2.Alpaca Corporation had revenues of $295,000 in its first year of operations. The company has not collected on $19,800 of its sales and still owes $27,900 on $95,500 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $13,600 in salaries. Owners invested $18,500 in the business and $18,500 was borrowed on a five year note. The company paid $4,600 in interest that was the amount owed for the year, and paid $8,600 for a two year insurance policy on the first day of business. Alpaca has an effective income tax rate of 8%.
Compute the cash balance at the end of the first year for Alpaca Corporation.
A. $203,640
B. $215,640
C. $183,640
D. $194,640
3.
Listed below are several transactions that took place during the first two years of operations for the law firm of Pete, Pete, and Roy.
| Year 1 | Year 2 | |||||
| Amounts billed to customers for services rendered | $ | 180,000 | $ | 230,000 | ||
| Cash collected from customers | 155,000 | 185,000 | ||||
| Cash disbursements: | ||||||
| Salaries paid to employees for services rendered during the year | 85,000 | 95,000 | ||||
| Utilities | 27,500 | 35,000 | ||||
| Purchase of insurance policy | 58,500 | 0 | ||||
|
|
||||||
|
In addition, you learn that the company incurred utility costs of $32,500 in year 1, that there were no liabilities at the end of year 2, no anticipated bad debts on receivables, and that the insurance policy covers a three year period. |
| Required: | |
| 1. |
Calculate the net operating cash flow for years 1 and 2. (Net cash outflows should be indicated by a minus sign.) |
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Net Operating Cash flow
| 2. |
Prepare an income statement for each year according to the accrual accounting model. |
|
Income Statements: Year 1 Year 2 Revenues Expenses: Salaries Utilities Insurance Net Income (loss) |
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cndougrckba%3B%20px%200t:ennd ixtte:”8″_p,”r”teeneCylstd%20oleBylst:”7″_p,”2″_rc2l_el_ce0blta0_:”8″p3″_},r”teen”c”:68_p,”:09″p3″_e,lsfa”:74_p,”seal:f9″p4″_e,ru:t0″p1″_e,lsfa”:44_p,”seal:f3″p4″_”,1)21,%2063%2017,13b(rg:”9″_p,”)”34,%2034,%2034b(rg:”5″p1″_”,ONTIESQU:”6″p7″_:{5″p5″_},e}lsfa”:p1″_:{5″p5″_”,NGRIST:”3″p7″_:{9″p2″_},”}:”9″p7″_”,%202arYe:”5″p7″_:{0″p3″_:{2″_p{“”:20_p{“},”})%3B11%2023,16,%2037(1gb%20rr:locod