Answer:
Income statement will have an increased expense of $4.8 million and Revenue and cost of goods sold will decrease. In balance sheet the inventory will be decreased by the amount of crib toy inventory available.
Explanation:
Income Statement will show an expense of $4.8 million in this period as the cost of recall of inventory due to health hazard. Also sales and cost of goods sold will decrease by the amount of sales of crib toy in sales and by the amount of crib toys cost in cost of goods sold and will ultimately result in decrease in a gross profit of a company.
In the Balance Sheet the amount of Inventory will be decreased by the amount of crib toys available in stock.
Answer:
True.
Explanation:
‘Cash Flow Statement’ is one of major financial statement that indicates the inflow and outflow of cash along with the reasons by categorizing each cash transaction in three activities i.e., operating, investing or financing activity. Non-cash transactions are not considered while preparing a cash flow statement.
The cash flow from operating activities is generally more than the net income after taxes.
The cash flow from operating activities includes only the cash transactions relating to the operations of the business. It ignores the non-cash transactions. On the other hand, net income is derived after deducting all the expenses (paid or unpaid) from the revenue earned, pertaining to a particular period.
Example: Depreciation expense is a non-cash transaction. It is treated as follows:
While calculating cash flow from operating activities, depreciation expense is ignored (added back to the net income) as it is a non-cash transaction.
On the other hand, depreciation expense pertaining to the accounting period is deducted from revenue to calculate net income after taxes.
Thus, the cash flow from operations is generally more than the net income after taxes.
Answer:
See the journal entry below
Explanation:
Retained earnings A/c Dr $500,000
Dividends payable A/c Cr $500,000
Here, cash dividend is being declared by the board on 100,000 shares hence the account of retained earnings is debited and account of dividends payable is credited.
NB.
Amount = Share × Price per share
Given that;
Share = 100,000
Price per share = $5
Amount
= 100,000 × $5
= $500,000
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Answer:
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