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Question - Gutierrez Company reported net income $225,000 for 2015. Gutierrez also reported depreciation expense of $45,000 and a loss of $5,000 on the disposal of equipment. The comparative balance sheet shows a decrease in accounts receivable of $15,000 for the year, a $17,000 increase in accounts payable, and a $4,000 decrease in prepaid expenses.
Prepare the operating activities section of the statement of cash flows for 2015. Use the indirect method.
Determine Air Peanut's breakeven point in units and how many packets does Air Peanut have to sell to earn $156,000?
Raynette Ramos, owner of Ramos Rentals, uses the allowance method in accounting for uncollectible accounts. Record the following transactions in general journal form.
"Cost allocation is arbitrary, so there is nothing gained by it. We should report only the costs we know are direct." Do you agree? Why?
Howell Co. had the following first-year amounts for a $7,000,000 construction contract: What amount should Howard recognize as gross profit
Discuss the efforts made toward convergence of International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP) on the financial performance reporting by business enterprises.
your boat inc. assembles custom sailboats from components supplied by various manufacturers. the company is very small
Access the SEC EDGAR database (www.sec.gov) and retrieve Polaris 2011 10-K (filed February 27, 2012).
heritage insurance co. is a regional insurance company that began operations on january 1 2012. the following
What tax issues should be considered with respect to the corporation's purchase of Penny's shares
The trial balance of Lozier Inc. shows a $52,000 outstanding balance in Accounts Receivable at the end of 2008. During 2009, 80 percent of the total credit sales of $2,600,000 was collected, and no receivables had been written off as uncollectable.
Mike Cichanowski founded Wenonah Conie, and later purchased Current Designs a company that designs and manufactures kayaks. The Kayak manufacturing facility is located just minutes from the conoe company's headquarters in Winona, Minnesota
Innova also incurs 5% sales commission ($0.35) on each disc sold. Mudd Corporation offers Innova $4.75 per disc for 5,000 discs. Mudd would sell the discs under its own brand name in foreign markets not yet served by Innova.
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