Answer: $2500
Explanation:
The American opportunity tax credit has to do with the expenses which is paid on qualified education for a student who's eligible and this is typically for the first four years.
A maximum annual credit of $2,500 can be gotten per eligible student. Since the modified AGI of $139,220 is less than $180000 which is the limit, then they'll be eligible for $2500.
Marigold Company is considering two capital investment proposals. Estimates regarding each project are provided below: Project Soup Project Nuts Initial investment $305000 $504000 Annual net income 30000 46000 Net annual cash inflow 110000 156000 Estimated useful life 5 years 6 years Salvage value 0 0 The company requires a 10% rate of return on all new investments. Present Value of an Annuity of 1 Periods 9% 10% 11% 12% 5 3.89 3.791 3.696 3.605 6 4.486 4.355 4.231 4.111
The net present value for Project Nuts is:_______.
a. $84000.
b. $679380.
c. $336316.
d. $175380.
Answer:
d. $175,380.
Explanation:
Net present value for Project Nuts = (Net annual cash inflow*PV of annuity at 10%, 6 period) - Initial investment
Net present value for Project Nuts = ($156000*4.355) - $504,000
Net present value for Project Nuts = $679,380 - $504,000
Net present value for Project Nuts = $175,380
____ communication occurs when the downstream throughput is higher than the upstream throughput. in
Answer:
asymmetrical communications
Explanation:
The asymmetric or non-symmetrical means to any system where the speed of the data or the quantity varies in one direction if we compared with the other type of direction
Also in this the downstream would be more than the upstream throughput in
Therefore the above represent the answer
Using the center for gravity method, determine the optimal x-coordinate for a single facility location to serve the following 5 sites (R1-5) with the following given coordinates and daily demands. x* = []
F X Y W
R1 8 7 100
R2 2 4 220
R3 6 8 80
R4 4 7 180
R5 12 15 350
Answer:
7.139
Explanation:
From the given information:
By using the center of gravity method, we can calculate the optimal x-coordinate.
The center of gravity technique evaluates existing facilities, the distances and the length between them, and the amounts of products to be shipped when citing single facilities.
Center of gravity method can be expressed as:
[tex]X - coordinate = \dfrac{\sum X \times W}{\sum W}[/tex]
[tex]\implies \dfrac{(8 \times 100)+(2\times 220) + ( 6\times 80)+(4 \times 180) +(12\times 350)}{100+220+80+180+350}[/tex]
[tex]\implies \dfrac{(800)+(440) + ( 480)+(720) +(4200)}{930}[/tex]
[tex]\implies \dfrac{6640}{930}[/tex]
=7.139
Effect of accruals on the financial statements
Milea Inc. experienced the following events in 2016, its first year of operations:
1. Received $20,000 cash from the issue of common stock.
2. Performed services on account for $56,000.
3. Paid the utility expense of $2,500.
4. Collected $48,000 of the accounts receivable.
5. Recorded $10,000 of accrued salaries at the end of the year.
6. Paid a $2,000 cash dividend to the stockholders.
Required:
Record the events in general ledger accounts under an accounting equation.
Answer:
Assets = Liabilities + Stockholders’ Equity = $71,500
Explanation:
Note: See the attached excel file for how the events are recorded in general ledger accounts under an accounting equation.
From the attached excel file, we can obtain the following:
Assets = Total assets = $63,500 + $8,000 = $71,500
Liabilities = Total liabilities = $10,000
Stockholders’ Equity = Total Stockholders’ Equity = $20,000 + $41,500 = $61,500
Liabilities + Stockholders’ Equity = $10,000 + $61,500 = $71,500
Therefore, the accounting equation holds as follows:
Assets = Liabilities + Stockholders’ Equity = $71,500
Twilight Company uses the aging of accounts receivable method to estimate Bad Debt Expense. The balance of each account receivable is aged on the basis of three categories as follows: (1) 1-30 days old, (2) 31-90 days old, and (3) more than 90 days old. Based on experience, management has estimated what portion of receivables of a specific age will not be paid as follows: (1) 3%, (2) 14%, and (3) 37%, respectively. At December 31, 2019, the unadjusted credit balance in the Allowance for Doubtful Accounts was $270. The total Accounts Receivable in each age category were: (1) 1-30 days old, $63,000, (2) 31-90 days old, $12,000, and (3) more than 90 days old, $5,000.
