The following information is taken from the 2010 general ledger of Luzinski Company. Instructions In each case,
Question:
Instructions
In each case, compute the amount that should be reported in the operating activities section of the statement of cash flows under the directmethod.
Transcribed Image Text:
30,000 5,900 9,000 Rent expense Prepaid rent, January 1 Prepaid rent, December 31 Salaries expense Salaries payable, January 1 Salaries payable, December 31 Revenue from sales Accounts receivable, January 1 Accounts receivable, December 31 Rent 54,000 10,000 8,000 $160,000 16,000 7,000 Salaries Sales
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 56% (16 reviews)
Cash payments for rentals Rent expense 30000 Add Increase in prepaid rent 3100 Cash ...View the full answer
Answered By
Nyron Beeput
I am an active educator and professional tutor with substantial experience in Biology and General Science. The past two years I have been tutoring online intensively with high school and college students. I have been teaching for four years and this experience has helped me to hone skills such as patience, dedication and flexibility. I work at the pace of my students and ensure that they understand.
My method of using real life examples that my students can relate to has helped them grasp concepts more readily. I also help students learn how to apply their knowledge and they appreciate that very much.
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-0470239803
5th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Question Posted:
Students also viewed these Managerial Accounting questions
-
The following information is taken from the 2010 general ledger of Pierzynski Company. InstructionsIn each case, compute the amount that should be reported in the operating activities section of the...
-
The following information is taken from the 2012 general ledger of Mathias Company. InstructionsIn each case, compute the amount that should be reported in the operating activities section of the...
-
The following information is taken from the 2012 general ledger of Okonedo Company. InstructionsIn each case, compute the amount that should be reported in the operating activities section of the...
-
Assume that the marginal product of capital is given by the following expression: MPK = 60/K^0.7 (K is measured in trillions). a) Graph the demand curve for capital and find the equilibrium real...
-
Wilson Corporation issued and has outstanding 114,000 shares of $10 par-value common stock and 3,000 shares of $50 par-value 25 percent preferred stock. The board of directors votes to distribute...
-
Based on the information for T. P. Jarmon Company for the year ended December 31, 2012: a. How much is the firms net working capital and what is the debt ratio? b. Complete a statement of cash flows...
-
A substance has the following physical properties at a certain pressure: Saturation temperature, \(t_{s}=76^{\circ} \mathrm{C} ; h_{\mathrm{fg}}=61.1 \mathrm{~kJ} / \mathrm{kg}\) \(c_{p(\text {...
-
Walker Machine Tools has 5.5 million shares of common stock outstanding. The current market price of Walker common stock is $52 per share rights-on. The companys net income this year is $17.5...
-
A . Calculate the amount of the annual rental payment requeired. B . Compute the value of the lease liability to the lessee. C . Prepare the journal entries Sheffield would make in 2 0 2 5 and 2 0 2...
-
Consider a line in the x,y plane with a slope of -7 and a y-intercept of 30. Find an expression for this line in the following form: ( A ) x + ( B ) , where A and B are numbers that may be positive...
-
The following information is available for Mosquito Hollow Corp. for 2010. Cash used to purchase treasury stock ...........$ 57,300 Cash dividends paid ......................21,800 Cash paid for...
-
The following account balances relate to the stockholders' equity accounts of Espy Corp. at year-end. A small stock dividend was declared and issued in 2010. The market value of the shares was...
-
Lambeth Walk invests 60 percent of his funds in stock I and the balance in stock J. The standard deviation of returns on I is 10 percent, and on J it is 20 percent. Calculate the variance of...
-
Identify, analyze, and assess ethical issues in different business functions.
-
A shoe collector owned 4 2 pairs of Jordans in 2 0 1 8 . After much research and many online auctions,the shoe collector owned 1 1 2 pairs of Jordans in 2 0 2 2 . a . What is the absolute change in...
-
In what ways does developing a buyer persona help an organization in its marketing efforts? How did you determine what questions to ask in the four sections of the template (who,what,why and how) in...
-
The following are the transactions of Pablo pertaining to sale of real properties for the current year: > Sale of vacant lot used in his trading business, P500,000. This was acquired 2 years ago at...
-
The duration of the assets is 4, the duration of the liabilities is 5. The size of the assets is 100 and the capital ratio (E/A) is 20%. Calculate the leverage adjusted duration gap.
-
What happens when the following code executes in JShell: System.out.println("Happy Birthday!Sunny")
-
What are the key dimensions of critical thinking 2. Watch the NBC Learn video on Diet Scams. What types of claims are made in this video Are they valid Elaborate on your responses. Discuss this video...
-
You are able to borrow on a floating basis at a rate of Libor + 100 bps for two years. In addition, you can contract on a 6 12 FRA in which you can exchange Libor for a fixed rate of 3%. Similarly,...
-
Give some examples of appropriate general journal transactions for an organization using special journals.
-
Indicate whether each of the following statements is true or false. 1. When designing an accounting system, we need to think about the needs and knowledge of both the top managers and various other...
-
Indicate whether each of the following statements is true or false. 1. When designing an accounting system, we need to think about the needs and knowledge of both the top managers and various other...
-
B of Bombay consigned 400 packages of coffee to K of Kanpur. The cost of each package was Rs. 300. A sum of Rs. 2,000 was paid towards freight and insurance by B. In the transit, 60 packages were...
-
Synopsis In November 1999, ExxonMobil and its CEO Lee Raymond had to determine what course of action to take after two major partners, Royal Dutch/Shell and Frances TotalFinaElf, withdrew from the...
-
Determine whether the following graph is bipartite. If it is, give the bipartition sets. If not, explain why not. Question2: Consider the following graphs G and H and determine whether the graphs are...
Study smarter with the SolutionInn App