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The following information is from the noncurrent asset portion of Randle Companys balance sheet. Dec. 31, 2013 Dec. 31, 2012 property, planr, and equipment $140,000 $125,000. Accumulated depreciation ($69,500) ($57,000). Long term investments $27,000 $15,000. The following activities occured during 2013: Spld equipment with an original cost of $8,000 and a book value of $2,500 for $2,000 cash. Depreciation expense for the year totaled $18,000. Purchased property for $23,000 cash. Purchased long term investments for $12,000 cash. What is the amount of cash used by investing activiteis?
Lanny won $10 million at a casino 2 years ago and invested in mutual funds. When he married Judy last year, they signed prenuptial agreements. Then, in the current year, Lanny decided to give away some of his money. He made the following gifts: $100,..
The estate tax attributable to the inclusion of the property in Lisa's gross estate is $60,000. What is Lisa's credit for tax on prior transfers?
On January 1, 2014, Rowley Company purchased a truck that cost $33,000. The truck had an expected useful life of 4 years and a $3,000 salvage value. The amount of depreciation expense recognized in 2014 assuming that Rowley uses the double declining ..
Suppose a corporation issues 5,000 shares of $1 par common stock for $30 per share. In addition to the increase in cash, what effect does this transaction have on the accounting equation?
Durbin Corporation reported net sales of $259,300, cost of goods sold of $135,900, operating expenses of $48,290, net income of $42,120, beginning total assets of $514,600, and ending total assets of $572,000. Calculate profit margin and gross profit..
Atlantic Animation Corporation has aged its accounts receivable and estimated uncollectible accounts as follows (in thousands). What bad debt expense should the company report for the current period?
What will have a greater effect on the future cost of health care in the United States: political and social changes or medicinal and technological advances?
Calculation of ending inventory for interim financial statements - Ernst Equipment Co. wants to make interim financial statements for the first quarter. The company wishes to avoid making a physical count of inventory. Ernst's gross profit rate ave..
abc company stock has a required return of 12 and the stock sells for 40 per share. the firm just paid a dividend of
We are investing in a maintenance project that will increase annual revenues by $10,000 over ten years. What is the present value of those revenues, if the project is financed at 7% interest, compounded annually? What will the future worth of those r..
Select the accounts affected by the following transaction: TJ Rex receives $100 for previous lessons provided on account.
Does the company discuss any recent accounting pronouncements that they are in compliance with? Briefly list and describe them.
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