Required:
a. Calculate the estimate of uncollectible accounts at December 31, 2019.
b. Prepare the appropriate adjusting entry dated December 31, 2019
Answer:
a. Acct. receivable % uncollectible Est. uncollectible
1-30 days old $63,000 3% $1,890
31-90 days old $12,000 14% $1,680
> 90 days old $5,000 37% $1,850
Total $5,420
b. Date General journal Debit Credit
Dec 31 Bad debts expenses $5,150
Allowance for doubtful accounts $5,150
($5,420 - $270)
Economics question please help :))
Answer:
c 8 bushes of wheat
Explanation:
On July 31, 2020, Vaughn Company had a cash balance per books of $6,132.05. The statement from Dakota State Bank on that date showed a balance of $7,748.15. A comparison of the bank statement with the Cash account revealed the following facts.
1. The bank service charge for July was $25.
2. The bank collected $1,720 for Keeds Company through electronic funds transfer.
3. The July 31 receipts of $1,297.50 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31.
4. Company check No. 2480 issued to L. Taylor, a creditor, for $391 that cleared the bank in July was incorrectly entered as a cash payment on July 10 for $319.
5. Checks outstanding on July 31 totaled $1,866.60.
6. On July 31, the bank statement showed an NSF charge of $576 for a check received by the company from W. Krueger, a customer, on account.
Required:
Prepare the bank reconciliation as of July 31.
Answer and Explanation:
The preparation of the bank reconciliation as of July 31 is presented below;
Cash balance as per bank statement $7,748.15
Add: deposit in transit $1,297.50
Less: outstanding checks $1,866.60
Adjusted cash balance per bank $7,179.05
Cash balance as per books $6,132.05
Add: electronic fund transfer received $1,720
Less: error ($391 - $319) -$72
Less: service charges - $25
Less: NSF charges - $576
Adjusted bank balance per books $7,179.05
In 200 years an asteroid will destroy Florida. Our only chance to stop the destruction is to launch a missile today to intercept the asteroid. Assume that the nominal value of Florida in 200 years will be $2 trillion. Assume a discount rate of 7%. Let the cost of the missile today be $X . Write a mathematical equation that if true would mean that launching the missile passes a cost-benefit test. (Do not calculate $X explicitly.) Explain each part of your equation in a few words.
Answer:
[ $2 trillion / ( 1.07 )^200 ) - $X ] >= 0
Explanation:
First, we need to determine the equation that determines the present value of Florida
Present value of Florida = Nominal value of Florida in 200 years / ( 1 + discount rate )^numbers of years = $2 trillion / ( 1 + 7% )^200 = $2 trillion / (1.07)^200
Now determine the present value of Missile
Present value of Missile = $X
Hence, the equation for cost-benefit test should be as follow
Present value of Florida - Present value of Missile >= 0
[ $2 trillion / ( 1.07 )^200 ) - $X ] >= 0
Zouar Computer Corporation currently manufactures the disk drives that it uses in its computers. The costs to produce 5,000 of these disk drives last year were as follows:
Cost per drive
Direct materials $12
Direct labor 2
Variable manufacturing overhead 5
Fixed manufacturing overhead 7
Total $26
Kidal Electronics has offered to provide Zouar with all of its disk drive needs for $27 per drive. If Zouar accepts this offer, Zouar will be able to use the freed up space to generate an additional $40,000 of income each year to produce more of its computer keyboards. Only $3 per drive of the fixed manufacturing overhead cost above could be avoided. Direct labor is an avoidable cost in this decision. Based on this information, would Zouar be financially better off making the drives or buying the drives and by how much?
a. $15,000 better to buy.
b. $20,000 better to buy.
c. $35,000 better to buy.
d. $60,000 better to make.
Answer:
Zouar Computer Corporation
a. $15,000 better to buy.
Explanation:
a) Data and Calculations:
Production capacity = 5,000
Cost per drive
Direct materials $12
Direct labor 2
Variable manufacturing overhead 5 $19
Fixed manufacturing overhead 7
Total $26
Avoidable costs:
Direct materials $12
Direct labor 2
Variable manufacturing overhead 5
Fixed manufacturing overhead 3
Avoidable opportunity cost 8 ($40,000/5,000)
Total avoidable costs $30
It will be financially better off buying the drives:
Make Buy Difference
Total avoidable costs $150,000 $135,000 $15,000 ($150,000 - $135,000)
PLZ PLZ HELP HELP HELP YALL ITS IMPORTANT ASAP
Answer:
1144.95$
Explanation:
375.40 was given every week so multiply by 3 and I got 1126.20.. now annually is the key work and annually means per month so I divide 22500 by 12 and got 18.75. last, I added 18.75 a d 1126.95 and got 1144.95!! Hoped explained well!!
