As assistant to the CFO of Boulder Inc., you must estimate the Year 1 cash flow for a project with the following data:

Sales revenues $13,000
Depreciation $4,000
Other operating costs $6,000
Tax rate 35.0%

What is the Year 1 cash flow?
a. $6,962
b. $5,950
c. $7,438
d. $5,177
e. $7,378

Answers

Answer 1

Answer:

$5,950

Explanation:

Boulder incorporation reported the following data for year 1

Sales revenue= $13,000

Depreciation= $4,000

Other operating costs= $6,000

Tax rate= 35%

The first step is to calculate the EBIT

= sales revenue-operating costs-depreciation

= $13,000-$6,000-$4,000

= $3,000

Therefore, the cash flow for year 1 can be calculated as follows

= 3,000×35/100

= 3,000×0.35

= 1,050

= 3,000-1,050

= 1,950

Cash flow= 4,000+1,950

= $5,950

Hence the cash flow for year 1 is $5,950


Related Questions

. A stock is expected to pay a dividend of $0.75 at the end of the year. The required rate of return is rs = 10.5%, and the expected constant growth rate is g = 6.4%. What is the stock's current price

Answers

Answer:

The answer is $18.29

Explanation:

We have many formulas to arriving at the stock price but here we use Gordon growth model.

Formula for getting stock price is:

D1/r - g

Where:

D1 - is the next year dividend or expected dividend to be paid next.

r is the rate of return

g is the growth rate

$0.75/0.105 - 0.064

$0.75/0.041

$18.29.

Therefore, the stock's current price is $18.29

The risk-free rate is 6% and the expected rate of return on the market portfolio is 13%. a. Calculate the required rate of return on a security with a beta of 1.25.

Answers

Answer:

The required rate of return is r = 0.1475 or 14.75%

Explanation:

The required rate of return is the minimum return that investors demand/expect on a stock based on the systematic risk of the stock as given by the beta. The expected or required rate of return on a stock can be calculated using the CAPM equation.

The equation is,

r = rRF + Beta * (rM - rRF)

Where,

rRF is the risk free raterM is the return on market

r = 0.06 + 1.25 * (0.13 - 0.06)

r = 0.1475 or 14.75%

an investment under consideration has a payback of six years and a cost of 876000. Assume the cash flows are conventional. If the required return is 12 percent, what is the worst-case NPV?

Answers

Answer:

-43291.14

Explanation:

Npv = net present value

Payback = 6 years

Required return = 12 percent

Cost = 876000

When we talk about last case npv we mean that cash flow has gotten to its last future. The entire cost of 876000 will have to be paid after 6 years and after that future cash flows would exist.

Npv = -876000 +(876000/1.12)⁶

= -876000+443808.86

= = -43291.14

balance sheet reports assets of $6900000 and liabilities of $2700000. All of Ivanhoe’s assets’ book values approximate their fair value, except for land, which has a fair value that is $410000 greater than its book value. On 12/31/21, Oriole Corporation paid $7030000 to acquire Ivanhoe. What amount of goodwill should Oriole record as a result of this purchase?

Answers

Answer: $2,420,000‬

Explanation:

Goodwill is the amount over the fair value of a company that it is purchased for.

Goodwill = Acquisition price - Net Assets

Net Assets = Assets - Liabilities

= (6,900,000 + 410,000) - 2,700,000

= $4,610,000‬

Goodwill = 7,030,000 - 4,610,000

= $2,420,000‬

The firm has total fixed costs of $9 and a constant marginal cost of $3 per unit. The firm will maximize profit with a. 9 units of output. b. 15 units of output. c. 21 units of output. d. 30 units of output.

Answers

Answer:

b. 15 units of output.

