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From the following selected data, compute:
1. Net cash flow provided (used) by operating activities. 2. Net cash flow provided (used) by investing activities. 3. Net cash flow provided (used) by financing activities. 4. Net increase (decrease) in cash during the year. 5. The cash balance at the end of the year.
Cash receipts from:
Â
 Customers
$270,000
 Investments by owners
54,000
 Sale of building
90,000
 Proceeds from bank loan
60,000
Cash payments for:
 Wages
 Utilities
3,000
 Advertising
4,000
 Rent
36,000
 Taxes
67,000
 Dividends
20,000
 Repayment of principal on loan
40,000
 Purchase of land
106,000
 Cash balance at beginning of year
$386,000
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Develop a memo to Texaco Inc’s chief accountant indicating the appropriate income tax allocation required for the above items, comprising the appropriate balance sheet presentation.
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Compute the amount of income from the partnership which Potter should report for his tax year ended December 31, 2012.
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