A team member tells you that when his wife was diagnosed with a serious illness, he stole items from work and sold them, using money for her treatment. he has sice paid back the money taken, in ways that kept his theft secret. ethically, what should you do?
A. attempt to gather evidence to determine whether or not the theft in fact occurred.
B. report him to his manager
C. advice the team member to tell his manager
D. talk with a lawyer to see if this can be justified
Answer:
C
Explanation:
I would advice him to tell his manager what he has done
Adriana Graphic Design receives $1,500 from a client billed in a previous month for services provided. What general journal entries will Adriana Graphic Design make to record this transaction?
Answer:
Dr Cash $1,500
Cr Account Receivable $1,500
Explanation:
Based on the information given we were told that Adriana receives the amount of $1,500 from a client that was billed in a previous month for services provided which therefore means that the appropriate general journal entries that Adriana Graphic Design will make to record this transaction is:
Dr Cash $1,500
Cr Account Receivable $1,500
Ortiz Co. produces 5,000 units of part A12E. The following costs were incurred for that level of production: Direct materials $ 55,000 Direct labor 160,000 Variable overhead 75,000 Fixed overhead 175,000 If Ortiz buys the part from an outside supplier, $40,000 of the fixed overhead is avoidable. Reference: Ref 7-3 If the outside supplier offers a unit price of $68, net income will increase (decrease) by:_______.
Answer:
Net income decreases by $10,000
Explanation:
5,000 units
Make Buy
Direct materials $55,000
Direct labor $160,000
Variable overhead $75,000
Fixed overhead $175,000 $135,000 ($175,000-$40,000)
Cost to purchase (68*5000) $340,000
Total cost $465,000 $475,000
Cost lost = $465,000 - $475,000
Cost lost = -$10,000
So, Net income decreases by $10,000
Identify which assumption each given scenario references have.
a. Neha would rather own all black socks or all white socks, rather than 50% of each, because it stresses her out to keep her dresser drawers organized.
b. Sam usually buys three pounds of ham and two pounds of turkey each week at the grocery store. When the grocery store had only 1.99 pounds of turkey available, he didn't feel that worse off.
c. When asked which style of shoes she likes better, Teresa was unable to decide between trainers and boots, but she claims she is not indifferent between them.
d. Lorenzo will always choose to purchase Noke athletic apparel over Adide and Adide apparel over Champer. Therefore, his friends couldn't understand why he bought a Champer sweatshirt instead of a Noke one when both were available.
e. Your brother would prefer to have two computers and a video game console, rather than one computer and a video game console, because he loves technology.
Assumptions:
a. Complete Tastes
b. Transitive Tastes
c. Monotonicity
d. Convexity
e. Continuity
A man wants to decide whether to invest $1000 in a friend's speculative venture. He will do so if he thinks he can get his money back in one year. He believes the probabilities of the various outcomes at the end of one year are as follows:
Result probability
$2000 .3,
$1500 .1
$1000 .2,
$500 .3
$0 .1
What would be his expected outcome if he invests the $1000?
Answer:
His expected outcome would be $1,100.
Explanation:
Expected outcome is the sum of the product of all the results and probabilities.
For this question, this can be calculated as follows:
Expected outcome = ($2000 * 0.3) + ($1500 * 0.1) + ($1000 + 0.2) + ($500 * 0.3) + ($0 * 0.1)
Expected outcome = $600 + $150 + $200 + $150 + $0
Expected outcome = $1,100
Therefore, his expected outcome would be $1,100.
The team is working through the planning processes. They are using a plan-driven approach to this system-critical change that will impact security and data protection. They are concerned about getting as much information as possible for their work. They are meeting today to begin planning for quality on their project. All of the following are inputs to the Plan Quality Management process except:______.
a. Guidelines and standards and the stakeholder register
b. The project statement and requirements documentation
c. Project work results and lessons learned repository
d. The project charter and the WBS
Answer:
a. Guidelines and standards and the stakeholder register
Explanation:
The correct option is - a. Guidelines and standards and the stakeholder register
Reason -
Project charter consists of a map that contains rules, regulations, policies, procedure and responsibility so it need inputs. It is just like user manual.