Explanation:

information regarding sales price and quantity demanded is missing, so I looked it up (see attached file):

units              sales revenue            total costs            profits

9                       $216                            $36                     $180

15                      $270                           $54                     $216

21                      $252                           $72                     $180

30                     $90                             $99                     ($9)

ICOT Industries issued 28 million of its $1 par common shares for $492 million on April 11. Legal, promotional, and accounting services necessary to effect the sale cost $3 million. Required: 1. Prepare the journal entry to record the issuance of the shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)

Answers

Answer:

Dr Cash $492

Cr Common stock $28

Cr PIC in excess of par 464

Dr PIC in excess of par $3

Cr Cash $3

Explanation:

Preparation of the Journal entry to record the issuance of the shares

Based on the information given we were told that the Industries issued 28 million of its $1 par common shares for the amount of $492 million on April 11 which means that the Journal entry will be:

Dr Cash $492

Cr Common stock $28

(28 million x $1)

Cr PIC in excess of par 464

($492-$28)

(To record the sale of the stock)

Based on the information given we were told that the Industries had Legal, promotional, and accounting services necessary to effect the sale cost of the amount of $3 million which means that the Journal entry will be:

Dr PIC in excess of par $3

Cr Cash $3

(To record the stock issue costs)

Prior to setting pricing options for its products to maximize profit, a company must: a. determine whether it should use horizontal or vertical integration. b. select appropriate corporate-level strategies. c. perform value-chain functional activities.

Answers

Answer: b. select appropriate corporate-level strategies

Explanation:

Prior to setting pricing options for its products to maximize profit, a company must select appropriate corporate-level strategies.

This is necessary in order to ensure that the strategies aligns with what the organization is willing to do in order to achieve its profit maximization goal.

On January 1, the listed spot and futures prices of a Treasury bond were 95.4 and 95.6. You sold $100,000 par value Treasury bonds and purchased one Treasury bond futures contract. One month later, the listed spot price and futures prices were 95 and 94.4, respectively. If you were to liquidate your position, your profits would be a Group of answer choices $125 profit. $1,060.50 loss. None of the options are correct. $125 loss. $1,062.50 profit.

Answers

Answer:

None of the options are correct.

Explanation:

We start by calculating the net change of the treasury bond position.

= $95,125 - $95,000

= $125

The long treasury bond position gains $125 after a month.

We will also calculate the net change of the treasury bond futures contract.

= $94,125 - $95,187.50

= -$1,062.50

Therefore, Net profits is;

= $125 - $1,062.50

= -$937.50

You manufacture wine goblets. In mid- June you receive an order for 10,000 goblets from Japan. Payment of ¥400,000 is due in mid- December. You expect the yen to rise from its present rate of $1=¥107 to $1 to ¥120 by December 2020. You can borrow yen at 6% a year. What should you do?

Answers

Answer:

I will borrow yen at 6% a year.

Explanation:

a) Data and Calculations:

Payment for 10,000 = ¥400,000

Spot rate = $1 = ¥107

Forward rate = $1 to ¥120

Borrow ¥400,000, the interest cost = ¥24,000 = $224.30/2 (¥24,000/107) = $112.15 for six months

Value of ¥400,000 borrowed in dollars = $3,738.32 (¥400,000/107)

Loan Repayment of ¥400,000 in dollars = $3,333,33 (¥400,000/120)

Gain from forward contract = $404.99

Interest cost for borrowing =      112.15

Overall debt hedging gain =  $292.84

By borrowing yen at 6% per annum, you will make an overall gain of $292.84.  This is not comparable to the foreign exchange loss of $404.99 that you will incur without borrowing yen.  Taking advantage of the the debt hedging, the supplier is able to save foreign exchange loss.

When the actual cost of direct materials used exceeds the standard cost, the company must have experienced an unfavorable direct materials price variance.

a. True
b. False

Answers

Answer:

True

Explanation:

The cost was bigger than they had budgeted for, so it was an unfavorable variance.

