Oriole Company has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statemen
Answers
Selling expenses encompass all depreciation costs. The operating activities' net cash flow is $ 276,000 . Option B is correct.
Working:
Oriole Company
Statement of Cash Flows
For the Year Ended December 31, 2022
Cash flows from operating activities:
Net Income $ 276,000
Adjustments to reconcile net income to
Net cash provided by operating activities
Depreciation expense $ 87,000
Loss on sale of equipment [285000-240000] $ 45,000
Increase in Account Receivables [83600-96800] $ (146,000)
Decrease in Inventory [482000-386000] $ 96,000
Increase in accounts payable [176000-97000] $79,000
Decrease in Income taxes payable [351000-393000] $(42,000)
$119,000
Net cash Provided by operating activities $ 395,000
T-Account: Calculation of depreciation:
Accumulated Depreciation
Depreciation Of sold asset $69,000 Beg Balance $304,000
[354000-285000]
Depreciation Expense $87,000
End Balance $322,000
Due to use, wear and tear, or becoming obsolete, an asset loses value over time. Depreciation is the measurement of this decrease. Depreciation, or the value loss of an asset, can also be brought on by a variety of other factors, such as adverse market conditions, for example. A appreciable asset's wear and tear, consumption, or other loss of value is measured by depreciation.
Other factors that contribute to depreciation include use, the passage of time, and changes in technology and the market. Devaluation cost is the sum that an organization's resources are deteriorated for a solitary period (e.g, quarter or the year), while collected devaluation is the aggregate sum of wear to date. Accumulated depreciation and depreciation expense are not the same thing.
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Complete question as follows :
Oriole Company has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements of Oriole Company for 2022 and 2021 are provided below. BALANCE SHEETS 12/31/22 Cash $408000 Accounts receivable 360000 Inventory 386000 Property, plant and equipment $607000 Less accumulated depreciation (322000) 285000 $1439000 12/31/21 $ 192000 214000 482000 $958000 (304000) 654000 $1542000 Accounts payable Income taxes payable Bonds payable Common stock Retained earnings $ 176000 351000 362000 228000 322000 $1439000 $ 97000 393000 598000 218000 236000 $1542000 $8390000 7154000 1236000 INCOME STATEMENT For the Year Ended December 31, 2022 Sales revenue Cost of sales Gross profit prom Selling expenses $602000 Administrative expenses 192000 Income from operations Interest expense Income before taxes Income taxes Net income 794000 442000 74000 368000 92000 $ 276000 The following additional data were provided: sale. The loss on sale was incorrectly charged to 1. Dividends for the year 2022 were $190000. 2. During the year, equipment was sold for $240000. This equipment cost $354000 originally and had a book value of $285000 at the time cost of sales 3. All depreciation expense is in the selling expense category. The net cash provided by operating activities is
A. $189000
B. $276000
C. $395000
D. $231000.
Related Questions
1. Economics is all about
a. making money.
b. making decisions.
c. government controlling resources.
d. None of the above.
Answers
What is it called when nations can legally agree that they will limit prevent or have open trade between two or more nations?
Answers
The trade agreements can be described as nations when they legally agree that they will limit, prevent, or have open trade between two or more nations.
The trade agreements can be referred to or considered as the agreement between two or more nations, such that there is a legal understanding, to perform or abstain from performance of trade activities to ensure maximum advantage for economies of the nations that are a part of this trade agreement, as such. The involved nations are completely binding and under an obligation to abide by the regulations of the agreement.
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According to SFAC 5, the four criteria that must be met for an item to be recognized in the basic financial statements are Multiple select question. the item can be matched with associated revenues. the information about the item is reliable. The item meets the definition of an element. the information about the item is relevant to decision making. the item can be valued at fair value. the item has relevant attributes that are measurable.
