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WorldCom, Inc. improperly capitalized $3.8 billion dollars of expense from January 1, 2001 through the first quarter of 2002 ($3.04 billion occurred in 2001). Selected balances from its balance sheets are given in the text.
a. What effect did WorldCom's misclassification have on cash flows (a) in total and (b) by classification?
b. Why is it difficult to accept the effects on cash flow from operations of the working capital items listed above?
c. WorldCom's long-term debt went up by approximately $13 billion during 2001. Is it possible that some of WorldCom's current liabilities were reclassified as long-term during 2001?
Retained earnings at 1/1/06 was $150,000 and at 12/31/06 it was $200,000. During 2006, cash dividends of $50,000 were paid and a stock dividend of $40,000 was issued. Both dividends were properly charged to retained earnings.
The year and reported net income of $560,000. What is the balance in the Investment in Harrison account found in the financial records of Puckett as of December 31?
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Estimate how much of the $262,310 of overhead cost in June was maintenance cost. (Hint: To do this, it may be helpful to first determine how much of the $262,310 consisted of utilities and supervisory salaries.
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