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Murray Kiser operates his own catering service. Summary financial data for February are presented in wquation form as follows. Each line designated by a number indicates the effect of a transaction on the equation. Each increase and decrease in owner's eauity. except transaction(5), affects net income.
1.What is the amount of net decrease in cash during the month?
2.What is the amount of net increase in owner's equity during the month?
3.What is the amount of the net income for the month?
4. How much of the net income for the month was retained in the business?
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John and jean own 80 percent and 20 percent respectively, of palm Corporation stock. Thanks to their hard work, Plum's software sales have sky rocketed. In its first year of operation plum's earning were minimal, but four years later, Plum grossed..
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Prepare the adjusting entry to record depreciation at the end of July, 2010. Compute the computer's carrying value that will be shown on Dexter's balance sheet prepared on December 31.
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