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Arundel Company disclosed the following information for its recent calendar year.
Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 100,000 Expenses Salaries expense . . . . . . . . . . . . . . 84,000Utilities expense . . . . . . . . . . . . . . . . . . . . 14,000 Depreciation expense . . . . . . . . . . . . . . . . 14,600 Other expenses . . . . . . . . . . . . . . . . . . . . 3,400 Net loss . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (16,000) Accounts receivable decrease . . . . . . . . . . . $ 24,000 Purchased a machine . . . . . . . . . . . . . . . . . . . 10,000 Salaries payable increase . . . . . . . . . . . . . . . . 18,000 Other accrued liabilities decrease . . . . . . . . 8,000Required:
1. Prepare the operating activities section of the statement of cash flows using the indirect method. 2. What were the major reasons that this company was able to report a net loss but positive cash flow from operations? 3. Of the potential causes of differences between cash flow from operations and net income, which are the most important to investors?
During December, supplies purchased totaled $1,100. A physical count showed that there were $1,850 remaining at the end of the year. Prepare the necessary adjusting entry.
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The company's balance sheets and income statement follow.
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Compute depreciation for 20X3 - 20X7 by using the following methods: straight line, units of output, and double-declining-balance and management shortened the remaining service life of the machine to 20 months. Assuming use of the straight-line met..
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