Student: Terrell Jenkins_____________________________________________________
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1. Listed below are ten preconditions followed by a list of phrases that describe or qualify five of the terms. Match each phrase with the correct term by placing the letter designating the best term in the musculus quadriceps femoris provided by the phrase. Terms: A. Comprehensive income B. Distribution to owners C. Feedback value D. advance E. Materiality F. Predictive value G. Relevance H. Reliability I. realistic faithfulness J. Timeliness
1. __F__Information is useful in projecting bullion flows.
2. __G__Pertinent to the end at hand.
3. __J__Information is available prior to the decision.
4. __B__Decrease in equity overdue to transfers to owners.
5. __C__Information confirms expectations.
2. alpaca Corporation had revenues of $200,000 in its start year of operations. They guard not collected on $20,000 of their sales, and still owe $25,000 on $70,000 of merchandise they purchased. The company paid $15,000 in salaries. The company had no inventory on hand at the end of the year. Owners invested $20,000 in the business and $20,000 was borrowed on a five-year note.
The company paid $2,000 in interest that was the amount owed for the year, and paid $6,000 for a two-year redress policy on the first day of business. Alpaca has an strong income tax rate of 40%.
a.. Compute net income for the first year for Alpaca Corporation. Revenues Expenses CGS Salaries Interest Insurance Income originally tax Income tax 40% Net income 200,000 70,000 15,000 2,000 3,000
90,000 110,000 44,000 $66,000
b. Compute the cash balance at the end of the first year for Alpaca Corporation. Sales revenue Accts Rec Owner Invest Note payable substance Purchases Accts Pay Salaries Interest Insurance Taxes paid Total Cash Disbursed Ending Cash Balance 200,000 (20,000)
180,000 20,000 20,000 220,000 45,000 15,000 2,000 6,000 44,000 112,000 108,000
70,000 25,000
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