subject
Business, 12.03.2021 15:50 timijebs

The following information was drawn from the Year 1 accounting records of Ozark Merchandisers: 1. Inventory that had cost $22,800 was sold for $38,760 under terms 2/20, net/30.
2. Customers returned merchandise to Ozark five days after the purchase. The merchandise had been sold for a price of $1,288. The merchandise had cost Ozark $920.
3. All customers paid their accounts within the discount period.
4. Selling and administrative expenses amounted to $3,876.
5. Interest expense paid amounted to $330.
6. Land that had cost $7,300 was sold for $10,585 cash.
Required
a. Determine the amount of net sales. (Round your intermediate calculations and final answer to the nearest Whole dollar amount.) Net sales
b. Prepare a multistep income statement. (Round your intermediate calculations and final answer to the nearest whole dollar amount. Amounts to be deducted and losses should be indicated witha minus sign.)
c. Where would the interest expense be shown on the statement of cash flows?
Operating activities
Investing activities
Financing activities
d. How would the sale of the land be shown on the statement of cash flows?
The full sales price of the land, $10,585, would be shown as a cash inflow from financing activities on the statement of cash flows.
The full sales price of the land, $10,585, would be shown as a cash inflow from investing activities on the statement of cash flows.
The full sales price of the land, $10,585, would be shown as a cash inflow from operating activities on the statement of cash flows Dreur

ansver
Answers: 3

Another question on Business

question
Business, 21.06.2019 22:50
Assume that the governance committee states that all projects costing more than $70,000 must be reviewed and approved by the chief information officer and the it senior leadership team (slt). at this point, the cio has the responsibility to ensure that management processes observe the governance rules. for example, the project team might present the proposed project in an slt meeting for a vote of approval. what does this scenario illustrate about organizational structure?
Answers: 2
question
Business, 22.06.2019 01:30
Claire wants to include animations in her presentation slides. which element of the presentation program’s interface will have the options for animation? claire should use the to include animations in her presentation slides.
Answers: 1
question
Business, 22.06.2019 04:30
Your take on decision making process
Answers: 1
question
Business, 22.06.2019 18:00
Abbington company has a manufacturing facility in brooklyn that manufactures robotic equipment for the auto industry. for year 1, abbingtonabbington collected the following information from its main production line: actual quantity purchased-200 units, actual quantity used-110 units, units standard quantity-100 units, actual price paid-$8 per unit, standard price-$10 per unit. atlantic isolates price variances at the time of purchase. what is the materials price variance for year 1? 1. $400 favorable. 2. $400 unfavorable. 3. $220 favorable. 4. $220 unfavorable.
Answers: 2
You know the right answer?
The following information was drawn from the Year 1 accounting records of Ozark Merchandisers: 1. I...
Questions
question
Mathematics, 02.12.2020 20:20
question
Mathematics, 02.12.2020 20:20
question
Physics, 02.12.2020 20:20
question
Mathematics, 02.12.2020 20:20