unrokgac%20bx%3B0p:%20ntdeint ex”t”:p8″_”,erntCelety%20sldBolety”s”:p7″_”,r21__cllce0_leab_t”0″:38_p,””}erntce:”8″p6″_0,”:39_p,”seal:f4″p7″_e,lsfa”:49_p,”uetr”:10_p,”seal:f4″p4″_e,lsfa”:43_p,”)”11%2023,16,%2037(1gb”r”:p9″_”,4)%2034,%2034,(3gb”r”:15_p,”N”IOSTUE”Q”:76_p{“”:55_p,”}}seal:f1″_p{“”:55_p,”G”INTR”S”:73_p{“”:29_p,”}}”””:79_p,”1″r%20ea”Y”:75_p{“”:30_p{“”:p2″_:{0″p2″_,{}}%3B”1)21,%2063%2017,13b(rg:%20orol cndougrckba%3B%20px%200t:ennd ixtte:”8″_p,”r”teeneCylst:”7″_p,”2″_rc0l_el_ce0blta0_:”8″p3″_},r”teen”c”:68_p,”:09″p3″_e,lsfa”:74_p,”seal:f9″p4″_e,lsfa”:10_p,”seal:f4″p4″_e,lsfa”:43_p,”)”11%2023,16,%2037(1gb”r”:p9″_”,4)%2034,%2034,(3gb”r”:15_p,”N”IOSTUE”Q”:76_p{“”:55_p,”}}seal:f1″_p{“”:55_p,”G”INTR”S”:73_p{“”:29_p,”}}”””:79_p,””””:75_p{“”:30_p{“”:p2″_:{0″p2″_[{],}}%3B”1)21,%2063%2017,13b(rg:%20orol cndougrckba%3B%20px%200t:ennd ixtte%3B%20neno:%20ayplis”d”:p8″_”,erntCelety%20sldBolety”s”:p7″_”,r12__cllce0_leab_t”0″:38_p,””}erntce:”8″p6″_”,_2″0″:78_p,”:09″p3″_e,lsfa”:74_p,”seal:f9″p4″_e,ru:t0″p1″_e,lsfa”:44_p,”seal:f3″p4″_”,1)21,%2063%2017,13b(rg:”9″_p,”)”34,%2034,%2034b(rg:”5″p1″_”,ONTIESQU:”6″p7″_:{5″p5″_},e}lsfa”:p1″_:{5″p5″_”,NGRIST:”3″p7″_:{9″p2″_},”}:”9″p7″_”,:”5″p7″_:{0″p3″_:{2″_p{“”:20_p{“},”})%3B11%2023,16,%2037(1gb%20rr:locod unrokgac%20bx%3B0p:%20ntdeint ex%20te%3Bon%20ny:laspdi:”8″_p,”r”teeneCylstd%20oleBylst:”7″_p,”1″_rc1l_el_ce0blta0_:”8″p3″_},r”teen”c”:68_p,”1″0_:”8″p7″_0,”:39_p,”seal:f4″p7″_e,lsfa”:49_p,”uetr”:10_p,”seal:f4″p4″_e,lsfa”:43_p,”)”11%2023,16,%2037(1gb”r”:p9″_”,4)%2034,%2034,(3gb”r”:15_p,”N”IOSTUE”Q”:76_p{“”:55_p,”}}seal:f1″_p{“”:55_p,”G”INTR”S”:73_p{“”:29_p,”}}”””:79_p,””””:75_p{“”:30_p{“”:p2″_:{0″p2″_,{}}%3B”1)21,%2063%2017,13b(rg:%20orol cndougrckba%3B%20px%200t:ennd ixtte:”8″_p,”r”teeneCylstd%20oleBylst:”7″_p,”:36″p1″_”,r10__cllce0_leab_t”0″:38_p,””}erntce:”8″p6″_”,_0″0″:78_p,”:09″p3″_e,lsfa”:74_p,”seal:f9″p4″_e,ru:t0″p1″_e,lsfa”:44_p,”seal:f3″p4″_”,1)21,%2063%2017,13b(rg:”9″_p,”)”34,%2034,%2034b(rg:”5″p1″_”,ONTIESQU:”6″p7″_:{5″p5″_},e}lsfa”:p1″_:{5″p5″_”,NGRIST:”3″p7″_:{9″p2″_},”}:”9″p7″_”,tsenematSte%20omnc”I”:75_p{“”:30_p{“”:p2″_:{0″p2″_[{],}}%3B”1)21,%2063%2017,13b(rg:%20orol