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The Statement of Cash Flows has historically given students a lot of heartburn, but it really isn't that scary. A cash-flow statement, simply stated, reports the uses (where the cash was spent) and the sources (where the cash came from) of cash during a period. Let's start with a very simplistic set of facts. I run a CPA firm, and I billed my clients $50K during the month of February. To earn that $50K, I incurred $20K of wage expense and another $10K of overhead (rent, utilities, insurance, etc.). So I made $20K profit, right? So I am sitting pretty? Not necessarily. What if I now tell you that $40K of my billings have yet to be collected? And my E&O insurance carrier increased my premium and I had to pre-pay $10K of premiums this month. How does my cash flow differ from my profit? Will these transactions appear on my income statement? My cash-flow statement?
The preceding 13 different accounting events are presented in general journal format.
He wants to know how much he should set aside at the beginning of each month at 6% interest to accumulate the sum of $4,800 in five years.
Accounting Rate of Return Monson Company invested $15,000,000 in a new product line. The life cycle of the product is projected to be seven years.
Identify the internal control principle that is applicable to each procedure - Aldstadt Company has the following internal control procedures over cash receipts
john has earned income of 3300. he has 30300 of unearned capital gain income.a. if he does not participate in an
Providing legal advice to the president of the company concerning a possible merger would be considered a:nit level activitybatch level activityorganization sustaining activity customer level activity
HI6025 Accounting Theory and Current Issue - Identification and discussion of the theory and concepts relevant to the selected article and Analysis and demonstrated level of understanding of key issues and theory presented in the article
How has the Sarbanes-Oxley Act of 2002 affected financial reporting for publicly traded companies? Do you think that the Sarbanes-Oxley Act is effective in promoting ethical behavior for financial professionals? Why or why not?
Kool-Ray is preparing its master budget for the quarter ended September 30. Budgeted sales and cash payments for merchandise for the next three months.
snake creek company has a trusted employee who as the owner said handles all of the book keeping and paper work for the
front company had net income of 72500 based on variable costing. beginning and ending inventories were 800 units and
simple plant simple plant manufactures dna test strips. manufacturing overhead is applied to units produced using
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