Below Is an Income Statement and a Statement of Cash

question 47

Essay

Below is an Income Statement and a Statement of Cash Flows for Morgan Corporation for Year 8.
$\begin{array}{ll}\text { Morgan Corporation}\\\text { Income Statement}\\\text { For the Year Ended December 31 , Year 8}\\\text { Sales Revenue } & \$ 11,400 \\\text { Gain on Sale of Equipment } & 60 \\\text { Interest Revenue } & \underline{16} \\\text { Total Revenues } &{11,476} \\\text { Cost of Goods Sold } & (7,070) \\\text { Selling and Administrative Expense } & (2,240) \\\text { Interest Expense } & (210)\\\text { Income Tax Expense } & \underline{(752)} \\\text { Net Income } &\underline{\$ 1.204} \end{array}$
Required:
Respond to each of the following questions.
a. Compute the amount of cash collected from customers during Year 8.
b. Compute the amount of cash paid to suppliers for merchandise during Year 8.
c. Compute the amount of income taxes paid to governmental agencies during Year 8.
d. Property, plant and equipment (at cost) had a balance of $3,700 on January 1, Year 8 and $3,940 on December 31, Year 8. Accumulated depreciation had a balance of $1,290 on January 1, Year 8 and $1,540 on December 31, Year 8. Give the journal entry that Morrissey Corporation made in its accounting records during Year 8 to record the sale of the equipment.
e. The balance in the retained earnings account on December 31, Year 8 after closing entries was $1,154. Compute the balance in the retained earnings account on January 1, Year 8.

Recognize the impact of parental actions on children's self-evaluation and coping mechanisms.

Identify types of aggression in children and understand their underlying causes.

Grasp the implications of punishment and how it can be effectively applied.

Understand cultural differences in parenting and their influence on child development.

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Definitions:

Ethmoid Bone

A delicate, spongy bone located between the eyes, forming part of the nasal cavity and the orbits of the eyes.

Special Senses

The senses that have specialized organs devoted to them, including vision, hearing, taste, and smell.

Obturator Foramen

The obturator foramen is a large opening in the pelvic bone through which nerves and blood vessels pass.

Bony Features

Characteristics or structures formed by bone, such as projections, depressions, and openings, that serve as sites for muscle attachment or passages for nerves and blood vessels.