cndougrckba%3B%20px%200t:ennd ixtte%3B%20neno:%20ayplis”d”:p8″_”,erntCelety%20sldBolety”s”:p7″_”,r02__cllce0_leab_t”0″:38_p,””}erntce:”8″p6″_”,_2″0″:78_p,”:09″p3″_e,lsfa”:74_p,”seal:f9″p4″_e,ru:t0″p1″_e,lsfa”:44_p,”seal:f3″p4″_”,1)21,%2063%2017,13b(rg:”9″_p,”)”34,%2034,%2034b(rg:”5″p1″_”,ONTIESQU:”6″p7″_:{5″p5″_},e}lsfa”:p1″_:{5″p5″_”,NGRIST:”3″p7″_:{9″p2″_},”}:”9″p7″_”,:”5″p7″_:{0″p3″_:{2″_p{“”:20_p{“},”})%3B11%2023,16,%2037(1gb%20rr:locod unrokgac%20bx%3B0p:%20ntdeint ex%20te%3Bon%20ny:laspdi:”8″_p,”r”teeneCylstd%20oleBylst:”7″_p,”0″_rc1l_el_ce0blta0_:”8″p3″_},r”teen”c”:68_p,”1″0_:”8″p7″_0,”:39_p,”seal:f4″p7″_e,lsfa”:49_p,”uetr”:10_p,”seal:f4″p4″_e,lsfa”:43_p,”)”11%2023,16,%2037(1gb”r”:p9″_”,4)%2034,%2034,(3gb”r”:15_p,”N”IOSTUE”Q”:76_p{“”:55_p,”}}seal:f1″_p{“”:55_p,”G”INTR”S”:73_p{“”:29_p,”}}”””:79_p,””””:75_p{“”:30_p{“”:p2″_:{0″p2″_,{}}%3B”1)21,%2063%2017,13b(rg:%20orol cndougrckba%3B%20px%200t:ennd ixtte:”8″_p,”r”teeneCylstd%20oleBylst:”7″_p,”:36″p1″_”,r00__cllce0_leab_t”0″:38_p,””}erntce:”8″p6″_”,_0″0″:78_p,”:09″p3″_e,lsfa”:74_p,”seal:f9″p4″_e,ru:t0″p1″_e,lsfa”:44_p,”seal:f3″p4″_”,1)21,%2063%2017,13b(rg:”9″_p,”)”34,%2034,%2034b(rg:”5″p1″_”,ONTIESQU:”6″p7″_:{5″p5″_},e}lsfa”:p1″_:{5″p5″_”,NGRIST:”3″p7″_:{9″p2″_},”}:”9″p7″_”,OY%20RND%20AE,ET%20PE,ET”P”:75_p{“”:30_p{“”:p2″_:{0″p2″_[{:[3″p1″_e,lsfa”:41_p,””}wnDoopdr:”7″p2″_1,: 5″p2″_},:{5″p7″_e,lsfa”:82_p{“”:28_p,””””:22_p,”seal:f5″p3″_e,ru:t6″p3″_},:{5″p5″_”,leab%20TedtltiUn:”9″p6″_3,”:17_p,”:98″p5″_[{“:65_p{”
| 3. |
Determine the amount of receivables from customers that the company would show in its year 1 and year 2 balance sheets prepared according to the accrual accounting model. |
Year 1 Year 2
Receivables “}:”n”ioptriscdeb_ta,”{}”:62_p,”0]:[7″p6″_l,ul:n1″p5″_l,ul:n6″p2″_},:{2″p3″_e,lsfa”:42_p,” 1″:50_p,” 1″:24_p,” 1″:31_p,”:05″_p,”:04″_p,”seal:f8″p4″_l,ul:n7″p3″_],2}34″:77_p,”84″:34_p{“:[3″p2″_e,ru:t5″p4″_”,leit%20Tew”N”:mena,”}]seal:f7″p4″_2,”:54_p,”[]”:33_p,””}00″1″:c2,”0″10:”1″”c”,00″1″:c0{“”:19_p,””}23:”1″,”3″”2″:”0:{9″p5″_],}]”}seonsprer%20beumeNylst:”7″_p,”1″_rc2l_el_ce0blta0_:”8″p3″_},t”ghri:”8″p6″_0,”:39_p,”seal:f4″p7″_e,lsfa”:49_p,”seal:f0″p1″_e,lsfa”:44_p,”uetr”:43_p,”)”55%2025,25,%2055(2gb”r”:p9″_”,4)%2034,%2034,(3gb”r”:15_p,”N”IOUTOL”S”:76_