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1) Which financial statement is used to determine cash generated from operations?
2) In terms of sequence, in what order must the four basic financial statements be prepared?
3) In classifying transactions, which of the following is true in regard to assets?
4) An increase in an expense account must be
5) ABC Corporation issues 100 shares of $1 par common stock at $5 per share, which of the following is the correct journal entry?
Which one of the following items is not necessary in preparing a statement of cash flows?
Dekon Company's December 31 year-end unadjusted trial balance shows an $8,000 balance is Notes Receivable. Prepare journal entries for December 31 and for the note's maturity date assuming it is honored.
The SAS Co. entered into a lease on 1/1/09 with semiannual payments beginning 6/30/09. The leased equipment had a cost/FMV at inception of $1.2 million. Further assume that SAS knew the lessor's implicit rate of 6%.
Purchasing at the EOQ recommended level, what are the relevant total costs?
During December 2008, Fashion Vixen Publishing sold 2,500 12-month annual magazine subscriptions at a rate of $30 each. The first issues were mailed in February 2009. Prepare the journal entries on Fashion Vixen's books 1) to record the sale of th..
The Cosmo Company was started by issuing 800 shares of $10 par value stock at an average market price of $20 per share. Prepare journal entries to record the treasury stock transactions. Prepare the equity section of the balance sheet for Cosmo Compa..
Manufacturing costs consisited of direct labor,$30000,direct materials $32000,varible manufaacturing overhead,$3500,fixed manufactring overhead $21500.Selling and administrative costs are all fixed and totaled $24000.Beginning inventory consists o..
The production budget shows planned sales of 32,000. Beginning inventory is 5,600. Units to be produced are 33,600. What is the desired ending inventory?
On that date the market price of the bonds was 105 and the market price of the common stock was $36. The total unamortized bond premium at the date of conversion was $175,000. Fogel should record, as a result of this conversion, a :
1. You acquire the outstanding loan (note) of Shepard Company, who is having financial difficulty. Because of the financial difficulty, Shepard Company's credit rating has been downgraded and you acquire the note at a discount.
Jerry transfers two assets to a corporation as part of a Sec. 351 exchange. The first asset has an adjusted basis of $70,000 and a FMV of $50,000. The second asset has an adjusted basis of $70,000 and a FMV of $150,000. The FMV of the stock receiv..
Wade's outstanding stock consists of 50,000 shares of cumulative 9.50% preferred stock with a $10 par value and also 125,000 shares of common stock with a $1 par value.
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