumer, or B2B.

What are Sales Channels?

The Sales Channel is a term that is used to describe the ways or methods in which producers sell their products. This method can either be through direct or indirect routes.

Considering the available descriptions we have the following sales channel matching them.Wholesale: Selling products in bulk to various outlets or retailers for onward sale.

Direct to Consumer: When a brand or manufacturer sells direct to consumers and the end users of their products, as opposed to selling to them solely through retailers.

Retail: Selling products directly to end customers for a profit, either in-store, online, by mail-order, or by phone.

B2B: Businesses that sell to other businesses who are the intended end user of the product.

Hence, in this case, it is concluded that each of the types of sales channels has its peculiarities that producers may choose to utilize.

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1.Apply the SOSTAC model to ASOS and highlight why it has become
such a successful online fashion brand?

Answers

he SOSTAC model is a strategic planning framework that stands for Situation analysis, Objectives, Strategy, Tactics, Action, and Control.

Situation analysis: ASOS operates in the highly competitive and dynamic online fashion industry. It was founded in 2000 and has grown rapidly since then to become a global brand with a presence in over 200 countries.

Objectives: ASOS's objective is to become the go-to destination for online fashion shopping. It aims to provide its customers with a seamless and personalized shopping experience that caters to their unique style preferences.

Strategy: ASOS's strategy is centered on offering a wide range of products from its own label as well as other brands, at competitive prices. It also uses technology to enhance the customer experience by providing features like visual search, social media integration, and personalized recommendations.

Tactics: ASOS uses various tactics to execute its strategy, such as aggressive marketing campaigns, partnerships with influencers, and collaborations with other brands. It also invests heavily in technology to constantly improve its online platform and provide customers with a seamless shopping experience.

Action: ASOS regularly updates its product offerings, website design, and marketing campaigns to stay relevant and appeval to its target audience. It also actively engages with its customers through social media and other channels to understand their preferences and needs.

ASOS has become such a successful online fashion brand due to its effective execution of the SOSTAC model. Its focus on offering a wide range of products at competitive prices, using technology to enhance the customer experience, and actively engaging with customers has helped it establish a strong brand identity and a loyal customer base.

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How can developing a skilled work force maintain quality and how could motivate others

Answers

Answer:

Developing a skilled workforce is crucial for maintaining quality and improving productivity, leading to higher customer satisfaction and reduced employee turnover. Clear goals, expectations, and feedback can motivate employees, as well as offering growth opportunities and recognition for good performance.

Which best explains why banks consider interest on loans to be important?

Answers

Answer:

what are the options as answers?

Explanation:

Pamela is also a saver. She sets aside $100 per month during her 40 year career. She invests in the US stock market* through an index fund that averages a 7% annual return over this 40 year period.

Answers

Answer:

$32,183.77

Explanation:

A- monthly payment, r- monthly interest rate, n- number of months

A- 200, r- 7%/12 =0.583%, n = 40 × 12 = 480

FV = 200× (1- (1.00583)^(-480))/0.00583

    =32,183.767

    = $32,183.77

She invests in the US stock market in an index fund that averages a 7%. The annual return over this 40 year period is $32,183.77.

What is index fund?

A mutual fund or exchange-traded fund that tracks a certain basket of underlying investments is known as an index fund. Index funds must adhere to a set of predetermined regulations.

An index fund is a combination of stocks or bonds created to closely resemble the make-up and performance of an index of the financial markets. In comparison to actively managed funds, index funds incur fewer costs and fees. Investing is done passively with index funds.

I- 200

r- 7%/12 =0.583%

n = 40 × 12 = 480

FV = 200× (1- (1.00583)^(-480))/0.00583

   =32,183.767

Hence, The annual return over this 40 year period is $32,183.77.  

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Question 1 of 10
When journalizing an entry into the petty cash journal, what information
should be included?
A. voucher number, amount of petty cash on hand, and date
B. just the amount of petty cash on hand and total dollar amount
C. voucher number, date, type of expense, and total dollar amount
OD. just the voucher number and the total dollar amount

Answers

When journalizing an entry into the petty cash journal, the following information should be included:  C. Voucher number, date, type of expense, and total dollar amount.

What information should be included in the journal entry?

The voucher number, a specific identification for the transaction, must be included when making an entry in the petty cash journal.

Additionally, the transaction's date, its nature, and its total dollar amount need to be noted. This data is required for maintaining correct records and monitoring the petty cash fund's usage.

Therefore the correct option is C.

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1. The industrial wood planers currently valued at $58,000 each were purchased two years ago for $65,000 each. The company plans to keep them for six more years. Jasmine uses the straight-line method to determine the depreciation for these machines. Be sure to follow FASB


a. What is the salvage value of each planner, and how is this amount determined? (2 points)

Answers

The salvage value of each planner is $23,000 and this is derived by first calculating the depreciation amount which is then deducted from Original cost of the asset.

How do we calculate our salvage value?

The salvage value of each industrial wood planer is the estimated value of the machine at the end of its useful life, after it has been fully depreciated. It is determined by subtracting the accumulated depreciation from the original cost of the asset.