WBS is Work Breakdown Structure which is the tool that utilizes the technique and is one of the most important project management documents.
When project starts, eventually it aims for good results.
When some project is not working good, then we have to do that project again with new processes and procedures until we get the desired result.
The Varone Company makes a single product called a Hom. The company has the capacity to produce 40,000 Homs per year. Per unit costs to produce and sell one Hom at that activity level are: Direct materials $20 Direct labor $10 Variable manufacturing overhead $5 Fixed manufacturing overhead $7 Variable selling expense $8 Fixed selling expense $2 The regular selling price for one Hom is $60. A special order has been received at Varone from the Fairview Company to purchase 8,000 Homs next year at 15% off the regular selling price. If this special order were accepted, the variable selling expense would be reduced by 25%. However, Varone would have to purchase a specialized machine to engrave the Fairview name on each Hom in the special order. This machine would cost $10,800 and it would have no use after the special order was filled. The total fixed costs, both manufacturing and selling, are constant within the relevant range of 30,000 to 40,000 Homs per year. Assume direct labor is a variable cost. If Varone has an opportunity to sell 37,960 Homs next year through regular channels and the special order is accepted for 20% off the regular selling price, the effect on net operating income next year due to accepting this order would be:________
a. $33,320 decrease
b. $35,480 decrease
c. $33,320 increase
d. $35,480 increase
Answer:
$69,200 Increase
Explanation:
Calculation to determine what the effect on net operating income next year due to accepting this order would be:
Incremental revenue $408,000
(8,000 units × $51 per unit)
[$60 × (1 − 15%) = $51]
Less incremental costs:
Direct materials $160,000
(8,000 units × $20 per unit)
Direct labor $80,000
(8,000 unit × $10 per unit)
Variable manufacturing overhead $40,000
(8,000 units × $5per unit)
Variable selling expense $48,000
[$8 × (1 − 25%) = $6]
(8,000 units × $6 per unit)
Special machine $10,800
Total incremental cost $338,800
Incremental net operating income$69,200
($408,000-$338,800)
Therefore the effect on net operating income next year due to accepting this order would be:
$69,200 Increase
Community Manufacturing Inc. developed the following standard costs for direct material and direct labor for one of their major products, the 30-gallon heavy-duty plastic container.
Standard Quantity Standard Price
Direct Materials 0.20 pounds $26 per pounds
Direct labor 0.10 hours $14 per hour
During May, Community produced and sold 10,000 containers using 2,200 pounds of direct materials at an average cost per pound of $24 and 1,050
direct labor hours at an average wage of $14.75 per hour.
1. May's direct material price variance was:
2. May's direct material quantity variance was:
3. May's direct labor cost variance was:
4. May's direct labor rate variance was:
5. May's direct labor efficiency variance was:
Answer:
Particulars Standard Actual
Qty Rate Amount Qty Rate Amount
Materials 2,000 26 52,000 2,200 24 52,800
Labor 1,000 14 14,000 1,050 14.75 15,487.50
Actual output 10,000.00
Materials required (10000*0.20) = 2,000.00
Labor hrs required (10000*0.1) = 1,000.00
1. May's direct material price variance
= (SP-AP)*AQ
= (26 - 24*)2200
= 4,400 F
2. May's direct material quantity variance
= (SQ-AQ)*SP
= (2,000 - 2,200)*26
= 5,200 U
3. May's direct labor cost variance
= Standard Cost - Actual Cost
= 14,000 - 15,487.50
= 1,487.50 U
4. May's direct labor rate variance
= (SR-AR)*AH
= (14 - 14.75)*1,050
= 787.50 U
5. May's direct labor efficiency variance
= (SH-AH)*SR
= (1,000 - 1,050)*14
= 700 U
. Define Sales and explain how business use sales and offers to attract customers.
Explanation:
Sales promotion is a marketing strategy where the product is promoted using short-term attractive initiatives to stimulate its demand and increase its sales. This strategy is usually brought to use in the following cases – To introduce new products, To sell out existing inventories, To attract more customers, and.
A common stock just paid a dividend (D0) of $3.35 per share. Dividends are expected to rise at the rate of 10% per year forever. If the interest rate on this stock is 14% per year, what will the price of this stock be in Year 36?
