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October Corporation reported net income of $46,000 in 2012. Depreciation expense was $17,000 and unrealized holding losses on temporary investments (FV-NI) were $3,000. The following accounts changed as indicated in 2012:
Accounts Receivable 11,000 increaseInvestments in band at amortized cost 16,000 increaseFuture Income Tax asset 2,000 decreaseInventory 7,400 increaseNon-Trade Note Payable 15,000 decreaseAccounts payable 9,300 increase
Calculate the net cash provided by operating activities.
Phil and Linda are 25 year-old newlyweds and file a joint tax return. Linda is covered by a retirement plan at work, but Phil is not.
Alvin owned a building located in Kansas that he rented to a local business-Alvin built a new building at a cost of $400,000. What is Alvin’s realized gain (loss) on this transaction?
How would the company's aftertax cash inflow be affected if (a)it donated the land or (b) it sold the land for $110,000? How would its net income be affected?
East Coase Cleaners borrows $10,000 for 90 days and pays $210 interest. What is the effective rate of interest if the loan is discounted?
A business issued a 120-day, 6% note for $10,000 to a creditor on account. The company uses a 360-day year for interest calculations. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, includ..
For the current year ending April 30, Hal Company expects fixed costs of $60,000, a unit variable cost of $70, and a unit selling price of $105.(a) Compute the anticipated break-even sales (units).(b) Compute the sales (units) required to realize ..
Bee-In-The-Bonnet Company purchased office supplies costing $6,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $2,400 still on hand. The appropriate adjusting j..
Gluten Corporation has the following information pertaining to its Century Division for this year.
Compute the number of units of each product that Yard Tools must sell in order to break even under this product mix.
Burwinkel Corporation is considering a project that would require an investment of $252,000 and would last for 7 years. The incremental annual revenues and expenses generated by the project during those 7 years would be as follows:
Describe financial statements users (internal and external) . Who will benefit the most from accounting?
Julia Katchum is in charge of the Eastern Regional Counterterrorism Computer Forensics Unit. Her recent investigations led her to believe that an imminent threat of a terrorist act in the Chicago area exists.
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