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For each of the following items, indicate whether it would be classified and reported under the operating activities (OA), investing activities (IA), or financing activities (FA) section of a statement of cash flows:
1. Cash receipts from selling merchandise
2. Cash payments for wages and salaries
3. Cash proceeds from sale of stock
4. Cash purchase of equipment
5. Cash dividends paid
6. Cash received from bank loan
7. Cash payments for inventory
8. Cash receipts from services rendered
9. Cash payments for taxes
10. Cash proceeds from sale of property no longer needed as expansion site
Giant produces consolidated financial statements to combine the two companies. Which of the following statements is correct about these consolidated statements?
Virginia, who was experiencing financial difficulties, was able to adjust her debts as follows. Determine the tax consequences to Virginia.
What should an accountant do if the guidance for a particular transaction or event is not specified within the FASB ASC?
Explain what you understand by the term depreciation and it's relevance in the preparation of financial statements, Prepare ledger accounts, Prepare an income statement, Prepare a balanced sheet
Calculate the total drill and blast cost based on the blasting costs
Discuss the proper accounting treatment of $273,000 ($714,000 − $441,000) by which the cost of the first machine exceeded the cost of subsequent machines.
What are some of new tools information technology has provided that contribute to unethical behaviour?
The subsequent two spreadsheets provide workload (expressed as relative weighted products (RWPs) for inpatient care), revenue, and expense data for Schumpert Medical Center covering their fiscal years 2010 and 2011.
At December 31, 2012, Vermont Industries reported three temporary differences between accounting and taxable income:
An owner decides that he wants to go ahead with manufacturing; he must spend $900,000 for the new equipment-Calculate the NPV for this project. Should it be undertaken?
According to US GAAP, what should be the basis for reporting the assets and liabilities of Small within consolidated financial statements created on the date of acquisition?
Simple Interest, Compound interest, discount rate, force of interest, AV, PV
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