A. $0.28
B. $12.56
C. $77.96
D. $388.26
E. $1,404.64
Super-Tees Company plans to sell 12,000 T-shirts at $16 each in the coming year. Product costs include: Direct materials per T-shirt $5.75 Direct labor per T-shirt $1.25 Variable overhead per T-shirt $0.60 Total fixed factory overhead $43,000 Variable selling expense is the redemption of a coupon, which averages $0.80 per T-shirt; fixed selling and administrative expenses total $19,000.
Required:
1. Calculate the following values Round dollar amounts to the nearest cent and round ratio values to three decimal places
a. Variable product cost per unit
b. Total variable cost per unit
c. Contribution margin per unit
d. Contribution margin ratio
e. Total fixed expense for the year ).
2. Prepare a contribution-margin-based income statement for Super- Tees Company for the coming year 1f required, round your per unit answers to the nearest cent Super-Tees Company Contribution-Hargin-Based Operating Income Statement For the Coming Year Per Unt
Answer: See explanation
Explanation:
1a. Variable product cost per unit = 5.75 + 1.25 + 0.60 = 7.60
b. Total variable cost per unit = 5.75 + 1.25 + 0.60 + 0.80 = 8.40
c. Contribution margin per unit = Selling price - Total Variable cost per unit
= 16 - 8.40
= 7.60
d. Contribution margin ratio = (7.6/16) × 100 = 47.5
e. Total fixed expense for the year = 43000 + 19000 = 62000
2. Price per unit. Total
Sales 16. 192000
Less: variable cost 8.40. (100800)
Less: cont. marg per unit (62000)
Net operating Income = 29200
Which education and qualifications are most helpful for Governance careers? Check all that apply
A. Physical Fitness
B. Stress-Management Skills
C. Bachelor’s Degree
D. Apprenticeship
E. Leadership Skills
F. Finance Skills
G. Negotiation Skills
Answer:
B. Stress-Management Skills
C. Bachelor’s Degree
E. Leadership Skills
F. Finance Skills
G. Negotiation Skills
Explanation:
Answer:
BCEG
it is correct i just did it on edge
Explanation:
A -month call option contract on 100 shares of Home Depot common stock with a strike price of can be purchased for . Assuming that the market price of Home Depot stock rises to per share by the expiration date of the option, what is the call holder's profit? What is the holding period return?
Answer:
Full question is "A six-month call option contract on 100 shares of Home Depot common stock with a strike price of $60 can be purchased for $600. Assuming that the market price of Home Depot stock rises to $75 per share by the expiration date of the option, what is the call holder’s profit? What is the holding period return?"
1. Call holder's profit = Value at expiration - Purchase price
Call holder's profit = [[Underlying stock price-Strike price]*Number of shares] - Purchase price
Call holder's profit = [($75-$60)*100] - $600
Call holder's profit = $900
2. Holding period return = Value at expiration - Purchase price / Purchase price
Holding period return = [[Underlying stock price-Strike price]*Number of shares] Purchase price / Purchase price
Holding period return = [[Underlying stock price-Strike price]*Number of shares] Purchase price [($75-$60)*100] - $600 / $600
Holding period return = $900 / $600
Holding period return = 1.5
Holding period return = 150%
Select the correct answer.
According to Peter Drucker, which definition best describes a good entrepreneur?
A.
one who always invents something life altering or ground-breaking
B.
one who always searches for a change, responds to it, and exploits it as an opportunity
C.
one who manages to earn large profits using ethical or unethical business practices
D.
one who ensures availability of his business’s products or services regardless of their quality
Answer:
B(one who always searches for a change responds to it and exploits it
Explanation:
I just took the test
Answer:
B
Explanation:
Plato/edmentum
A land development company is considering the purchase of earth-moving equipment. This equipment will have an estimated first cost of $199,000, a salvage value of $65,000, a life of 10 years, a maintenance cost of $32,000 per year, and an operating cost of $220 per day. Alternatively, the company can rent the necessary equipment for $1130 per day and hire a driver at $180 per day. If the company's MARR is 10% per year, how many days per year must the company need the equipment in order to justify its purchase?
Answer:
Explanation:
Let the number of days per year that the company will need the equipment in order to justify its purchase b represented by x.
