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The comparative balance sheet of Portable Luggage Company at December 31, 2008 and 2007, is as followsAn examination of the income statement and the accounting records revealed the following additional information applicable to 2008:
a. Net income, $204,800b. Depreciation expense reported on the income statement: buildings, $20,500; machinery and equipment, $9,000c. Patent amortization reported on the income statement, $5,500d. A building was constructed for $230,000e. A mortgage note for $90,000f. 4,000 shares of common stock were issued at $38.50 in exchange for the bonds payableg. Cash dividends declared, $52,000
Instructions:Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities.
Clue: Net cash flow from operating activities is $221,700
Mr. Inherits 30000. Decides to open a salon jj salon. On 1/4/2016 commits 10000 to the business Opens an a/c in the bank What will be the money under capital in his books on 1/4/10
Property, plant and equipment Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4
For a capital lease the lessee records the lease payments as rent expense, but for an operating lease the lessee reports the lease payments as depreciation expense For an operating
assets&what are the different type of asset
Requirements: a. Record the following transactions in the journal of Howell Consulting. Explanations are not required. b. Create T accounts for each transaction (Use the
1. You have decided to sell some goods at a local music festival. You have hired a sales stand for $500. Your cost per item is $3 and you will sell each item for $5. When you did y
Balance Sheets: contains the balance sheets as of December 31, 2010, 2009, and 2008. Accounting practice and tradition dictates that the most current year is placed nearest to the
Permanent accounts would not include a interest expense b wage payable c prepaid rent d unearned revenues
After going through this section, you must be capable to: - Identify the time value of money; - Know what gives money its time value; - Identify
Q. Calculation of the change in finance costs? Past ACCA examiners have occupied inconsistent approaches regarding the calculation of the change in finance costs due to settlem
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