2.Alpaca Corporation had revenues of $295,000 in its first year of operations. T
ID: 2375165 • Letter: 2
Question
2.Alpaca Corporation had revenues of $295,000 in its first year of operations. The company has not collected on $19,800 of its sales and still owes $27,900 on $95,500 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $13,600 in salaries. Owners invested $18,500 in the business and $18,500 was borrowed on a five-year note. The company paid $4,600 in interest that was the amount owed for the year, and paid $8,600 for a two-year insurance policy on the first day of business. Alpaca has an effective income tax rate of 8%.
Compute the cash balance at the end of the first year for Alpaca Corporation.
A. $203,640
B. $215,640
C. $183,640
D. $194,640
3.
Listed below are several transactions that took place during the first two years of operations for the law firm of Pete, Pete, and Roy.
In addition, you learn that the company incurred utility costs of $32,500 in year 1, that there were no liabilities at the end of year 2, no anticipated bad debts on receivables, and that the insurance policy covers a three-year period.
Calculate the net operating cash flow for years 1 and 2. (Net cash outflows should be indicated by a minus sign.)
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Year 1 Year 2
Net Operating Cash flow
Prepare an income statement for each year according to the accrual accounting model.
Income Statements:
Year 1 Year 2
Revenues
Expenses:
Salaries
Utilities
Insurance
Net Income (loss)
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Determine the amount of receivables from customers that the company would show in its year 1 and year 2 balance sheets prepared according to the accrual accounting model.
Year 1 Year 2
Receivables"}:"n"ioptriscdeb_ta,"{}":62_p,"0]:[7"p6"_l,ul:n1"p5"_l,ul:n6"p2"_},:{2"p3"_e,lsfa":42_p,"-1":50_p,"-1":24_p,"-1":31_p,":05"_p,":04"_p,"seal:f8"p4"_l,ul:n7"p3"_],2}34":77_p,"84":34_p{":[3"p2"_e,ru:t5"p4"_",leit%20Tew"N":mena,"}]seal:f7"p4"_2,":54_p,"[]":33_p,""}00"1":c2,"0"10:"1""c",00"1":c0{"":19_p,""}23:"1","3""2":"0:{9"p5"_],}]"}seonsprer%20beumeNylst:"7"_p,"1"_rc2l_el_ce0blta0_:"8"p3"_},t"ghri:"8"p6"_0,":39_p,"seal:f4"p7"_e,lsfa":49_p,"seal:f0"p1"_e,lsfa":44_p,"uetr":43_p,")"55%2025,25,%2055(2gb"r":p9"_",4)%2034,%2034,(3gb"r":15_p,"N"IOUTOL"S":76_p{"":55_p,"}}%24":"1"p8"_2,":53_p,"uetr":63_p{"":55_p,"Y"NCREUR"C":73_p{"":29_p,"}}""":79_p,"~"2)(2~z:"5"p7"_:{6"p5"_:{2"_p{"":20_p{"},"}seonsprer%20beumeNylst:"7"_p,"1"_rc1l_el_ce0blta0_:"8"p3"_},t"ghri:"8"p6"_0,":39_p,"seal:f4"p7"_e,lsfa":49_p,"seal:f0"p1"_e,lsfa":44_p,"uetr":43_p,")"55%2025,25,%2055(2gb"r":p9"_",4)%2034,%2034,(3gb"r":15_p,"N"IOUTOL"S":76_p{"":55_p,"}}%24":"1"p8"_2,":53_p,"uetr":63_p{"":55_p,"Y"NCREUR"C":73_p{"":29_p,"}}""":79_p,"~"9)(1~z:"5"p7"_:{6"p5"_:{2"_p{"":20_p{"},"}:"7"_p,"1"_rc0l_el_ce0blta0_:"8"p3"_},t"ef"l":68_p,":09"p3"_e,lsfa":74_p,"seal:f9"p4"_e,lsfa":10_p,"seal:f4"p4"_e,lsfa":43_p,")"55%2025,25,%2055(2gb"r":p9"_",4)%2034,%2034,(3gb"r":15_p,"N"IOSTUE"Q":76_p{"":55_p,"}}seal:f1"_p{"":55_p,"G"INTR"S":73_p{"":29_p,"}}""":79_p,"s"leabivceRe:"5"p7"_:{0"p3"_:{2"_p{"":20_p{",[}]"})%3B11%2023,16,%2037(1gb%20rr:locod-unrokgac%20bx%3B0p:%20ntdeint-ex"t":p8"_",erntCelety%20sldBolety"s":p7"_",r02__cllce0_leab_t"0":38_p,""}erntce:"8"p6"_0,":39_p,"seal:f4"p7"_e,lsfa":49_p,"uetr":10_p,"seal:f4"p4"_e,lsfa":43_p,")"11%2023,16,%2037(1gb"r":p9"_",4)%2034,%2034,(3gb"r":15_p,"N"IOSTUE"Q":76_p{"":55_p,"}}seal:f1"_p{"":55_p,"G"INTR"S":73_p{"":29_p,"}}""":79_p,"2"r%20ea"Y":75_p{"":30_p{"":p2"_:{0"p2"_,{}}%3B"1)21,%2063%2017,13b(rg:%20orol-cndougrckba%3B%20px%200t:ennd-ixtte:"8"_p,"r"teeneCylstd%20oleBylst:"7"_p,"0"_rc1l_el_ce0blta0_:"8"p3"_},r"teen"c":68_p,":09"p3"_e,lsfa":74_p,"seal:f9"p4"_e,ru:t0"p1"_e,lsfa":44_p,"seal:f3"p4"_",1)21,%2063%2017,13b(rg:"9"_p,")"34,%2034,%2034b(rg:"5"p1"_",ONTIESQU:"6"p7"_:{5"p5"_},e}lsfa":p1"_:{5"p5"_",NGRIST:"3"p7"_:{9"p2"_},"}:"9"p7"_",%201arYe:"5"p7"_:{0"p3"_:{2"_p{"":20_p{"},"})%3B11%2023,16,%2037(1gb%20rr:locod-unrokgac%20bx%3B0p:%20ntdeint-ex"t":p8"_",erntCelety%20sldBolety"s":p7"_",r00__cllce0_leab_t"0":38_p,""}erntce:"8"p6"_0,":39_p,"seal:f4"p7"_e,lsfa":49_p,"uetr":10_p,"seal:f4"p4"_e,lsfa":43_p,")"11%2023,16,%2037(1gb"r":p9"_",4)%2034,%2034,(3gb"r":15_p,"N"IOSTUE"Q":76_p{"":55_p,"}}seal:f1"_p{"":55_p,"G"INTR"S":73_p{"":29_p,"}}""":79_p,"""":75_p{"":30_p{"":p2"_:{0"p2"_[{:[3"p1"_e,lsfa":41_p,""}wnDoopdr:"7"p2"_1,:-5"p2"_},:{5"p7"_e,lsfa":82_p{"":28_p,"""":22_p,"seal:f5"p3"_e,ru:t6"p3"_},:{5"p5"_",leab%20TedtltiUn:"9"p6"_3,":17_p,":28"p5"_[{":65_p{"
Year 1 Year 2 Amounts billed to customers for services rendered $ 180,000 $ 230,000 Cash collected from customers 155,000 185,000 Cash disbursements: Salaries paid to employees for services rendered during the year 85,000 95,000 Utilities 27,500 35,000 Purchase of insurance policy 58,500 0Explanation / Answer
Hi,
Please find all the solutions here:
2)
Hi,
Please find the answer as follows:
You need to calculate the value of tax first to arrive at Net Cash Balance:
Now, you can calculated Net Cash Balance as below:
Option A (203640) is the answer
3)
Part 1:
Part 2:
Part 3:
Accounts Receivables (Year 1) = 180000 - 155000 = 25000
Accounts Receivables (Year 2) = 25000 + 230000 - 185000 = 70000
Thanks.
Sales 295000 Less Purchases 95500 Less Salaries 13600 Less Interest 4600 Less Insurance for the Year 4300 Net Profit for the Year 177000 Income Tax (177000*.08) 14160Related Questions
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