A 70-year old client wants to invest in U.S. Treasury securities. When performing the suitability determination, the client informs the registered representative that he is looking for after-tax income, liquidity, and to avoid market risk. The registered representative should be LEAST concerned with the:

Answers

Answer: client's age

Explanation:

From the question, we are informed that a 70-year old client wants to invest in U.S. Treasury securities and that when performing the suitability determination, the client informs the registered representative that he is looking for after-tax income, liquidity, and to avoid market risk.

The client's age should be the least the registered representative should be concerned about. Rather, the representative should be concerned with the coupon of the recommended treasury securities and the tax bracket of the client for tax purposes.

Prepare journal entries to record the following four separate issuances of stock. A corporation issued 7,000 shares of $20 par value common stock for $168,000 cash. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $34,000. The stock has a $1 per share stated value. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $34,000. The stock has no stated value. A corporation issued 1,750 shares of $25 par value preferred stock for $77,750 cash.

Answers

Answer: Please see explanation column for answer

Explanation:

1. For shares issued in excess of par value common stock

Amount                          Debit                           Credit

Cash                            $168,000

Common stock  at $20 ( 7000 x 20)              $140,000

Paid in excess of par value common stock

(168,000 - 140,000)                                          $28,000

2. For shares issued to Promoters at stated value

Amount                                    Debit                             Credit

Organisational expenses       $34,000

Common stock  at $1 ( 3,500x 1)                               $3,500

Paid in capital in excess of stated value

common stock(34,000 - 3,500)                               $30, 500

3. For shares issued to Promoters at no stated  value

Amount                                               Debit                    Credit

Organisational expenses                $34,000

Common stock  at $1 no par value                               $34,000

4.For shares issued in excess of par value preferred  stock

Amount                          Debit                                  Credit

Cash                              $77,750

preferred  stock  at $25(1,750 x 25)                         $43,750

Paid in capital in excess of par value

Preferred stock(77,750 -43,750)                               $34,000

Akram owns a small farm. He employs 80 workers in the field and has recently hired a manager to help him manage the farm. The income of the business varies greatly during the year. The farm makes a small profit but Akram is ambitious. He wants to take over a neighbour’s farm and increase the range of crops he sells. He thinks that he needs long-term finance and plans to take out bank loan to pay for the takeover. He has already borrowed money to buy a new tractor. A friend has advised him to form a company and sell shares

Answers

Question Completion:

Requirement. Identity two types of short-term finance Akram could use when the farm income is low

Answer:

Akram's Farm

Akram's farm can make good use of the following short-term financing sources:

1. Akram's farm can use Accounts Payable to provide short-term trade finance when the farm buys farm inputs, equipment, and other supplies on credit.  The farm's Accounts Payable can provide interest-free trade loans by allowing the farm to take longer time to settle the suppliers.  But, the farm should not miss out on cash discounts - an important source of trade finance.

2. Akram's farm can generate finances by ensuring early collections of the  Accounts Receivable.  Akram's farm can also go ahead and borrow on the accounts receivable through short-term bank loans guaranteed on the accounts.  The farm can also factor the accounts receivable by selling them to factoring and finance houses for less.

Explanation:

Akram's farm is still a small farm that is not yet formed as a company.  The immediate concentration is growing the entity and starting the processes for changing its corporate status so that it can take advantage of the sources of finance available to companies.

Cameroon Corp. manufactures and sells electric staplers for $15.30 each. If 10,000 units were sold in December, and management forecasts 3.3% growth in sales each month, the number of electric stapler sales budgeted for March should be:

Answers

Answer:

Electric stapler sales budgeted for March should be: 11,023 units.

Explanation:

Apply the growth of 3.30% to each month starting December as follows :

December Sales = 10,000 units

January Sales     = 10,000 × (1.033)^1  = 10,330 units

February Sales   = 10,000 × (1.033)^2 = 10,671 units

March Sales        = 10,000 × (1.033)^3 = 11,023 units

5. Kroger can use __________ gathered from ClickList orders to determine which products they should keep more or less of in stock.

