Reference no: EM13866640
Valmont Inc. experienced the following events in 2014, its first year of operation:
1. Received $50,000 cash from the issue of common stock.
2. Performed services on account fot $67,000.
3. Paid a $5,000 cash dividend to the stockholders.
4. Collected $45,000 of the accounts receivable.
5. Paid $49,000 cash for other operating expenses.
6. Performed services for $10,000 cash.
7. Recognized $2,000 of accrued utilities expense at the end of the year.
Identify the events that result in revenue or expense recognition and those which affect the statement of cash flows.
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: Valmont Inc. experienced the following events in 2014, its first year of operation: Received $50,000 cash from the issue of common stock. Performed services on account fot $67,000. Identify the events that result in revenue or expense recognition and..
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