Based on the information given, this will then be:
1130x + 180x = 199000(A/P, 10%,10) - 65000(A/F, 10%, 10), + 32000 + 220x
1310x = 199000(0.1627) - 65000(0.0627) + 32000 + 20x
1310x - 20x = 32377.3 - 4075.5 + 32000
1290x = 60301.8
x = 60301.8/1290
x = 46.75
Therefore, the answer is 46.75 days.
During the first week of January, an employee works 48 hours. For this company, workers earn 150% of their regular rate for hours in excess of 40 per week. Her pay rate is $25 per hour, and her wages are subject to no deductions other than FICA Social Security, FICA Medicare, and federal income taxes. The tax rate for Social Security is 6.2% of the first $118,500 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7000 of an employee's pay. The employee has $85 in federal income taxes withheld. What is the amount of this employee's gross pay for the first week of January?
a. $1800
b. $1225
c. $1856
d. $1700
e. $1300
Answer: $1300
Explanation:
Gross pay is the amount of money that an employee will receive before taxes or any other deductions will be made. The amount of this employee's gross pay for the first week of January goes thus:
Salary expense = (40 × $25) + (8 × $25 × 150%)
= $1000 + $300
= $1300
Therefore, the employees gross pay is $1300
Pharoah provides environmentally friendly lawn services for homeowners. Its operating costs are as follows.
Depreciation $1,500 per month
Advertising $450 per month
Insurance $3,330 per month
Weed and feed materials $20 per lawn
Direct labor $13 per lawn
Fuel $3 per lawn
Pharoah charges $80 per treatment for the average single-family lawn.
(a) Determine the company's break-even point in number of lawns serviced per month o per Break-even point lawns
(b) Determine the company's break even point in dollars.
Answer:
Results are below.
Explanation:
Giving the following information:
Advertising $450 per month
Insurance $3,330 per month
Total fixed costs= $3,780
Weed and feed materials $20 per lawn
Direct labor $13 per lawn
Fuel $3 per lawn
Total unitary varaible cost= $36
Selling price per unti= $80
To calculate the break-even point in units, we need to use the following formula:
Break-even point in units= fixed costs/ contribution margin per unit
Break-even point in units= 3,780 / (80 - 36)
Break-even point in units= 86
Now, in dollars:
Break-even point (dollars)= fixed costs/ contribution margin ratio
Break-even point (dollars)= 3,780 / (44 / 80)
Break-even point (dollars)= $6,873
Does Amit drive a car safely? (into statement)
Answer:
That question in statement form is "Amit drives a car safely"
Explanation:
We know this because it's a response to the question. When asking "Does Amit drive a car safely", we would most likely say "Yes, Amit drives a car safely" or "No, Amit does not drive a car safely". Hope this helps!
Explain Maslow's Hierarchy of Needs Theory in detail with examples for each of the needs accordingly. Afterwards, explain Maslow's Hierarchy of Needs Theory by comparing a famous footballer of your choice to a Homeless person as explained in class (How their needs are different according to the Needs Theory).
Answer:
Now let's check some daily life examples of Maslow's hierarchy of needs.
Breathing, Eating, and Drinking. ... Cleansing, Dressing, and Excreting. ... Employment and Job Security. ... Salary and Stable Environment. ... Family and Friends. ... Pensions and Benefits. ... Job Titles and Recognition. ... Academic Results.A comparative balance sheet and income statement is shown for Cruz, Inc.
CRUZ, INC. Comparative Balance Sheets December 31, 2013
2013 2012
Assets
Cash $94,800 $24,00
Accounts receivable, net 41,000 51,000
Inventory 85,800 95,800
Prepaid expenses 5,400 4,200
Furniture 109,000 119,000
Accum. depreciation- Furniture (17,000) (9,000)
Total assess $319,000 $285,000
Liabilities and Equity
Accounts payable $15,000 $21,000
Wages payable 9,000 5,000
Income taxes payable 1,400 2,600
Notes payable long-term 29,000 69,000
Common stock, $5 par value 229,000 179,000
Retained earnings 35,600 8,400
Total liabilities and equity $319,000 $285,000
CRUZ, INC. Income Statement For Year Ended December 31, 2013
Sales $488,000
Cost of goods sold 314,000
Gross profit 174,000
Operating expenses
Depreciation expense $37,600
Other expenses 89,100 126,700
Income before taxes 47,300
Income taxes expense 17,300
Net Income $30,000
Use the above balance sheet and income statement to prepare the cash provided used from operating activities section by direct method. Amounts deducted should be indicated with a minus sign.