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Smith Corporation reports the following information:
Net income $500,000
Depreciation expense 140,000
Increase in accounts receivable 60,000
Smith should report cash provided by operating activities of:
a. $300,000.
b. $420,000.
c. $580,000.
d. $700,000.
Dec. 31 Due to new information obtained earlier in the year, the truck's estimated useful life was changed from five to four years, and the estimated salvage value was increased to $2,700. Recorded annual straight-line depreciation on the truck.
Assuming that specific identification costs are impracticable and that Jamison allocates the purchase price on the basis of the relative fair values, what amount would be allocated to the Trucks?
Company X sells $400 of merchandise on account to Company Y with credit terms of 2/10, n/30. If Company Y remits a check taking advantage of the discount offered, what is the amount of Company Y's check?
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What is a constructive dividend? Under what circumstances is the IRS likely to argue that a constructive dividend has been paid?
Discuss the use of job order costing for professional services businesses. What are the similarities and differences between service and manufacturing business job order costing?
Assuming that total dividends declared in 2003 were $88,000, and that the preferred stock is not cumulative but is fully participating, each common share should receive 2003 dividends of what amount?
The buyer gives High Value a promissory note due January 1, 2010. The maturity value of the note includes 8% interest. Include any adjusting and reversing entries
How is the business process level pattern for the conversion cycle similar to the business process pattern for the revenue cycle? How are the two patterns different?
Sarah - cash of $2,000, accounts receivable with a FMV and tax basis of $1,000, and equipment with a FMV of $40,000 and adjusted basis of $3,500. Sarah also contributed a $23,000 note payable, and the partnership assumed legally responsibility for..
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