Answers
Answer:1)the information about the item is relevant to decision making
2)the item has relevant attributes that are measurable
3)the item meets the definition of an element
4)the information about the item is reliable
Explanation:
The four criteria for met out an item that should be recorded in the financial statements is as follows:
The information for the item that is considered for the decision-making.The item that met out the element definition.The item contains significant characteristics that are measurable in terms.The information related to the item should be accurate & reliable.The information related to the financial statement is as follows:
It is written records that show the financial profitability, financial position, and financial performance of the company. It includes the profit & loss account, balance sheet, cash flow statement.It represents reliable and accurate results.Therefore we can conclude that the above statements are considered.
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The supply and demand equations for a clothing product in a particular week are given by
p=0.7q+6 Supply Equation
p=-1.7q+18 Demand Equation
where p is the price in dollars and q is the quantity in hundreds
Find the equilibrium price and quantity.
Note:
The format of your answer for the price must be written as an integer with two decimals. Examples of this format is $8.35 or $4.00.
The format for the quantity must be written in only integer (in 100), for example 200 (not 2).
Answers
At the equilibrium point, the price for the clothing product settles at $9.50, while the corresponding quantity reaches 500 (in hundreds).
To find the equilibrium price and quantity, we need to set the supply equation equal to the demand equation and solve for the values of p and q.
0.7q + 6 = -1.7q + 18
Combining like terms, we have:
2.4q = 12
Dividing both sides by 2.4, we get:
q = 5
Substituting the value of q back into either the supply or demand equation, we can find the equilibrium price:
p = 0.7(5) + 6
p = 3.5 + 6
p = 9.5
Therefore, the equilibrium price is $9.50 and the equilibrium quantity is 500 (in hundreds).
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Ranking initiatives, or eliminating them, can be accomplished using the following tools:
Select one:
a. SWOT Analysis, Value Chain Analysis
b. Porter's Value Chain, Porter's Five Forces Model
c. Positioning for surprise, Strategic Planning
d. Information Systems Planning, Information Systems Assessment
e. Critical Success Factors, Priority Matrix
Answers
The tools used for ranking initiatives or eliminating them can be accomplished using the following tools: Critical Success Factors and Priority Matrix. The correct answer is option E.
These tools help in evaluating, prioritizing, and ranking the various initiatives based on their importance and impact on the overall objectives. Critical Success Factors (CSFs) help identify the most important aspects that need to be achieved for the success of a project or organization, while the Priority Matrix is a decision-making tool that assists in prioritizing initiatives based on their urgency and importance.
By using these tools, you can effectively rank or eliminate initiatives according to their significance and potential contributions to the organization's success.
Critical Success Factors (CSFs) are the key areas or factors that are critical to the success of a project or initiative. By identifying and prioritizing these factors, organizations can assess which initiatives align best with their strategic objectives.The Priority Matrix is a tool used to evaluate and prioritize initiatives based on criteria such as their importance, urgency, resources required, and potential impact. It helps organizations allocate resources effectively and make informed decisions about which initiatives to pursue or eliminate.Thus, option e is the right answer.
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Managers wants to develop an organizational culture that aligns with the firm’s mission and profit margin.
True or false
Answers
According to the research, the correct answer is True. The statement "Managers want to develop an organizational culture that aligns with the firm's mission and profit margin" is true.
What are Managers?It is the person whose job is to coordinate or direct a company or a sector of it, guides the effective management of people and organizational effectiveness.
In this sense, he is dedicated to the coordination and supervision of the actions carried out by other people, ensuring that the work carried out by the personnel under his charge is in tune with the objectives of the company and its organizational culture.
Therefore, we can conclude that according to the research, a manager plans and directs the plans and procedures in the organizational culture.
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healthy-o cereals decides to sell its products through retail health food stores. this strategy decision is an example of which marketing mix area?
Answers
This strategic decision is an example of a Distribution (Place) marketing mix area.
In the marketing mix, distribution (Place) refers to the methods and techniques employed to make a product accessible to consumers for purchase. It entails choices on the distribution methods, including brick and mortar stores, online shopping, direct sales, etc. It also involves choices on the channels' accessibility, location, and frequency of product replenishment. Making sure the proper products are accessible to target clients at the ideal time and location is the aim of distribution.
