Mega Screens, Inc., reports net sales of $2,400,000, cost of goods sold of $1,600,000, and income tax
Question:
Required:
Calculate cash received from customers, cash paid to suppliers, and cash paid for incometaxes.
Transcribed Image Text:
Mega Screens, Inc. Selected Balance Sheet Data December 31 Cash Accounts receivable Inventory Accounts payable Income tax payable 2015 S125,000 150,000 145,000 105,000 5,000 2014 S155,000 175,000 100.000 120,000 0.000 Increase (ID or Decrease (D) S30,000 (D) 25,000 (D) 45,000 (I) 15,000 (D) 5,000 (D)
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 63% (11 reviews)
Net sales 2400000 Decrease in accounts receivable 25000 Cash receive...View the full answer
Answered By
PU Student
cost accounting
financial accounting
auditing
internal control
business analyst
tax
i have 3 years experience in field of management & auditing in different multinational firms. i also have 16 months experience as an accountant in different international firms. secondary school certification.
higher secondary school certification.
bachelors in mathematics.
cost & management accountant
4.80+
4+ Reviews
10+ Question Solved
Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Question Posted:
Students also viewed these Managerial Accounting questions
-
Selected account balances for the year ended December 31 are provided below for Superior Company: Selling and administrative salaries ........................... $110,000 Purchases of raw materials...
-
Walmart has made several changes in its data communication systems to improve its suppliers access to sales and inventory data. For example, the company added a customized Web site for its suppliers,...
-
The income statement for Delta-tec Inc. for the year ended December 31, 2016, was as follows: Delta-tec Inc. Income Statement (selected items) For the Year Ended December 31, 2016 1 Income from...
-
We are examining a new project. We expect to sell 9,000 units per year at $35 net cash flow apiece for the next 10 years. In other words, the annual operating cash flow is projected to be $35 X 9,000...
-
Critics of federal banking policy argue that deposit insurance is a key reason for banking failures. The firm faces a "heads I win, tails the government loses" proposition. Several possible reforms...
-
A hollow, thin-shelled ball and a solid ball of equal mass are rolled up an inclined plane (without slipping) with both balls having the same initial velocity at the bottom of the plane. (a) Which...
-
For which of the following portfolios are unrealized gains and losses not recognized? a. Trading securities. b. Call options. c. Available-for-sale securities. d. Held-to-maturity securities. Choose...
-
The Field, Brown & Snow partnership was begun with investments by the partners as follows: Field, $ 131,250; Brown, $ 165,000; and Snow, $ 153,750. The operations did not go well, and the partners...
-
Begin the interview by introducing yourself and asking your interviewee to provide an overview of themselves. This will start off the interview by allowing you to get to know the person, their...
-
At January 1, 2024, M. E. Gainor Corporation had outstanding the following securities: The following additional information is available: On September 1, 2024, M. E. Gainor sold 72 million...
-
Zoogle has the following selected data ($ in millions): Net sales ............ $37,905 Net income ........... 9,737 Operating cash flows ....... 14,565 Total assets, beginning ..... 57,851 Total...
-
The income statement for Electronic Wonders reports net sales of $127,245 million and cost of goods sold of $97,529 million. An examination of balance sheet amounts indicates accounts receivable...
-
How is injunctive relief used in intellectual property disputes?
-
A spherical mass of 5.0 g is hanging from a thread that is positioned between two plates that area distance of 20.0 cm apart. The sphere has a charge of 6.2 C and is deflected by an angle of 0 from...
-
For the next three questions, please use the Newman and Case Corp. financial statements provided below. and Corp 2015 Income Se Da Cost of Good S Oher Exper prector, FERT How Toute rume Tom Netcome...
-
Find the time constant, T, of the output current, i,(t), given the circuit in Fig. P7.7. Given R1 = 11 kQ, R2 = 13 kq, R3 = 5 k0, R4 = 14 k0, and C = 245 F. CF 6 V R1 ww Figure P7.7 Notes on...
-
1. If a potential borrower has an annual income of $75,000, a monthly car payment of $300, a monthly student loan payment of $300, and other debt payments of $100 per month, how large of a loan will...
-
You are looking to fill a vacant 1,000 square foot space in one of the buildings you manage. You are considering lease proposals by two potential tenants. All tenant improvements are made in the...
-
Graph 6x 3y > 18.
-
Suppose that a company has 10.000 outstanding shares in the beginning of the year. On April 1st, the company increases its shares by 6.000. On July 1st, the company increases its shares again, but...
-
For the following systems concepts, fill in the cells of Table 1.2 with descriptors for possible events. Estimate event periods for the periodic events. (a) Elevator group dispatcher: this subsystem...
-
Dali Corporation??s comparative balance sheet for current assets and liabilities was as follows: Adjust net income of $240,000 for changes in operating assets and liabilities to arrive at net cash...
-
Salem Inc, reported the following data: Net income ............$168,750 Depreciation expense .......... 18,750 Gain on disposal of equipment .... 15,375 Decrease in accounts receivable ..... 10,500...
-
Malibu Inc. reported the following data: Net income ............$393,750 Depreciation expense .......... 67,500 Loss on disposal of equipment .... 27,450 Increase in accounts receivable ...... 24,300...
-
The imposition of a ceiling on the length of time a criminal case should take to get to trial is a multifaceted issue, balancing the defendant's right to a timely trial with the complexities of...
-
Discuss three changes written into the Constitution in 1789 that changed the government from what it was under the ArticIes of Confederation?
-
Assume South Park is initially closed to trade. Domestic supply and demand for winter hats is given by the following equations: D = 60 - 4P, S = 2P - 6. a. Suppose South Park opens up to trade and...
Study smarter with the SolutionInn App