In Jasmine's case, using the straight-line method of depreciation, the annual depreciation for each machine is calculated as follows:

$65,000 - $58,000 = $7,000 (depreciation per year)

The company plans to keep the machines for six more years, so the total amount of accumulated depreciation would be:

$7,000 x 6 = $42,000

Therefore, the estimated salvage value of each industrial wood planer would be:

= $65,000 - $42,000

= $23,000

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You are a loan officer at a bank. An applicant comes to you for a $5,000 loan. Explain why you would want to know that person's credit history.​

Answers

I would want to know the applicant's credit history so as to be able to determine the likelihood of the applicant paying back the loan. An applicant that has a history of defaulting on loans or has maxed out credit cards is unlikely to pay back a loan.

For example, consider two applicants, Mr A and Miss B, who come to apply for a loan. Mr A. has a three maxed out cards, he has defaulted on a loan payment at another bank and he is currently unemployed. On the other hand, Miss B is a student with no history of debt. She came to apply for a loan so as to be able to pay for her college tuition.

Miss B has a better credit history when compared with Mr A. She is less likely to default on payment and hence she is a better candidate for the loan. If the loan officer does not check for this information, he would not be privy to the information and so he is in danger of giving the loan to the less suitable person.

Credit history is a report that provides information on the repayment of debt of an individual. It provides information about amount owed and how soon repayments were made. Credit history is usually contained in a credit report

Contents of a credit report

Number of credit accounts Types of credit account Information on bankruptciesAmount owed

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In a competitive labor market, the demand for and supply of labor determine the equilibrium wage rate and the equilibrium level of employment.

1.Discuss the relationship between how these markets determine the wage rate and the quantity of labor that should be employed.

2.Share an example, beyond your textbook, that demonstrates this relationship.

Answers

1. In a competitive labor market, the equilibrium wage rate is determined by the point where the demand for labor equals the supply of labor. The demand for labor refers to the willingness and ability of employers to pay for labor at different wage rates, while the supply of labor refers to the willingness and ability of workers to work at different wage rates. As the wage rate increases, the quantity of labor supplied increases and the quantity of labor demanded decreases. Conversely, as the wage rate decreases, the quantity of labor supplied decreases and the quantity of labor demanded increases. The equilibrium wage rate is the wage rate at which the quantity of labor demanded equals the quantity of labor supplied, and the equilibrium level of employment is the level of employment at which the quantity of labor demanded equals the quantity of labor supplied.

2. An example of this relationship is the labor market for software engineers in Silicon Valley. The demand for software engineers in Silicon Valley is high due to the growth of the tech industry, which has led to a shortage of skilled workers. As a result, employers are willing to pay high wages to attract and retain software engineers. However, this high wage rate also attracts more workers to the industry, increasing the quantity of labor supplied. This increase in the quantity of labor supplied may eventually lead to a decrease in the wage rate, as the supply of labor outstrips the demand for labor. Conversely, if the demand for software engineers were to increase even further, the equilibrium wage rate and level of employment would increase, reflecting the increased demand for labor.

Blue Spruce Corp. reported net income of $194,740 for 2022. Blue Spruce Corp. also reported depreciation expense of $36,900 and a loss of $5,030 on the disposal of plant assets. The comparative balance sheets show an increase in accounts receivable of $15,650 for the year, a $15,880 increase in accounts payable, and a $4,250 increase in prepaid expenses. Prepare the operating activities section of the statement of cash flows for 2022. Use the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Blue Spruce Corp. Partial Statement of Cash Flows Choose the accounting period Select an opening section name Select an item $Enter a dollar amount Adjustments to reconcile net income to Select an opening name for subsection Select an item $Enter a dollar amount Select an item Enter a dollar amount Select an item Enter a dollar amount Select an item Enter a dollar amount Select an item Enter a dollar amount Enter a total amount for this subsection Select a closing section name $Enter a total amount for this section

Answers

Answer:

Blue Spruce Corp

Statement of Cash Flows for the year ended December 31, 2022

Operating activities section:

Net income                                          $194,740

add non-cash flow items:

    Depreciation expense                      36,900

    Loss on disposal of plant assets     54,030

Adjusted operating income             $285,670

Working capital changes:

Increase in accounts receivable         (15,650)

Increase in accounts payable              15,880

Increase in prepaid expenses             (4,250)

Net cash from operating activities $281,650

Explanation:

a) Data and Calculations:

Reported 2022 net income = $194,740

Depreciation expense = $36,900

Loss on disposal of plant assets = $54,030

Increase in accounts receivable = $15,650

Increase in accounts payable $15,880

Increase in prepaid expenses $4,250

b) The operating activities section is one section of the Statement of Cash Flows.  It shows the cash inflows and outflows from Spruce's normal business activities.  Other sections of Spruce's Statement of Cash Flows that show activities outside operating activities are the investment activities section and financing activities.

Which of the following questions would be helpful in deciding upon a new job title? A. How many hours a week do you work? B. Is this a management level position? C. Do you have your own office space? OD. Where did you acquire management skills?

Answers

The correct option is D. Where did you acquire management skills? which question would be helpful in deciding upon a new job.

What is the most important change management?

The key to any effective change management strategy is communication. Any goal may be attained if you open the correct lines of communication; it's the golden thread that holds everything together. You may overcome the anxieties and irritation that change may bring about with good communication.

You may overcome this change management difficulty using the three-C principle. The clarity, persuasion, and credibility of the changes that managers are communicating should be checked.

Thus, The right answer is D. What kind of managerial experience do you have? which query might be beneficial in choosing a new career.

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