On january 1,2017 the stockholders equity section of newline corporation shows common stock ($5 par value ) $1,500,000 paid in capital in excess of par $1,000,000 and retained earnings $1,200,000 During the year the following treasury stock transacti..
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A comparative balance sheet for Century Company appears below. Prepare a statement of cash flows for the year ended December 31, 2015, using the indirect method.
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On December 31, 2015, Neville reports revenues of $491,000 and expenses of $338,000 and Chamberlain reports revenues of $792,000 and expenses of $422,000. The parent figures contain no income from the subsidiary. What is consolidated net income attri..
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A company forgot to record four adjustments during 2015. Which one of the following omissions of adjustments will understate net income? a. Sales made during the last week of the period are not recorded b. Prepaid insurance is not reduced for the por..
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Bill Dunn made an investment on July1, 2007 which earned $9,000 and 12% return on July 1, 2008. How much did Bill invest?? Answer should be 75,000. Leshonda wins 12,000 in the Georgia Lottery and invests the money in an account that earns 10% interes..
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Pastina Company manufactures and sells various types of pasta to grocery chains as private label brands. The company’s fiscal year-end is December 31. The unadjusted trial balance as of December 31, 2013, appears below. Prepare the necessary Decembe..
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A company's income statement showed the following: net income, $124,000; depreciation expense, $30,000; and gain on sale of plant assets, $14,000. An examination of the company's current assets and current liabilities showed the following changes as ..
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On September 1, 2017, Monty Company sold at 104 (plus accrued interest) 5,040 of its 10%, 10-year, $1,000 face value, nonconvertible bonds with detachable stock warrants. Each bond carried two detachable warrants. Prepare in general journal format th..
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The Rivers Co. had four separate operating segments with total sales to outsiders of $526,400 and total intersegment revenue of $123,200. What amount of revenues must be generated from one customer before that party must be identified as a major cust..
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Borck's entrerprises has the following production planned for the first quarter of next year: Each unit requires 3 hours of direct labor time at $12 per hour. Unit-related overhead is $10 per machine hour and each unit requires 1/2 machine hour. Batc..
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Coffee Cart sells a variety of hot and cold coffee beverages. Data for a recent month appear below: Categorize each cost as fixed or variable and explain your choice. Create a cost function.
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Dukas Corporation's net cash provided by operating activities was $218,000; its net income was $203,000; its capital expenditures were $146,000; and its cash dividends were $49,000. Required: What is the company's free cash flow?
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