Answers

Answer: Data analytics

Explanation:

Data analytics simply has to do withcanalyzing raw data to make conclusions about a particular information. Data analytics is used by organizations in order to optimize their business performance.

Kroger can use data analytics gathered from ClickList orders to determine which products they should keep more or less of in stock.

In the Assembly Department of Hannon Company, budgeted and actual manufacturing overhead costs for the month of April 2017 were as follows.
Budget Actual
Indirect materials $14,200 $13,700
Indirect labor 19,100 19,900
Utilities 11,400 12,100
Supervision 4,600 4,600
All costs are controllable by the department manager.
Prepare a responsibility report for April for the cost center.

Answers

Answer:

                            HANNON COMPANY

                           Assembly Department

           Manufacturing Overhead Cost Responsibility Report

                     For the Month Ended April 30,2017

Controllable Cost     Budget$   Actual$   Difference$   Remark  

Indirect materials       14,200       13,700         500         Favourable

Indirect Labor             19,100        19,900       -800         Unfavourable

Utilities                        11,400        12,100        -700         Unfavourable

Supervision                 4,600        4,600           0                 None

Total                            49,300       50,300    -1,000       Unfavourable

Ford Motor Company is discussing new ways to recapitalize the firm and raise additional capital. Its current capital structure has a ​% weight in​ equity, ​% in preferred​ stock, and ​% in debt. The cost of equity capital is ​%, the cost of preferred stock is ​%, and the pretax cost of debt is ​%. What is the weighted average cost of capital for Ford if its marginal tax rate is ​%?

Answers

Complete Question:

Ford Motor Company is discussing new ways to recapitalize the firm and raise additional capital. Its current capital structure has a 10% weight in equity, 25% in preferred stock, and 65% in debt. The cost of equity capital is 17%, the cost of preferred stock is 11%, and the pretax cost of debt is 9%. What is the weighted average cost of capital for Ford if its marginal tax rate is 40%?

Answer:

7.96%

Explanation:

We can calculate WACC using the formula:

WACC = Cost of equity * Equity %age / 100%         +          

After Tax Cost of Debt * Debt %age / 100%            +        

Cost of Preferred Stock * Preferred Stock %age / 100%

Here,

Cost of equity is 17%

Cost of preferred stock is 11%

Post tax cost of debt = Pre-Tax cost *  (1 - Tax rate)

This implies,

Post tax cost of debt = 9% * (1 - 40%) =  5.4%

Equity weight is 10% weight in equity

Preferred stock weight is 25%

Debt Weight is 65%

By putting value in the formula given in the attachment, we have:

WACC = 17% * (10% / 100%)      +     11% * (25% / 100%)    +    5.4% * (65% / 100%)

WACC = 1.7%   +   2.75%   +    3.51%

WACC = 7.96%

Rent expense of $3,000 is allocated to Department A and Department B based on square footage. Department A has 5,000 square feet and Department B has 2,500 square feet.

The dollar amount of rent expense allocated to Department B is:_______

Answers

Answer:

$1,000

Explanation:

Calculation for the Dollar amount of rent expense allocated to department B

Using this formula

Expense allocated to Department B= Rent expense allocated to Department A and B* Department B square feet/Department A and Department B Square foot

Let plug in the formula

Expense allocated to department B =$3,000*2,500/5,000+2,500

Expense allocated to department B= $3,000 * 2,500 / 7,500

Expense allocated to department B =$7,500,000/7,500

Expense allocated to department B= $1,000

Therefore the Dollar amount of rent expense allocated to department B will be $1,000

Which of the following statements would best characterize someone who is not culturally competent in working with others from different cultures?a. The person varies the rate of their speaking.b. The person uses facial expressions when communicating.c. The person pays attention to verbal and non-verbal behavior.d. The person fills "silence" during conversations.