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I don’t understand this and need help
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The main purpose of a depository institution is to:
A. hold deposits in accounts and use that money to offer loans.
B. provide guaranteed payments to depositors under specific
conditions.
C. use deposited money to purchase stocks and bonds in order to
make a profit.
D. allow customers to deposit money into accounts at no charge.
SUBMIT
Answers
Answer:
A. hold deposits in accounts and use that money to offer loans.
Explanation:
Depository institutions include commercial banks, credit unions, among others. They provide a safe, secure, and convenient way for customers to save money and a source of credit for households and businesses. Depository institution offers interest on deposits and uses that money to extends loans at a higher interest.
Interest on loans is the main source of revenue for depository institutions. They create loans from customer deposits and facilitate household and business expansion in the economy.
A. hold deposits in accounts and use that money to offer loans.
You are an oat farmer who decides to sell a
call with a strike price of $4.90 for a premium of
$0.25.
If the futures price ends up at $4.85 (and your cash price is
$4.50), find your net price.
Answers
To calculate the net price as an oat farmer who sold a call option, we need to consider the premium received and the difference between the strike price and the futures price.
In this scenario, the strike price of the call option is $4.90, and the premium received is $0.25. The futures price ended up at $4.85, which is lower than the strike price. However, the cash price at $4.50 is even lower than the futures price.Since the futures price is below the strike price, the call option is out of the money and will not be exercised by the buyer. Therefore, as the seller, you get to keep the premium received.The net price, in this case, would be the cash price ($4.50) plus the premium received ($0.25):Therefore, the net price as an oat farmer in this situation would be $4.75.
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You have $30,000 invested in stock a with a beta of 0.6, $70,000 in stock b with a beta of 1.6, and $60,000 in stock c with a beta of 2.6. what is the beta of this portfolio?
Answers
The beta of the portfolio is approximately 1.79.
To calculate the beta of the portfolio, we need to consider the weight of each stock in the portfolio and its corresponding beta.
Let's denote the investments in Stock A, Stock B, and Stock C as $30,000, $70,000, and $60,000, respectively, and their respective betas as 0.6, 1.6, and 2.6.
The total investment in the portfolio is
$30,000 + $70,000 + $60,000 = $160,000.
To calculate the weighted beta of the portfolio, we multiply the beta of each stock by its investment weight and sum them up:
Weighted Beta = (Beta A \(\times\) Investment A + Beta B \(\times\) Investment B + Beta C \(\times\) Investment C) / Total Investment
Weighted Beta = \(\frac{(0.6 \times \$30,000 + 1.6 \times \$70,000 + 2.6 \times \$60,000)}{\$160,000}\)
Weighted Beta = \(\frac{(18,000 + 112,000 + 156,000) }{\$160,000}\)
Weighted Beta = \(\frac{286,000}{\$160,000}\)
Weighted Beta = 1.7875
Therefore, the beta of this portfolio is approximately 1.79.
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PLEASE HELP IT IS URGENT DO NOT WASTE ANSWERS
Answers
A(n) _____ does not give an exclusive right of possession, but a right of permanent, intermittent use
A. remainder
B. license
C. easement
D. reversion
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What does not give an exclusive right of possession but gives the right of permanent and intermittent use is License.
Basically, a license does authorize the use or performance of a task, activity etc.
License are issued to a qualified person to perform certain task, work or activities which are deemed legal.
For instance, when a medical license is issued to a medical practitioner, it does not give exclusive right but its allows the him/her to perform medical duties legally for some period of time.
In conclusion, the Option B is correct because License does not give an exclusive right of possession but gives the right of permanent and intermittent use is License.
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The sales tax is 6%. what is the total bill for your meal before tax if the sales tax came to $.51?