p{“”:55_p,”}}%24″:”1″p8″_2,”:53_p,”uetr”:63_p{“”:55_p,”Y”NCREUR”C”:73_p{“”:29_p,”}}”””:79_p,”~”2)(2~z:”5″p7″_:{6″p5″_:{2″_p{“”:20_p{“},”}seonsprer%20beumeNylst:”7″_p,”1″_rc1l_el_ce0blta0_:”8″p3″_},t”ghri:”8″p6″_0,”:39_p,”seal:f4″p7″_e,lsfa”:49_p,”seal:f0″p1″_e,lsfa”:44_p,”uetr”:43_p,”)”55%2025,25,%2055(2gb”r”:p9″_”,4)%2034,%2034,(3gb”r”:15_p,”N”IOUTOL”S”:76_p{“”:55_p,”}}%24″:”1″p8″_2,”:53_p,”uetr”:63_p{“”:55_p,”Y”NCREUR”C”:73_p{“”:29_p,”}}”””:79_p,”~”9)(1~z:”5″p7″_:{6″p5″_:{2″_p{“”:20_p{“},”}:”7″_p,”1″_rc0l_el_ce0blta0_:”8″p3″_},t”ef”l”:68_p,”:09″p3″_e,lsfa”:74_p,”seal:f9″p4″_e,lsfa”:10_p,”seal:f4″p4″_e,lsfa”:43_p,”)”55%2025,25,%2055(2gb”r”:p9″_”,4)%2034,%2034,(3gb”r”:15_p,”N”IOSTUE”Q”:76_p{“”:55_p,”}}seal:f1″_p{“”:55_p,”G”INTR”S”:73_p{“”:29_p,”}}”””:79_p,”s”leabivceRe:”5″p7″_:{0″p3″_:{2″_p{“”:20_p{“,[}]”})%3B11%2023,16,%2037(1gb%20rr:locod unrokgac%20bx%3B0p:%20ntdeint ex”t”:p8″_”,erntCelety%20sldBolety”s”:p7″_”,r02__cllce0_leab_t”0″:38_p,””}erntce:”8″p6″_0,”:39_p,”seal:f4″p7″_e,lsfa”:49_p,”uetr”:10_p,”seal:f4″p4″_e,lsfa”:43_p,”)”11%2023,16,%2037(1gb”r”:p9″_”,4)%2034,%2034,(3gb”r”:15_p,”N”IOSTUE”Q”:76_p{“”:55_p,”}}seal:f1″_p{“”:55_p,”G”INTR”S”:73_p{“”:29_p,”}}”””:79_p,”2″r%20ea”Y”:75_p{“”:30_p{“”:p2″_:{0″p2″_,{}}%3B”1)21,%2063%2017,13b(rg:%20orol cndougrckba%3B%20px%200t:ennd ixtte:”8″_p,”r”teeneCylstd%20oleBylst:”7″_p,”0″_rc1l_el_ce0blta0_:”8″p3″_},r”teen”c”:68_p,”:09″p3″_e,lsfa”:74_p,”seal:f9″p4″_e,ru:t0″p1″_e,lsfa”:44_p,”seal:f3″p4″_”,1)21,%2063%2017,13b(rg:”9″_p,”)”34,%2034,%2034b(rg:”5″p1″_”,ONTIESQU:”6″p7″_:{5″p5″_},e}lsfa”:p1″_:{5″p5″_”,NGRIST:”3″p7″_:{9″p2″_},”}:”9″p7″_”,%201arYe:”5″p7″_:{0″p3″_:{2″_p{“”:20_p{“},”})%3B11%2023,16,%2037(1gb%20rr:locod unrokgac%20bx%3B0p:%20ntdeint ex”t”:p8″_”,erntCelety%20sldBolety”s”:p7″_”,r00__cllce0_leab_t”0″:38_p,””}erntce:”8″p6″_0,”:39_p,”seal:f4″p7″_e,lsfa”:49_p,”uetr”:10_p,”seal:f4″p4″_e,lsfa”:43_p,”)”11%2023,16,%2037(1gb”r”:p9″_”,4)%2034,%2034,(3gb”r”:15_p,”N”IOSTUE”Q”:76_p{“”:55_p,”}}seal:f1″_p{“”:55_p,”G”INTR”S”:73_p{“”:29_p,”}}”””:79_p,””””:75_p{“”:30_p{“”:p2″_:{0″p2″_[{:[3″p1″_e,lsfa”:41_p,””}wnDoopdr:”7″p2″_1,: 5″p2″_},:{5″p7″_e,lsfa”:82_p{“”:28_p,””””:22_p,”seal:f5″p3″_e,ru:t6″p3″_},:{5″p5″_”,leab%20TedtltiUn:”9″p6″_3,”:17_p,”:28″p5″_[{“:65_p{”