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Question 1: Calculate free cash flow income statement 2017 sales 1640 cost of sales 880 for 2017 for Monarch Textiles inc. Based on the financial information that follows. Assume all current liabilities are non-interest-bearing and that no fixed assets were sold or disposed of during 2017
operating expenses 190
depreciation 86
interest expense 50
earnings before taxes 434
tax 173.6
net income 260.4
selected balance sheet items
2016 2017
current assets 480 670
net fixed assets 172 344
current liabilities 290 370
INVOLVE was incorporated as a not-for-profit voluntary health and welfare organization on January 1, 2017. During the fiscal year ended December 31, 2017, the following transactions occurred. Prepare journal entries to record these transactions. Expe..
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Terry has traditionally purchased all of its manufacturing equipment. However, in Year 2 they were unable to find a vendor willing to sell them a new $750,000 machine. After some careful negotiations, however, they were able to lease the needed equip..
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