Answers

Answer: The person fills "silence" during conversations

Explanation:

Culture is simply regarded as people's way of life. The way if life include their food, the kind of music they listen to, their religion, language, their beliefs, values etc.

Someone who is not culturally competent in working with others from different cultures would usually be silent during conversations. This is because the person doesn't know much about the culture and can't really be involved in the conversation.

The difference between total sales revenue and total cost of goods sold is the: A. Trade margin B. Gross marketing contribution C. Net marketing contribution D. All of the above

Answers

Answer:

A. Trade margin

Explanation:

The profit obtained from trading operations is known as gross profit or trade margin.This is calculated as sales less costs of goods sold.

The difference between total sales revenue and total cost of goods sold is the gross marketing contribution.

The following information is considered:

When the cost of goods sold is deducted from the sales revenue so the gross marketing contribution should come. Neither it is trade margin, nor net marketing contribution.In other words, the difference is called as gross margin.

Therefore we can conclude that the correct option is B.

Learn more: brainly.com/question/16115373

Universal Travel Inc. borrowed $497,000 on November 1, 2018, and signed a 12-month note bearing interest at 4%. Interest is payable in full at maturity on October 31, 2019. In connection with this note, Universal Travel Inc. should report interest payable at December 31, 2018, in the amount of:

Answers

Answer:

Dec 31, 2018

Interest expense                        3313.33 Dr

    Interest Payable                           3313.33 Cr

Explanation:

The note interest is payable at an annual rate of 4%. The interest will be paid at maturity however, an adjusting entry will be made on December 31, 2018 following the accrual basis of accounting to record the interest expense that relates to the period from November to December of 2018. The interest expense will be debited and as the interest will be paid at maturity, interest payable will be credited.

Interest expense = 497000 * 0.04 * 2/12   = $3313.33

Which of the following items would be a way to manipulate the cash flow from operating activities amount on the statement of cash flows?

a.
Adding depreciation back to net income to determine cash flow from operating activities.

b.
Including interest expense and tax expense in the calculation of cash flow from operating activities.

c.
Recording an item that should be recorded as an operating activity as an investing activity.

d.
The cash flow statement cannot be manipulated.

Answers

Answer:

C. Recording an item that should be recorded as an operating activity as an investing activity.

Explanation:

Hope it helped

The answer to the question is c

A bond par value is $1,000 and the coupon rate is 5.1 percent. The bond price was $946.02 at the beginning of the year and $979.58 at the end of the year. The inflation rate for the year was 2.6 percent. What was the bond's real return for the year

Answers

Answer:

the bond's real return for the year is 6.18 %.

Explanation:

First find the nominal return of the bond then the real return as follows :

PV = - $946.02

Pmt = $1,000 × 5.10% = $51

P/yr = 1

FV = $979.58

n = 1

r = ?

Using a Financial Calculator, the nominal return of the bond, r is 8.9385 %.

Real Return = ( 1 + nominal return) / (1 + inflation rate) -1

                   =  (1 + 0.089395) / (1 + 0.026) - 1

                   = 0.0618 or 6.18 %

22. On January 1, 2021, Princess Corporation leased equipment to King Company. The lease term is eight years. The first payment of $675,000 was made on January 1, 2021. The equipment cost Princess Corporation $3,600,000. The present value of the lease payments is $3,961,183. The lease is appropriately classified as a sales-type lease. Assuming the interest rate for this lease is 10%, how much interest revenue will Princess record in 2022 on this lease

Answers

Answer:

$293,980.13

Explanation:

Calculation of how much of the interest revenue Princess will record in 2022 on the lease

First Step is to find the interest for year 2021

Present Value January 1, 2021 $3,961,183

Less Payment January 1, 2021 (675,000)

=$3,286,183

Hence,

2021 Interest =$3,286,183× 10%

2021 Interest = $328,618.3

Second Step

Second Payment $675,000

Less Interest (328,618.3)

