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Problem
Portions of the financial statements for Parnell Company are provided below. PARNELL COMPANY Income Statement For the Year Ended December 31, 2016 ($ in 000s) Revenues and gains: Sales $850 Gain on sale of buildings 10 $ 860 Expenses and loss: Cost of goods sold $325 Salaries 125 Insurance 45 Depreciation 128 Interest expense 55 Loss on sale of machinery 12 690 Income before tax 170 Income tax expense 85 Net income $ 85 PARNELL COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2016 and 2015 ($ in 000s) Year 2016 2015 Change Cash $144 $95 $49 Accounts receivable 334 211 123 Inventory 316 435 (119 ) Prepaid insurance 61 98 (37 ) Accounts payable 220 112 108 Salaries payable 112 88 24 Deferred income tax liability 70 57 13 Bond discount 185 210 (25 )
Required:
1. Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the direct method. (Enter your answers in thousands (i.e., 5,000 should be entered as 5). Amounts to be deducted should be indicated with a minus sign.)
2. Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the indirect method. (Enter your answers in thousands (i.e., 5,000 should be entered as 5). Amounts to be deducted should be indicated with a minus sign.)
An overview of accounting for liabilities and leases, Discuss whether you would advise the Fiji Tv company to sell the building and immediately lease
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Your Task. Identify a problem in your current job or a previous job, such as inadequate use of technology, inefficient procedures, spotty customer service, poor product quality, low morale, or a personnel problem.
The comparative balance sheets for Howell Company show these changes in noncash current asset accounts: accounts receivable decrease $80,000, prepaid expenses increase $28,000, and inventories increase $40,000.
The property transfers were made subject to the outstanding mortgage. What is Shelly's realized gain, recognized gain, and new basis
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The contribution margin ratio is 25%. Compute the margin of safety in dollars and the margin of safety ratio
Merchandise is ordered on June 13; the merchandise is shipped by the seller and the invoice is prepared, dated, and mailed by the seller on June 16; the merchandise is received by the buyer on June 18; the entry is made in the buyer's accounts on ..
Prepare the journal entries to record the conversion, amortization, and interest in connection with the bonds as of the following dates.
Provide the correct amount you believe that is subject to recognition. Briefly explain how you come to this amount and the adjusting entry.
On February 4, 2016, Machines bought a new computer system for $5,100. Determine the realized and recognized gains or losses on the property transactions
assume there is no beginning work in process inventory and the ending work in process inventory is 100 complete with
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