Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement. In the operating activities section, use the minus sign to indicate cash outflows, decreases in cash and a net cash outflow, if required. In the investing and financing activities section, use a minus sign only to indicate a NET cash outflow for the section.
The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows:
1 Dec 31, 20Y8 Dec 31, 20Y7
2 Assets
3 Cash $75,170 $92,110
4 Accounts Receivable (net) 115,500 124,180
5 Merchandise Inventory 165,000 153,920
6 Prepaid Expenses 6,720 4,660
7 Equipment 336,110 275,760
8 Accumulated depreciation-equipment (87,390) (67,630)
9 Total Assets $611,110 $583,000
10 Liabilities and Stockholder's Equity
11 Accounts Payable (merchandise creditors) $128,330 $121,850
12 Mortgage note payable 0 174,900
13 Common stock, $1 par 19,000 12,000
14 Paid-in capital: Excess of issue price over par-common stock 297,000 164,000
15 Retained Earnings 166,780 110,250
16 Total Liabilities and Stockholders' Equity $611,110 $583,000
Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows:
A Net Income, $144,720
B Depreciation reported on the income statement, $42,650
C Equipment was purchased at a cost of $83,240, and fully depreciated equipment costing $22,890 was discarded, with no salvage realized
D The mortgage note payable was not due for six years, but the terms permitted earlier payment without penalty
E 7,000 shares of common stock were issued at $20 for cash
F Cash dividends declared and paid, $88,190
Yellow Dog Enterprises Inc
Statement of Cash Flows
For the year ended December 31, 20Y8
1 Cash flows from operating activities
2
3 Adjustments to reconcile net income to net cash flow from operating activities
4
5 Changes in current operating assets and liabilities
6
7
8
9
10 Net cash flow from operating activities
11
12 Cash flows from (used for) investing activities
13
14 Net cash flow used for investing activities
15
16 Cash flows from (used for) financing activities
17
18
19
20 Net cash flow used for financing activities
21
22 Cash at the beginning of the year
23
24 Cash at the end of the year
25

Answer:

Yellow Dog Enterprises Inc.

Yellow Dog Enterprises Inc

Statement of Cash Flows

For the year ended December 31, 20Y8

1 Cash flows from operating activities  

2 Net income                                                            $144,720

3 Adjustments to reconcile net income to net

cash flow from operating activities

4 Depreciation expense                                             42,650

5 Changes in current operating assets and liabilities

6 Accounts Receivable (net)                                        8,680

7 Merchandise Inventory                                           -11,080

8 Prepaid Expenses                                                   -2,060  

9 Accounts payable                                                    6,480

10 Net cash flow from operating activities          $189,390

11

12 Cash flows from (used for) investing activities

13 Purchase of equipment                                     -83,240

14 Net cash flow used for investing activities      (83,240)

15

16 Cash flows from (used for) financing activities

17 Common stock issued                                     140,000

18 Cash Dividends paid                                         -88,190

19 Mortgage note payable                                  -174,900

20 Net cash flow used for financing activities  (123,090)

21  Net Cash Flows                                             ($16,940)

22 Cash at the beginning of the year                 $92,110

23

24 Cash at the end of the year                           $75,170

25

Explanation:

a) Data and Calculations:

Comparative balance sheet of

Yellow Dog Enterprises Inc.

At December 31, 20Y8 and 20Y7

1                                                            Dec 31, 20Y8 Dec 31, 20Y7

2 Assets                                                                                           Changes

3 Cash                                                            $75,170      $92,110    -$16,940

4 Accounts Receivable (net)                         115,500       124,180       -8,680

5 Merchandise Inventory                             165,000     153,920        11,080

6 Prepaid Expenses                                         6,720         4,660        2,060

7 Equipment                                                   336,110    275,760      60,350

8 Accumulated depreciation                        (87,390)    (67,630)      (19,760)

9 Total Assets                                               $611,110 $583,000      

10 Liabilities and Stockholders Equity

11 Accounts Payable                                   $128,330   $121,850      $6,480

12 Mortgage note payable                              0            174,900    -174,900

13 Common stock, $1 par                              19,000      12,000         7,000

14 Paid-in capital-common stock               297,000    164,000     133,000

15 Retained Earnings                                  166,780     110,250      

16 Total Liabilities & Stockholders' Equity $611,110 $583,000

Analysis of additional information:

A Net income  $144,720

B Depreciation expense = $42,650

C Equipment purchase $83,240 Cash $83,240

   Discarded Equipment = $22,890

E Cash $140,000 Common stock issued $7,000 Paid-in Capital $133,000

F Cash Dividends $88,190 Cash $88,190

Equipment Account

Account Titles          Debit      Credit

Beginning balance  275,760

Cash                          83,240

Discarded equipment           22,890

Ending balance                      336,110

Robert is the sole shareholder and CEO of ABC, Inc., an S corporation that is a qualified trade or business. During the current year, ABC has net income of $325,000 after deducting Robert’s $100,000 salary. In addition to his compensation, ABC pays Robert dividends of $250,000. What is Robert’s qualified business income? Would your answer to part (a) change if you determined that reasonable compensation for someone with Robert’s experience and responsibilities is $200,000? Why or why not

The FOMC is presented with data and analysis showing that the output gap has gone from nearly 0 to large and negative. Additionally, inflation is 1.2% instead of the target rate, 2%. a. Using the floor framework, the FOMC is likely to influence interest rates by the interest rate it pays on excess reserves and its overnight borrowing from financial institutions. b. Additionally, the FOMC is likely the discount rate.

The Jenkins Corporation has purchased an executive jet. The company has agreed to pay $200,000 per year for the next 10 years and an additional $1,000,000 at the end of the 10th year. The seller of the jet is charging 6% annual interest. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) Determine the liability that would be recorded by Jenkins.'

Becker Company is preparing its cash budget for the upcoming month. The budgeted beginning cash balance is expected to be $70,000. Budgeted cash disbursements are $254,000, while budgeted cash receipts are $252,000. Becker Company wants to have an ending cash balance of $100,000. How much would Becker Company need to borrow to achieve its desired ending cash balance

You have $100 you have $100 to invest. If you can earn 12% interest, about how long does it take for your $100 investment to grow to $200? Suppose the interest rate is just half that, at 6%. At half the interest rate, does it take twice as long to double your money? Why or why not? How long does it take

who is the richest person on earth?

In its most recent annual report, Appalachian Beverages reported current assets of $54,000 and a current ratio of 1.80. Assume that the following transactions were completed: (1) purchased merchandise for $6,000 on account, and (2) purchased a delivery truck for $10,000, paying $1,000 cash and signing a two-year promissory note for the balance.
Compute the updated current ratio (round answers to 2 decimal places)
Transaction (1) ________________
Transaction (2) ________________

The market consensus is that Analog Electronic Corporation has an ROE of 9% and a beta of 1.65. It plans to maintain indefinitely its traditional plowback ratio of 2/3. This year's earnings were $2.8 per share. The annual dividend was just paid. The consensus estimate of the coming year's market return is 14%, and T-bills currently offer a 6% return. a. Find the price at which Analog stock should sell. (Do not round intermediate calculations. Round your answer to 2 decimal places.) b. Calculate the P/E ratio.

Vaughn Manufacturing purchased land as a factory site for $1345000. Vaughn paid $116000 to tear down two buildings on the land. Salvage was sold for $8100. Legal fees of $5500 were paid for title investigation and making the purchase. Architect's fees were $46900. Title insurance cost $3900, and liability insurance during construction cost $4200. Excavation cost $15860. The contractor was paid $4300000. An assessment made by the city for pavement was $9500. Interest costs during construction were $260000.
1. The cost of the land that should be recorded by Wilson Co. is:_____.
a. $989,880.
b. $980,480.
c $996,280.
d. $986,880.
2. The cost of the building should be recorded by Wilson Co. is:_____.
a. 2,804,840.
b. 2,813,200.
c. 2,803,800.
d. 3,014,240.

Q4) The price of a luxury car increased from 42.000 euros to 44.000 euros. Then the demand for
this car declined from 100 units to 20 units. Calculate the price elasticity of demand for the car.

What are the different aspects by which an emerging technology is defined?
What are the different aspects by which an emerging technology is defined?
(you can choose more than one sentence)
Emerging technologies are mostly those that arise from new knowledge. Emerging technologies may develop in new markets, this makes it easier to determine their demand. However, at times, the market for this technology may be non-existent. These technologies can be evaluated by using existing technologies as heuristics. SCORE is an example of a heuristic evaluation method. There are no standard methods used to evaluate emerging technologies.

