BUSINESS COLLEGE

A company's inventory balance at 12/31/16 was $191,600 and $204,000 at 12/31/15. its accounts payable balance at 12/31/16 was $88,000 and $83,600 at 12/31/15, and its cost of goods sold for 2016 was $724,000. the company's total amount of cash payments for merchandise in 2016 equals:

Answers

Answer 1
Answer: Company
Dec. 31. 2016
Assets
Cash- $191,600

Dec. 31. 2015
Assets
Cash- $204,000

Goods sold for 2016- $724,000

Liabilities
Dec. 31.2016
Accounts Payable- $88,000

Liabilities
Dec. 31. 2015
Accounts payable- $83,600

In order to find the company's total amount of cash payments for 2016, you find the minus the previous assets with the new assets..
Ex. $191,600 - $204,000 = -12,400

Then minus your answer with Goods Sold in 2016
Ex. $724,000 - $12,400 = $711,600

Then, minus the pervious amount of Accounts payable with the new Accounts Payable
Ex. $88,000 - $83,600 = $4,400

New payments for 2016-
Ex. Add $88,000 + $83,600 = $171,600

Then, $171,600 - $4,400 = $167,200

Thus, $167,200 equals the company's total amount of cash payments 2016.

Related Questions

MIDDLE SCHOOL

A cost that rises or falls depending on how much is produced is _____?

Answers

The correct answer here to fill in the blank would be ‘variable cost.’
Hello,



the answer is "variable cost"


Hope this helps
HIGH SCHOOL

Three countries enter into an agreement to remove all tariffs and trade barriers between them. They decide on a common trade policy with regard to nonmembers. Faced with political backlash, the countries stop short of allowing mobility of factors of production such as labor and capital. Which of the following levels of economic integration best describes this arrangement? A. Political union
B. Customs union
C. Common market
D. Economic union
E. Political union

Answers

Answer:

B. Customs union

Explanation:

Custom Union is a trade relationship agreed on by two or more countries in which they decided to remove barriers to free trade, such as removing heavy cost duties, high tariffs, between agreeing nations. It is considered a form of economic Integration.

The main aim of custom unions is to allow free trade between member Sates. It also helps to reduce administrative bottle neck and financial burdens which could be barriers to trading.

HIGH SCHOOL

Which of the following terms means that people want more things than they can easily acquire? Select one of the options below as your answer: a. economics
b. supply
c. demand
d. scarcity

Answers

The answer is d scarcity! This is because economics is the overall study of the economy, supply is the product or service sold in economics, and demand is the want for certain products or services. Scarcity is when there is few of certain items so people want more than they can get.
COLLEGE

When jeff bezos founded amazon.com in 1994, he was laying the foundation for the world’s largest __________, because amazon.com uses the internet to make its products and services available to its consumers?

Answers

I believe the answer is: Electronic marketing channel

Electronic marketing channel refers to a digitized market p[lace where people could purchase goods/services without actually going to the physical store. in the past, amazon.com only exist to market books as its sole product.

Now, it is regarded as the largest electronic marketing channel in the world which offers the most complete collection of goods and services, followed closely by alibaba.com

Electronic marketing channel
COLLEGE

The net income reported on an income statement for the current year was $63,000. Depreciation recorded on fixed assets for the year was $24,000. Balances of the current asset and current liability accounts at the end and beginning of the year are listed below. Prepare the Cash flows from operating activities section of the statement of cash flows using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.

Answers

Answer:

Cash flow from Operating Activities using indirect method start with;

Net income                                                                             $63,000

Add back depreciation                                                          $24,000

Add/lesss profit/loss from sale of assets                              $0,000

Changes in Working Capital                              

Increase or decrease trade receivable   $ 0,000

increase or decrease in inventory           $ 0,000

Increase or decrease in treade payable  $ 0,000             $ 0,000

Net cash flow from operating activities                               $87,000

Explanation:

Cash flows can be prepared in two ways; using direct method or indirect method.

irrespective of the method adopted, the major component of the cash flow statment that changes is the operating activities. under the indirect method, the operating activities starts with the net income. since the net income usually net of none-cash movement items like; depreciation, amortisation and impairment, these will be added back to the net income. Also investment activities items like; income from investment or profit from disposal of none-current assets are deducted. Further, movements in working capital (Inventory, trade receivables and trade payable) are net off and the resultant value is used to adjusted the net income too. This gives the net income from operating activities.

COLLEGE

1. Ira Schwab opens up a Schwab IRA and places $2,000 in his retirement account at the beginning of each year for 10 years. He believes the account will earn 5 percent interest per year, compounded quarterly. How much will he have in his retirement account in 10 years?

Answers

Answer:

He will have $102,979 in his retirement account in 10 years.

Explanation:

Annual Payment = $2,000

Number of Year = n = 10

Interest rate = i = 5%

Compounded Quarterly

Future value after 10 years

FV = A [ ( ( 1 + ( r / m )^mt ) - 1 / ( r / m )

FV = $2,000 [ ( ( 1 + ( 0.05 / 4 )^40 ) - 1 / ( 0.05 / 4 )

Future value = $102,979

So, Ira Schwab will have $102,979 in his retirement account in 10 years.

COLLEGE

Investment A costs $10,000 today and pays back $11,500 two years from now. Investment B costs $8,000 today and pays back $4,500 each year for two years. If an interest rate of 5% is used, which alternative is superior

Answers

Answer:

Investment  A

Explanation:

We need to find the NPV of two investments

NPV (A) = -10000 + 11500(P/F, 5%, 2)

= -10000 + 11500*0.90703

= 431

NPV (B) = -8000 + 4500(P/A, 5%, 2)

= -8000 + 4500*1.8594

= 367

Since NPV (A) > NPV (B) we select alternative A.

HIGH SCHOOL

Expert systems have been most successful when the range of the human expertise being replicated is?

Answers

Answer:

Narrow and deep.

Explanation:

Expert systems have been most auspicious meanwhile the range of human expertise being replicated remains narrow and deep.  An artificial intelligence system that is designed to take the place of an expert in a specific field. the system collects data based on responses to questions and attempts to determine the best solution, just as an expert would, it is narrow and deep.

COLLEGE

Rotweiler Obedience School's December 31, 2015, balance sheet showed net fixed assets of $1,780,000, and the December 31, 2016, balance sheet showed net fixed assets of $2,150,000. The company's 2016 income statement showed a depreciation expense of $332,000.What was the company's net capital spending for 2016? (Enter your answer in dollars, not millions of dollars, e.g., 1,234,567. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)

Answers

Answer: Company's net capital spending for 2016 = $702,000

Explanation:

Given that,

On December 31, 2015:

Net fixed assets = $1,780,000

On December 31, 2016:

Net fixed assets = $2,150,000

Depreciation expense = $332,000

Therefore,

Company's net capital spending for 2016:

= Ending net assets + Depreciation expense - Beginning net assets

= $2,150,000 + $332,000 - $1,780,000

= $702,000

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