Answers
Divide total tax by the tax percentage:
0.51/0.06 = 8.50
Cost of the meal before tax was $8.50
The total bill for the meal before tax, if the sales tax came to $.51 is $8.50
What is sales tax?Sales tax is a tax levied on goods consumed. It is levied on retail sales of goods and services, which applies to all final consumption
Sales tax is computed as :
Divide total tax by the tax percentage
0.51 / 0.06
= 8.50
Hence, the total bill for the meal before tax, if the sales tax came to $.51 is $8.50
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HELP PLSSS
Define what an "industry credential" is in relation to Career Technical Education.
•
Then explain
2 important reasons for acquiring industry credentials (also called technical certifications).
•
Your answer should include BOTH the definition and two reasons for acquiring them.
•
1. Definition of Industry Credential:
•
2. Two reasons for acquiring industry credentials or technical certifications:
Answers
Answer:
1. is a qualification or level of competence that is authorized by a relevant third party to the specific qualification. It's usually in written form.
2. a- Gain work experience of the candidate.(eg occupational credentials) hence increasing earning capability.
b- Gain knowledge and proffessional skills that amounts to increase in competency lvls.
An entity regulated by the New York Department of Financial Services must abide by which of the following obligations
Answers
Conduct risk assessments and produce annual reports is a obligation of an entity regulated by the New York Department of Financial Services.
What is risk assessment?A risk assessment includes the identification and evaluation of likely events that could endanger people, property, or the environment as well as the decision-making "on the severity of the risk examining the impact" while taking affecting factors into consideration. The method used to identify which risks are present or may arise in the workplace is known as a risk assessment. Which workplace hazards are most likely to harm employees and visitors is determined by a risk assessment.
The process or procedure where you: Identify hazards and risk variables that could have a negative impact is known as risk assessment (hazard identification).Analyze and evaluate the danger that the hazard poses (risk analysis, and risk evaluation).
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The number of purchase orders is a reasonable basis for allocating to jobs the purchasing department costs.
True
False
Answers
True. The number of purchase orders can be used as a reasonable basis for allocating purchasing department costs to different jobs or projects.
True. The number of purchase orders can be used as a reasonable basis for allocating purchasing department costs to different jobs or projects. This is because the amount of work required by the purchasing department is likely to be proportional to the number of purchase orders processed. However, other factors such as the complexity of the orders or the types of materials being purchased may also need to be taken into account to ensure a fair and accurate allocation of costs.
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if monthly fixed costs are $21,000 and the contribution margin ratio is 42%, the monthly sales volume required to break even is
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In this case, with monthly fixed costs of $21,000 and a contribution margin ratio of 42%, the monthly sales volume required to break even is $50,000.]
To calculate the monthly sales volume required to break even, divide the fixed costs by the contribution margin ratio.
1. Convert the contribution margin ratio to a decimal: 42% = 0.42.
2. Divide the fixed costs by the contribution margin ratio: $21,000 / 0.42 = $50,000.
The break-even point represents the sales volume at which total revenues equal total costs, meaning no profit or loss is generated. In this case, with a contribution margin ratio of 42%, every dollar of sales contributes $0.42 toward covering the fixed costs.
To cover the $21,000 in fixed costs, you need to generate enough sales so that 42% of those sales equal the fixed costs, which amounts to $50,000 in sales.
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Accessible versions of the 1040 tax form are available for those who need them.
True
False
Answers
Answer:false
Explanation:
Which type of investment would be an example of an
investment at point B?
* a US savings bond
O a CD
O a stock
O a savings account
Answers
Tickets to a fundraiser are $14 if purchased ahead of time and $25 if purchased at the door. The total amount raised from all ticket sales was $625. If eleven tickets were purchased at the door, how many tickets were purchased ahead of time?.
Answers
($14)(25)=$350
($25)(11)=$275
$350+$275= $625
Why is education an important factor in setting wages?
O A. People with more education tend to earn higher wages.
B. High levels of education make it harder for a person to earn
wages.