Novak Corp. has 6000 shares of 5%, $100 par value, cumulative preferred stock and 12000 shares of $1 par value common stock outstanding at December 31, 2020. There were no dividends declared in 2018. The board of directors declares and pays a $55800 dividend in 2019 and in 2020. What is the amount of dividends received by the common stockholders in 2020

1. Prepare general journal entries for the transactions.
Mitchell Parts Co. had the following plant asset transactions during the year:
1. Assets discarded or sold:
Jan. 1 Motor #12, which had a cost of $2,890 and accumulated depreciation of
$2,890, was discarded.
8 Motor #8, which had a cost of $4,440 and accumulated depreciation of
$4,020, was sold for $260.
14 Motor #16, which had a cost of $5,730 and accumulated depreciation of
$5,490, was sold for $470.
2. Assets exchanged or traded in:
Feb. 1 Motor #6, which had a cost of $5,860 and accumulated depreciation of
$4,590, was traded in for a new motor (#22) with a fair market value of
$6,800. The old motor and $5,300 in cash were given for the new motor.
9 Motor #9, which had a cost of $5,420 and accumulated depreciation of
$4,940, was traded in for a new motor (#23) with a fair market value of
$6,450. The old motor and $6,170 in cash were given for the new motor.

Stella is a volunteer at her church during bingo night. At the end of the night, it is her responsibility to take the evening's profits and drop them in the night deposit box at the local bank. She is given the leather and canvas case filled with money and she leaves for the bank. On the way there, she decides to keep the money and drives to another state. What crime has she committed?
A) embezzlement
B) burglary
C) extortion
D) larceny

Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing.
2013 2014 2015
Sales revenue $294,170 $ $414,180
Sales returns and allowances 11,200 13,470
Net sales 347,350
Beginning inventory 21,590 33,560
Ending inventory
Purchases 263,090 298,600
Purchase returns and allowances 5,180 8,330 10,440
Freight-in 8,140 9,480 12,440
Cost of goods sold 236,230 294,740
Gross profit on sales 46,740 91,560 98,700

EcoFabrics has budgeted overhead costs of $1,039,500. It has allocated overhead on a plantwide basis to its two products (wool and cotton) using direct labor hours which are estimated to be 495,000 for the current year. The company has decided to experiment with activity-based costing and has created two activity cost pools and related activity cost drivers. These two cost pools are cutting (cost driver is machine hours) and design (cost driver is number of setups). Overhead allocated to the cutting cost pool is $396,000 and $643,500 is allocated to the design cost pool. Additional information related to these pools is as follows.
Wool Cotton Total
Machine hours 110,000 110,000 220,000
Number of setups 1,100 550 1,650
1. Calculate the overhead rate using activity based costing.
2. Determine the amount of overhead allocated to the wool product line and the cotton product line using activity-based costing.
3. Calculate the overhead rate using traditional approach.
4. What amount of overhead would be allocated to the wool and cotton product lines using the traditional approach, assuming direct labor hours were incurred evenly between the wool and cotton?

In divisional income statements prepared for Demopolis Company, the Payroll Department costs are charged back to user divisions on the basis of the number of payroll distributions, and the Purchasing Department costs are charged back on the basis of the number of purchase requisitions. The Payroll Department had expenses of $59,160, and the Purchasing Department had expenses of $20,680 for the year. The following annual data for Residential, Commercial, and Government Contract divisions were obtained from corporate records:

Residential Commercial Government Contract
Sales $2,000,000 $3,250,000 $2,900,000

Weekly payroll (52 weeks per year) 400 250 150
Monthly payroll 80 30 10
Number of purchase requisitions per year 7,500 3,000 2,000

Required:
a. Determine the total amount of payroll checks and purchase requisitions processed per year by the company and each division.
b. Residential's service department charge is _______ than the other two divisions because Residential is a user of service department services. Residential has many employees on a weekly payroll, which translates into a ________ number of payroll transactions.

Jane Tucker is the ethics officer for a publicly traded company. She is concerned that the company does not have a mechanism for anonymous reports of issues by employees. The CEO is not inclined to spend the money required to set up a hotline or any other reporting mechanism. Which of the following statements is true about this situation?
A) ​As long as the company has an ethics officer to whom employees can report concerns, it has done everything necessary to enjoy the protections under the Federal Sentencing Guidelines.
B) ​With Jane as an ethics officer and adding in a code of ethics, the company has met the two required prongs for the Federal Sentencing Guidelines.
C) Without an anonymous reporting system, the company does not meet the minimum requirements for the protections of the Federal Sentencing Guidelines.
D) The Federal Sentencing Guidelines protections do not apply to publicly traded companies under Dodd-Frank.