Reduced balance $346,381.7

Third Step is to find the how much interest revenue will Princess record in 2022 on the lease

2021 $3,286,183

Less Reduced balance (346,381.7)

January 1 2022 Liability = $2,939,801.3× 10%

2022 Interest Revenue =$293,980.13

Therefore the amount of interest revenue that Princess will record in 2022 on the lease will be $293,980.13

Suppose the country of Stan has fixed its exchange rate to the dollar. The official exchange rate is 0.50 U.S. dollars per rupee. Suppose market conditions are such that the actual equilibrium exchange rate is 0.25 U.S dollars per rupee.
1. You are a tourist in Stan. Something you wish to buy costs 100 rupees. What is the price at official exchange rates? ___________ Are products bought from Stan a good deal?
2. You are a tourist in Stan. Something you wish to buy costs 100 rupees. What is the price if you could buy at the equilibrium exchange rate?
3. Will foreigners want to demand Stan’s rupees to buy goods at the official rate? Explain.
4. Will people in Stan want to buy U.S. goods at the official exchange rates? Will they being supplying or demanding their rupees?
5. Will the monetary authorities in Stan have to buy up a surplus of their currency or sell their currency to meet a shortage of their currency to keep the exchange rate at 0.50 dollars per rupee?

Answers

Answer and Explanation:

1. At 0fficial exchange rate:

100 * 0.5 = $50

what I want to buy would be purchased at $50

at market exchange rate:

0.25 x 100 = $25

products bought from this place are not a good deal as I am paying more than the market exchange rate.

2. at equilibrium exchange rate:

100 x 0.25% = $25

the price is $25

3. from answers 1 and 2, I will not want demand Stan's rupees. the products are costly to get.

4. Stan's currency is obviously overvalued. the people from this country now has increased purchasing power so they can purchase goods in dollars, therefore they would be supplying their currency.

5. They will have to buy up the surplus of rupees so that they can easily keep up with maintaining the rupee at half a dollar.

Dextra Computing sells merchandise for $9,000 cash on September 30 (cost of merchandise is $7,200). Dextra collects 7% sales tax. Record the entry for the $9,000 sale and its sales tax. Also record the entry that shows Dextra sending the sales tax on this sale to the government on October 15.
View transaction list
Journal entry worksheet
Record the cash sales and 9% sales tax.
Note: Enter debits before credits.
Date General Journal Debit Credit
Sep 30
Record entry Clear entry View general journal

Answers

Answer:

Sept 30

DR Cash ........................... $9,630

CR Sales ..........................................$9,000

CR Sales Tax Payable...................$630

(To record Sales and Sales taxes)

Working

Cash = 9,000 + (9,000 * 7%)

= $9,630

Sales tax = 9,630 - 9,000

= $630

Sept 30

DR Cost of Goods Sold .....................$7,200

CR Merchandise Inventory ...................................$7,200

(To record cost of goods sold)

Oct 15

DR Sales Tax Payable...........................$630

CR Cash...............................................................$630

(To record remittance of Sales Tax)

The BRS Corporation makes collections on sales according to the following schedule: 40% in month of sale 55% in month following sale 5% in second month following saleThe following sales have been budgeted: Sales April $210,000 May $160,000June $150,000 Budgeted cash collections in June would be:______.a. $150,840.b. $158,000.c. $149,000.d. $150,000.

Answers

Answer:

Total cash collection= $158,500

Explanation:

Giving the following information:

Cash collection:

40% in the month of sale

55% in the month following sale

5% in the second month following sale

Sales:

April $210,000

May $160,000

June $150,000

Cash collection June:

Sales in cash from June= 150,000*0.4= 60,000

Sales on account from May= 160,000*0.55= 88,000

Sales on account from April= 210,000*0.05= 10,500

Total cash collection= $158,500

Someone offers to buy your car for four, equal annual payments, with the first payment coming 2 years from today. If you think that you could sell your car to another purchaser for an immediate payment of $9,000 and the interest rate is 10%, what is the minimum annual payment that you would accept from this buyer?

