Portions of the financial statements for Avatar Technologies are provided below. Net sales Expenses: AVATAR TECHNOLOGIES...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Portions of the financial statements for Avatar Technologies are provided below. Net sales Expenses: AVATAR TECHNOLOGIES Income Statement For the Year Ended December 31, 2024 Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net income $225,000 68,000 16,800 26,000 $385,000 335,800 $ 49,200 AVATAR TECHNOLOGIES Selected Balance Sheet Data December 31, 2024, compared to December 31, 2023 Decrease in accounts receivable Increase in inventory Decrease in prepaid rent Increase in salaries payable Decrease in accounts payable Increase in income tax payable $ 6,800 13,800. 9,800 5,800 8,800 23,200 Required: Prepare the operating activities section of the statement of cash flows for Avatar Technologies using the direct method. (Amounts to be deducted should be indicated with a minus sign.) AVATAR TECHNOLOGIES Statement of Cash Flows For the Year Ended December 31, 2024 Cash Flows from Operating Activities: Net cash flows from operating activities $ 0 Portions of the financial statements for Avatar Technologies are provided below. Net sales Expenses: AVATAR TECHNOLOGIES Income Statement For the Year Ended December 31, 2024 Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net income $225,000 68,000 16,800 26,000 $385,000 335,800 $ 49,200 AVATAR TECHNOLOGIES Selected Balance Sheet Data December 31, 2024, compared to December 31, 2023 Decrease in accounts receivable Increase in inventory Decrease in prepaid rent Increase in salaries payable Decrease in accounts payable Increase in income tax payable $ 6,800 13,800. 9,800 5,800 8,800 23,200 Required: Prepare the operating activities section of the statement of cash flows for Avatar Technologies using the direct method. (Amounts to be deducted should be indicated with a minus sign.) AVATAR TECHNOLOGIES Statement of Cash Flows For the Year Ended December 31, 2024 Cash Flows from Operating Activities: Net cash flows from operating activities $ 0
Expert Answer:
Answer rating: 100% (QA)
ALLIANCE TECHNOLOGIES Statement of Cash Flows Partial For the Year Ended December 31 2021 Cash ... View the full answer
Related Book For
Discovering Advanced Algebra An Investigative Approach
ISBN: 978-1559539845
1st edition
Authors: Jerald Murdock, Ellen Kamischke, Eric Kamischke
Posted Date:
Students also viewed these accounting questions
-
Create a class that will bundle together several static methods for tax computations. This class should not have a constructor. Its attributes are basicRatethe basic tax rate as a static double...
-
Objects A, B, and C are moving as shown in Fig. E8.3. Find the x- and y components of the net momentum of the particles if we define the system to consist of (a) A and C, (b) B and C, (c) all three...
-
In a programming class Professor Madge has a total of n students, and she wants to assign teams of m students to each of p computer projects. If each student must be assigned to the same number of...
-
Marketing costs like advertising and sales commissions are Multiple choice question. part of costs of goods sold. part of gross profit. selling expenses
-
What are the three important contributions of the University of Michigan and Ohio State University studies?
-
Berta Industries stock has a beta of 1.25. The company just paid a dividend of $.40, and the dividends are expected to grow at 5 percent. The expected return on the market is 12 percent, and Treasury...
-
A contingency table containing observed values has four rows and five columns. The value of the chi-square statistic for testing independence is 22.87. Is H0 rejected at the = 0.05 level?
-
Mulcahey Builders (MB) remodels office buildings in low-income urban areas that are undergoing economic revitalization. MB typically accepts a 25% down payment when they complete a job and a note,...
-
Need to discuss the 6Ps of marketing by Chick-Fil-A and their market segmentation What are the 4Ps of marketing by Nike and how does Nike segment its customers A paragraph for each
-
Amexicorp, Inc., a producer of security systems, had sales of $400 million, cost of goods sold of $150 million, operating expenses of $100 million, and interest expense of $100 million. Amexicorp...
-
Calculate Income tax of both Francis and Stephen both work at the same company and both make $100,000 a year. Francis puts $5,000 a year into a dependent care FSA and Stephen does not. They both have...
-
A company wants to issue new 10-year, $1,000 face value bonds at par. The company currently has 7.75 percent coupon bonds on the market that sell for $983.74, make semiannual interest payments, and...
-
An investment will pay you $3045.73 in 2 years if you pay $2215.19 today. What is the implied rate of return? (Convert to a percent. Round to 2 decimal places.) This problem set includes questions...
-
Based on the documentary, INSIDE JOB by Charles Ferguson 1. The first part of the movie covers the Savings & Loan Crisis of the 1980's that arose after deregulation of the Savings & Loan industry....
-
Gator Incorporated reported taxable income of $1,500,000 this year and paid federal income taxes of $500,000. Included in the company's computation of taxable income is a $98,500 gain from the sale...
-
Based on this article website: (2018, September 16). How to Buy a House the Wall Street Way . WSJ. https://www.wsj.com/articles/how-to-buy-a-house-the-wall-street-way-1537102800 If you had to...
-
1. Scientists discover how to increase the output of oranges per tree. Show what happens in the market for orange juice.
-
Could a set of three vectors in span all of? Explain. What about n vectors in when n is less than m? R4
-
Students collected eight length measurements during a mathematics lab. The mean measurement was 46.3 cm, and the deviations of seven individual measurements were 0.8 cm, - 0.4 cm, 1.6 cm, 1.1 cm,...
-
In a concert hall, 16% of seats are in section A, 24% are in section B, 32% are in section C, and 28% are in section D. Section A seats sell for $35, section B for $30, section C for $25, and section...
-
Classify each statement as true or false and if false, explain why. a. The y-value of the mode in a probability distribution can never be more than 1. b. It is impossible to tell how many data values...
-
If the failure of a structure causes a loss of control of the aircraft or leads to a catastrophic structural collapse, the structure is classified as __________________ structure.
-
Wing sweepback is designed to delay or alleviate shock induced separation of airflow and improves aerodynamic performance.
-
__________________ are small airfoil sections usually attached to the upper surface of a wing.
Study smarter with the SolutionInn App