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From the following data, prepare a classified balance sheet for Simon Company at December 31, 2006.
Accounts payable
$ 62,500
Accounts receivable
123,000
Buildings
418,500
Owners' equity, 1/1/06
210,000
Cash
179,750
Distributions to owners during 2006
21,750
Supplies
3,750
Land
130,000
Mortgage payable
479,500
Net income for 2006
124,750
Owners' equity, 12/31/06
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Internal users of accounting information include: Of the following accounts, the one which normally has the credit balance is:
Top management has decided the transfers between the two divisions should be at $19. Compute the effect of the transfer on the net income for the Battery Division, Automotive Division, and the total company
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Ohio Corp. reported a deferred tax liability of $6,000,000 for the year ended December 31, 2012, when the tax rate was 40%. Income tax expense reported by Ohio on its year end December 31, 2013 income statement is:
How many shares does Bob own in Brown Corporation assuming the same facts as in a., above, augmented by BZ's ownership of Brown shares?
Provide for a general definition of the income statement, its purpose as well as its relation to the Balance Sheet and Cash Flow statements
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