Answers

Answer:

4i8484884858585848484i

Following is information on two alternative investments being considered by Jolee Company. The company requires a 6% return from its investments. (PV of $1, FV of $1, PVA of $1, and FVA of $1). (Use appropriate factor(s) from the tables provided.) Project A Project B Initial investment $ (174,325 ) $ (152,960 ) Expected net cash flows in year: 1 41,000 44,000 2 60,000 53,000 3 72,295 68,000 4 87,400 81,000 5 59,000 30,000For each alternative project compute the net present value.

Answers

Answer and Explanation:

The computation of the net present value is presented in the attachment below:

For project A, the net present value is $91,771.53 and for project B, the net present value is $79,390.69

It is computed after considering the discounting factor that comes from

= 1 ÷ (1 + discount rate)^number of years

for year 1, it is

= 1 ÷ (1 + 0.06)^1

The same applied for the remaining years

Ray's Satellite Emporium wishes to determine the best order size for its best-selling satellite dish (model TS111). Ray has estimated the annual demand for this model at 1,500 units. His cost to carry one unit is $80 per year per unit, and he has estimated that each order costs $22 to place.
Using the EOQ model, how many should Ray order each time?

Answers

Answer:

28.72 units

Explanation:

Calculation of how many should Ray order each time using EOQ model

Using this formula

EOQ= √2DS/H

Where,

D=Annual demand 1,500 units

S=Order costs $22

H=Holding Costs $80 per unit

Let plug in the formula

EOQ=√2*1,500*$22/$80

EOQ=√66,000/$80

EOQ=√825

EOQ=28.72 units

Therefore Using the EOQ model, Ray should order 28.72 units each time.

Other Questions
for many african americans the harlem renaissance was an opportunity to nounpronounpronounverb verb adjectiveadjectiveadverbadverbprepositionprepositionconjunctionconjunctionarticlearticle Which of the following is part of the internal energy of a substance?O A. Kinetic energy from nuclear forcesB. Kinetic energy from intermolecular forcesO C. Potential energy from nuclear forcesO D. Potential energy from intermolecular forces Chapman Company, a major retailer of bicycles and accessories, operates several stores and is a publicly traded company. The comparative balance sheet and income statement for Chapman as of May 31, 2014, are as follows. The company is preparing its statement of cash flows.CHAPMAN COMPANYCOMPARATIVE BALANCE SHEETAS OF MAY 312014 2013Current assets Cash $28,560 $20,820Accounts receivable 75,850 58,940Inventory 220,080 250,770Prepaid expenses 9,148 7,580Total current assets 333,638 338,110Plant assets Plant assets 600,070 502,460Less: Accumulated depreciationplant assets 150,060 125,320Net plant assets 450,010 377,140Total assets $783,648 $715,250Current liabilities Accounts payable $123,190 $115,200Salaries and wages payable 47,660 72,420Interest payable 27,980 25,490Total current liabilities 198,830 213,110Long-term debt Bonds payable 70,770 100,640Total liabilities 269,600 313,750Stockholders equity Common stock, $10 par 370,460 280,890Retained earnings 143,588 120,610Total stockholders equity 514,048 401,500Total liabilities and stockholders equity $783,648 $715,250CHAPMAN COMPANYINCOME STATEMENTFOR THE YEAR ENDED MAY 31, 2014Sales revenue $1,255,260Cost of goods sold 722,590Gross profit 532,670Expenses Salaries and wages expense 252,580Interest expense 75,830Depreciation expense 24,740Other expenses 8,980Total expenses 362,130Operating income 170,540Income tax expense 43,250Net income $127,290The following is additional information concerning Chapmans transactions during the year ended May 31, 2014.1. 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