Business, 24.09.2020 02:01 superkitty003
During Year 6, Kincaid, Inc. earned $85,000 of cash revenue. The company incurs all operating expenses on account. The Year 6 beginning balance in Kincaid's accounts payable account was $2,000, while the ending balance was $25,000. The Company made cash payments of $40,000 to reduce accounts payable during Year 6.a. Based on the information provided, determine the amount of operating expenses recognized during the accounting period. b. Based on the information provided, determine the amount of net income earned during the accounting period. c. Based on the information provided, determine the amount of cash flow from operating activities.
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Bernard made a gift of $500,000 to his brother in 2014. due to bernard’s prior taxable gifts he paid $200,000 of gift tax. when bernard died in 2019, the applicable gift tax credit had increased. at bernard’s death, what amount related to the $500,000 gift to his brother is included in his gross estate?
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Cherokee inc. is a merchandiser that provided the following information: amount number of units sold 20,000 selling price per unit $ 30 variable selling expense per unit $ 4 variable administrative expense per unit $ 2 total fixed selling expense $ 40,000 total fixed administrative expense $ 30,000 beginning merchandise inventory $ 24,000 ending merchandise inventory $ 44,000 merchandise purchases $ 180,000 required: 1. prepare a traditional income statement. 2. prepare a contribution format income statement.
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During Year 6, Kincaid, Inc. earned $85,000 of cash revenue. The company incurs all operating expens...
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