C. The high cost of education tends to reduce wages.
D. Companies are less likely to hire a candidate with a high level of
education.
SUBMIT
Answers
Answer:
A. People with more education tend to earn higher wages.
Explanation:
Employers require some minimum level of education when hiring workers. Lower cadre jobs may require low education levels, but higher positions demand a higher education level. Lower cadre jobs don't pay as handsomely as the higher-level jobs.
As employers always demand minimum qualifications for jobs, an individual without any educational qualification will find it difficult to get employed. Their chances of earning decreases. Educated individuals are better placed to get hired and earn more compared to others.
Answer: a
Explanation: just took it on a test
differentiate between health assistant and staff nurse
Answers
Answer:
Medical assistants perform tasks like answering phones and scheduling patients, while a nurse typically only performs tasks related to patient care, such as documenting their condition and writing care plans.
Explanation:
Nurses have some administrative work, but they primarily care for patients. This includes writing care plans and documenting conditions. Medical assistants usually perform management tasks such as answering phones and scheduling patients.
Internal development of a new business subsidiary can be a more attractive means of entering a desirable new business than is acquiring an existing firm already in the targeted industry when A. the company has ample time and adequate resources to launch the new internal startup business from. the ground up. B. there is a large pool of desirable acquisition candidates. C.the target industry is growing rapidly and good joint venture partners are available. D. all of the potential acquisition candidates are losing money. E. the target industry is comprised of several relatively large and well-established firms.
Answers
Answer:
A. the company has ample time and adequate resources to launch the new internal startup business from. the ground up
Explanation:
Businesses consider factors like time and available resources to pursue projects. This is in an effort to ensure continuous flow of profit.
When a company wants to enter into a new industry it has the option of either buying an existing firm in that industry or developing a firm internally to break into the new industry.
Buying an existing company will save time and profits can start flowing immediately. It can also be a cheaper option.
Internal development of a firm to enter the industry will take more time to establish, and also more resources to build from the ground up.
Help needed ASAP! Will give brainliest;) Try to help on my other questions:)
Entrepreneurs file a DBA document when using another name for their company. Why are DBA’s necessary?
A). DBA’s provide trademarking of the company logo.
B). DBA’s provide identification for taxes.
C). DBA’s are needed to open bank accounts.
Answers
Colorado Consulting Company has been using the sum-of-the-years'-digits depreciation method to depreciate some office equipment that was acquired at the beginning of 2014. At the beginning of 2016, Colorado Consulting decided to change to the straight-line method. The equipment cost $111,000 and is expected to have no salvage value. The estimated useful life of the equipment is five years. Ignore income taxes. Required: 1. Prepare the appropriate journal entry, if any, to record the accounting change 2. Prepare the journal entry to record depreciation for 2016.
Answers
Colorado Consulting Company changed its depreciation method from the sum-of-the-years'-digits (SYD) method to the straight-line method for its office equipment in 2016.
To record the change in depreciation method, Colorado Consulting Company needs to make an adjustment to its accumulated depreciation account. The entry will debit the accumulated depreciation under the SYD method for the equipment and credit the same amount to accumulated depreciation under the straight-line method.
This adjustment recognizes the change in the depreciation method and ensures that the accumulated depreciation reflects the new depreciation approach.
For the depreciation expense in 2016, Colorado Consulting will use the straight-line method. The annual depreciation expense is calculated by dividing the cost of the equipment ($111,000) by its useful life (5 years).
The journal entry will debit the depreciation expense account and credit the accumulated depreciation account under the straight-line method. This entry recognizes the annual depreciation expense and updates the accumulated depreciation balance accordingly.
By making these journal entries, Colorado Consulting Company properly reflects the change in depreciation method and records the depreciation expense for the equipment in 2016 using the straight-line method.
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1. Journal Entry for Change in Depreciation Method:
Debit Accumulated Depreciation (Sum-of-the-years'-digits), Credit Accumulated Depreciation (Straight-line).
