What payment should be made on an invoice in the amount of $3,400 dated August 7 if the terms of sale are 3/15, 2/30, n/45 and the bill is paid on August 19?

Answer 1

Lowery landscapes had net income of $50,000 for 2010. Land was sold for $40,000, of which #3,000 was a gain. The beginning cash balance was #53,000, and the ending cash balance was #252,000. Depreciation expenses were $11,000. Prepare a statement of cash flows for the year ended December 31, 2010, for Lowry Landscapes using the indirect method.

Answer 2

450