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Presented below are two independent situations. Situation A: Annie Lennox Co. reports revenues of $196,470 and operating expenses of $112,310 in its first year of operations, 2014. Accounts receivable and accounts payable at year-end were $80,860 and $39,980, respectively. Assume that the accounts payable related to operating expenses. Ignore income taxes. Using the direct method, compute net cash provided (used) by operating activities. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Net cash usedprovided by operating activities $ Situation B: The income statement for Blues Traveler Company shows cost of goods sold $306,900 and operating expenses (exclusive of depreciation) $229,330. The comparative balance sheet for the year shows that inventory increased $23,770, prepaid expenses decreased $7,870, accounts payable (related to merchandise) decreased $16,980, and accrued expenses payable increased $10,680. Compute (a) cash payments to suppliers and (b) cash payments for operating expenses. (a) Cash payments to suppliers $ (b) Cash payments for operating
Illustrate what amount of gain or loss does Michelle recognize in the complete liquidation and what is her tax basis in the building and land after the complete liquidation?
China Trade, Inc., manufactures custom made stuffed animals. Last month the company produced 500 stuffed pandas for the local zoo to sell at a fund-raising event. Using job order costing, determine the product unit cost of a stuffed panda based on th..
How many burgers and how many packs of cigarettes does Steve consumer to maximize his utility? 1.3. When a new tax raises the price of a burger to $3, what is his new optimal bundle? Illustrate your answer in a graph.
investments in bonds and stock swartz inc. enters into the following transactions during 2010 july 1 paid 10000 to
How did the bankruptcy risk of Best Buy change between 2007 and 2008? Explain. How did the bankruptcy risk of Circuit City change between 2007 and 2008? Explain.
Which investment should be accounted for using the adjusted to market method and which investment should be accounted for using the equity method?
Vanna Co. produces and sells two products, T and O. It manufactures these products in separate factories and markets them through different channels.
What are the global issues that are an important part of the profit center evaluation for Glamour Inc.? Using this information and a spreadsheet system, prepare a contribution income statement for Glamour.
In order to induce blue corporation to build a new manufacturing facility in Los Angeles, Ca, the city donates land ( fair market value of $ 250,000) and cash of $ 100,000 to the corporation. Within several months of the donation, Prakeet Corporation..
Comparative 2012 and 2013 income statements for Dakota Products Inc. follow: DAKOTA PRODUCTS INC. Comparative Income Statements For Years Ending December 31, 2012 and 2013 2012 2013 Unit sales 6,000 9,000 Sales revenue $ 78,000 $ 117,000 Expenses (70..
What are internal controls in accounting? Think of an accounting situation you have seen or worked with – what controls were in place? How did these controls work? Is there a way to strengthen the controls further?
JMH has the following stock outstanding-Preferred, 5%, $100 par value, 2,000 shares-Common, $60 par value, 5,000 shares-Compute the amount of dividends per share payable to each class of stock for each independent case.
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