Management of Mittel Company would like to reduce the amount of time between when a customer places an order and when the order is shipped. For the first quarter of operations during the current year the following data were reported: Inspection time 0.3 days Wait time (from order to start of production) 16.6 days Process time 2.8 days Move time 1.0 days Queue time 4.2 days
1. Compute the throughput time.
2. Compute the manufacturing cycle efficiency (MCE) for the quarter. (Round your answer to 2 decimal places.)
3. What percentage of the throughput time was spent in non–value-added activities? (Enter your answer as a percentage (i.e., 0.12 should be entered as 12).)
4. Compute the delivery cycle time.
5. If by using Lean Production all queue time during production is eliminated, what will be the new MCE? (Round your percentage answer to 1 decimal place (i.e., 0.123 should be entered as 12.3).)

Pankraz Corporation, a calendar year taxpayer, is formed on April 1, 2020. In connection with its formation, it incurs organizational expenditures of $54,000. Pankraz wants to claim as much of these expenses as soon as possible. Round per month amount to two decimal places. Round your final answer to the nearest dollar. Therefore, its deduction for 2020 is $fill in the blank 1

Think about an organizational change that recently affected you. This could be a change at work in which jobs or procedures were changed, or it could be a change at school, such as a change in curriculum requirements or major revisions in registration procedures. How effectively did the organization manage the change? What could the organization have done differently to reduce resistance to the change? Your post should reflect the terms and concepts in Chapter 15.

You have just been elected to public office and you have been informed that the government does not have money to pay all of its bills.
You have been told that if you were to cut the marginal tax rate, tax revenue would actually increase. Is this true and if so, what would
be the reason for this?
Choose one

One day, Barry the Barber, Inc., collects $400 for haircuts. Over this day, his equipment depreciates in value by $50. Of the remaining $350, Barry sends $30 to the government in sales taxes, takes home $220 in wages, and retains $100 in his business to add new equipment in the future. From the $220 that Barry takes home, he pays $70 in income taxes.

a. gross domestic product
b. net national product
c. national income
d. personal income
e. disposable personal income

Free Flight Corporation, located in Denver, Colorado, produces bicycle accessories, including bicycle helmets which requires a rigid, crushable foam. During the quarter ending June 30, the company manufactured 3,800 helmets, using 2,736 kilograms of foam. The foam cost the company $18,058. According to the standard cost card, each helmet should require 0.66 kilograms of foam, at a cost of $7.00 per kilogram.
Required:
1. What is the standard quantity of kilograms of foam (SQ) that is allowed to make 3,800 helmets?
2. What is the standard materials cost allowed (SQ * SP) to make 3,800 helmets?
3. What is the materials spending variance?
4. What is the materials price variance and the materials quantity variance?
(For requirements 3 and 4, indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations.)
1. Standard quantity of kilograms allowed
2. Standard cost allowed for actual output
3. Materials spending variance
4. Materials price variance
Materials quantity variance

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Which of the following is NOT an example of fixed expenses?

Select the best answer from the choices provided.
A.
Health insurance premium

B.
Interest on college loans

C.
Apartment Rent

D.
The amount of gas to fill up your tank

A company has current assets of 100,000, total assets of 250,000, current liabilities of 20,000, and long-term liabilities of 50,000. How much of its existing current assets can the company use to acquire equipment without allowing its current ratio to decline below 2.0 to 1

At December 31, Gill Co. reported accounts receivable of $288,000 and an allowance for uncollectible accounts of $1,500 (credit) before any adjustments. An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 1% of accounts receivable. The amount of the adjustment for uncollectible accounts would be:

You have collected data for the 50 U.S. states and estimated the following relationship between the change in the unemployment rate from the previous year and the growth rate of the respective state real GDP ​(​). The results are as​ follows: ​

Δur= (0.12) -(0.04)x gy, R2= 0.36, SER= 0.78

Assuming that the estimator has a normal​ distribution, the​ 95% confidence interval for the slope is approximately the​ interval:

a. [-0.31, 0.15]
b. [2.57, 3.05 ]
c. [-0.33, - 0.13]
d. [-0.13, -0.15]

Think about a financial decision you made regarding the purchase of a big-ticket item or investment within the last five years. Provide a summary on the discussion thread, answering the following questions:What decision did you make?How prepared were you to make the decision?What was your thought process as you were making the decision?What financial information did you need to make the decision and why?What lessons have you learned that you will apply to future financial decisions?