Home / Questions / Freedom Wireless reports operating expenses of $255,000 Operating expenses include both re...
Freedom Wireless reports operating expenses of $255,000. Operating expenses include both rent expense and salaries expense. Prepaid rent decreases during the year by $10,000 and salaries payable increases by $25,000. What is the cash paid for operating expenses during the year?
143. Wilson Electric reports income tax expense of $150,000. Income tax payable at the beginning and end of the year are $20,000 and $25,000, respectively. What is the cash paid for income taxes during the year?
144. Portions of the financial statements for Horizon Telecom are provided below.
|
Horizon Telecom Income Statement For the Year Ended December 31, 2015 |
||||
|
|
|
|
|
|
|
Revenues |
|
|
$610,000 |
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
Cost of goods sold |
391,000 |
|
|
|
|
Operating expenses |
120,000 |
|
|
|
|
Depreciation expense |
32,000 |
|
|
|
|
Income tax expense |
44,000 |
|
|
|
|
Total expenses |
|
|
566,000 |
|
|
Net Income |
|
|
$44,000 |
|
|
|
|
|
|
|
|
Horizon Telecom Selected Balance Sheet Data December 31, 2015 |
|||
|
Increase in accounts receivable |
$ 6,000 |
|
|
|
Increase in inventory |
13,000 |
|
|
|
Decrease in prepaid rent |
9,000 |
|
|
|
Increase in operating expenses payable |
5,000 |
|
|
|
Decrease in accounts payable |
8,000 |
|
|
|
Increase in income tax payable |
20,000 |
|
|
Prepare the operating activities section of the statement of cash flows for Horizon Telecom using the direct method.
Jan 27 2020 View more View Less
A trend that has a critical impact on the consumer packaged goods industry in recent years is consumers’ desire for simpler, more transparent, and more natural ingredient...
Mar 13 20201. What is the stainless steel sheet? How many types does it have and where it can be used?2. What are the advantages of the colored coating steel sheet and where can the...
May 19 2020Divisional costs of capital and investment decisions) In May of this year Newcastle Mfg. Company’s capital investment review committee received two major investment propo...
Apr 27 20201. In some instances the outsourced service occurs in a different location, while in others it takes place inside the organization doing the outsourcing, as the food serv...
Jul 24 2020A Question of Ethics—The IDDR Approach and Superfund.Sevenson Environmental Services was hired to clean up a Superfund site in Manville, New Jersey, where the soil was co...
Aug 10 2021In a price leadership oligopoly model,a) a cartel of leading firms determines price and industry output.b) the industry in consortium with the government determines price...
Apr 22 2021White potatoes (k = 0.50 W/m·K and α = 0.13 × 10-6 m2 /s) that are initially at a uniform temperature of 25°C and have an average diameter of 6 cm are to be cooled by ref...
Jun 09 2020An international corporation is one whicha. is owned by individuals in more than one countryb. has production facilities in more than one countryc. markets its product i...
Dec 11 2019What is scope creep and how can it be prevented?
Aug 06 2020If f is an odd function and g is an even function, withfind(One possible correct answer is: 8)
May 11 2021