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Fall Corporation uses the indirect method to depict cash flows and follows the accrual method for recording income. The January 1, 2013 the balance of accounts receivable was $50,000. The accounts receivable balance at December 31, 2013 was $40,000. Income reported on the income statement for the calendar year 2013 was $250,000. Exclusive of the effect of any other adjustments, the cash flows from operating activities to reported on the Statement of Cash Flows is: A) $260,000 B) $240,000 C) $210,000 D) $160,000
An extraordinary item on the income statement: A) Is infrequent in occurrence. B) Is shown net of taxes in a separate section of the income statement. C) Unusual in nature. D) E) A)and C) only All of the above.
Finance is about Gunns Ltd, a company in dealing with forestry products in Australia. The company has also been listed in Australian Stock Exchange. As many companies producing forestry products, even Gunns Ltd is facing various problems. Due to the ..
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