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The accounting records of Rockness Company provided the data below ($ in 000s):
Net income 25,200
Depreciation and amortization expense 3,300
Decrease in accounts receivable 2,000
Increase in inventory 4,500
Increase in prepaid insurance 300
Increase in salaries payable 900
Decrease in interest payable 400
Required:
Prepare a reconciliation of net income to net cash flows from operating activities.
Discuss the proper accounting treatment, including any required disclosures, for each situation. Give the rationale for your answers.
The income tax rate for 2009 was 35%, but the enacted rate for years after 2009 is 40%. The balance in the deferred tax liability in the December 31, 2009, balance sheet is:
On January 15, 2013, Yancey Company paid property taxes on its factory building for the calendar year 2013 in the amount of $840,000. In the first week of April 2013, Vancey made unanticipated major repairs to its plant equipment at a cost of $2,1..
Determine the total estimated uncollectibles. Prepare the adjusting entry at March 31, 2007, to record bad debts expense. Discuss the implications of the changes in the aging schedule from 2006 to 2007
Mary (Who is single with no dependants and who does not itemize) owns 100% of Beezer Tweezer Co, which is organized as a C-Corporation. Beezer Tweezer has $400,000 of taxable income in 2011 and Mary has $34,500 of outside taxable income before any..
Nevada's engineers have found a way to reduce equipment manufacturing time. The new method would cost an additional $60 per unit and would allow Nevada to manufacture 20 additional units a year - Should Nevada use the new design?
wheelco a foreign corporation manufactures motorcycles for sale worldwide. wheelcomarkets its motorcycles in the united
Calculate the dividends per share on each class of stock for each of the four years. Round all answers to nearest whole cent. If no dividends are paid in a given year, enter 0.
Hazel has investments in two nonrental passive activities: What is the total of Hazel's suspended losses from these activities?
Kitel uses the effective interest method of amortizingbond discount. Interest is payable annually on June 30. At June 30,2007, Kitel's unamortized bond discount should be
Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31, 2009, under each of the following inventory costing methods.
Samson Company is an engineering firm. Many of the employees are engineers who are working individually on different projects. Most of the design work takes place on computers. The computers are connected by a network and employees can also "surf"..
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