Selected balance sheet information and the income statement for Pioneer Industries for the current year are presented below. Selected Balance Sheet Accounts Prior Year Current Year Accounts Receivable $ 27,600 $ 19,000 Inventories 38,000 41,800 Prepaid Rent 2,800 0 Accounts Payable 21,800 28,400 Salaries and Wages Payable 5,600 8,400 Income Statement Sales Revenue $ 570,000 Expenses: Cost of Goods Sold 324,000 Depreciation Expense 38,000 Salaries Expense 57,000 Rent Expense 22,800 Insurance Expense 22,800 Interest Expense 20,900 Utilities Expense 19,000 Net Income $ 65,500 Required: Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method.

Analyzing and computing accrued warranty liability and expense waymire company sells a motor that carries a 60-day unconditional warranty against product failure. from prior years' experience, waymire estimates that 2% of units sold each period will require repair at an average cost of $100 per unit. during the current period, waymire sold 69,000 units and repaired 1,000 units. (a) how much warranty expense must waymire report in its current period income statement? (b) what warranty liability related to current period sales will waymire report on its current period-end balance sheet? (hint: remember that some units were repaired in the current period.) (c) what analysis issues must we consider with respect to reported warranty liabilities?

Which plan offers a tax-free education?

On september 1, 2016, steve loaned brett $2,000 at 12% interest compounded annually. steve is not in the business of lending money. the note stated that principal and interest would be due on august 31, 2018. in 2018, steve received $2,508.80 ($2,000 principal and $508.80 interest). steve uses the cash method of accounting. what amount must steve include in income on his income tax return?