2. Journal Entry for Depreciation in 2016:
Debit Depreciation Expense, Credit Accumulated Depreciation (Straight-line).
1. To record the change in depreciation method from sum-of-the-years'-digits to straight-line, Colorado Consulting Company needs to make an accounting entry.
**Journal Entry to Record the Accounting Change:**
Debit: Accumulated Depreciation (Sum-of-the-years'-digits)
Credit: Accumulated Depreciation (Straight-line)
This entry transfers the existing accumulated depreciation balance calculated using the sum-of-the-years'-digits method to a new accumulated depreciation account for the straight-line method. It ensures a proper transition and maintains accurate depreciation records.
2. To record depreciation for the year 2016 using the straight-line method, Colorado Consulting Company should make the following journal entry:
**Journal Entry to Record Depreciation for 2016:**
Debit: Depreciation Expense
Credit: Accumulated Depreciation (Straight-line)
In this entry, the Depreciation Expense account is debited to reflect the annual depreciation expense calculated using the straight-line method. The Accumulated Depreciation (Straight-line) account is credited to accumulate the depreciation over the useful life of the equipment.
It is important to note that the journal entries provided assume a change in depreciation method at the beginning of 2016 and do not account for any prior depreciation recorded in previous years. Additionally, salvage value is not considered in this scenario as the equipment is expected to have no salvage value.
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In a period of steep increases in interest rates, which issuer is most likely to be negatively affected
Answers
Answer:
the answer to yout question is utility companys
Explanation:
Which margin is at the very bottom of the page when printing worksheets?
top margin
bottom margin
header margin
footer margin
Answers
Answer:
Footer Margin
Explanation:
Just took this :)
Answer:
Footer Margin
Explanation:
yo brainly why u give me a warning someone really put a s* meme and they didn't get a warning but when I put a picture of a drawing of a kid it bad like it called arts it educational
Answers
Answer:
the answer to this equation is 75 ⁴³
Chapter Video Case: Distributing Products Featuring Tuft & Needle
This activity is important because it illustrates how Tuft & Needle was able to take an idea and make it a reality—it was able to simplify the manufacturing and distribution of mattresses. By streamlining the process and handling all of the logistics, the company was able to take a task that most customers did not enjoy and make it a direct-to-consumer business. The company did reintroduce retailers for consumers who still wanted to test mattresses. Tuft & Needle is now one of the highest rated mattresses on Amazon offering only one model.
The goal of this activity is to demonstrate your understanding of the importance of the supply chain and logistics in a direct-to-consumer business. The customer has to be the focus and believe that you are selling a quality product for this model to be successful.
To serve the customers who want to test out the mattress before buying it, the company had to bring back the
wholesaler.
pureplay.
e-tailer.
retailer.
distributor.
Having one model mattress makes your __________ very simple.
viral marketing
supply chain
brand equity
brand loyalty
focus group
The planning and moving of materials and goods from one place to the next is known as
social commerce.
viral marketing.
logistics.
push strategy.
bundling.
What channel of distribution did Tuft & Needle start off using exclusively?
wholesaler
retailer
direct to consumer
wholesaler and retailer
broker
Tuft & Needle wanted to build credibility in its brand, so it turned to Amazon. The company decided to sell on Amazon to get its customers to write reviews and after about six months Tuft & Needle was the highest rated mattress. This exemplifies what type of sales promotion?
catalogs
word of mouth
coupons
product placement
push strategy
Answers
To serve the customers who want to test out the mattress before buying it, the company had to bring back the retailer. option(A) is correct.
What is the customer?A client is a person who purchases goods, services, or ideas from a seller, vendor, or supplier in exchange for money or another useful consideration. This definition applies to sales, commerce, and economics.
An individual or business that purchases goods or services from another company is known as a customer. Customers are crucial to businesses because they generate income; without them, they would cease to exist. A retailer is a businessperson who sells goods to the general public.
Having one model mattress makes your supply chain very simple.
Therefore, option(A) is correct.
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