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1. Acquired $30,000 cash from the issue of common stock.
2. Paid $12,000 cash in advance for one-year rental contract for office space.
3. Provided services for $23,000 cash.
4. Adjusted the records to recognize the use of the office space. The one-year contract started on May 1, 2009. The adjustment was made as of December 31, 2009.
Required:
a. Write an accounting equation and record the effects of each accounting event under the appropriate general ledger account headings.
b. Prepare an income statement and statement of cash flows for the 2009 accounting period.
c. Explain the difference between the amount of net income and amount of net cash flow from operating activities.
In the section on the yield to call, a bond pays annual interest of $80 and matures after ten years. The bond is valued at $1,147 if the comparable rate is 6 percent and the bond is held to maturity.
If 12,500 units are produced, what is the total of fixed manufacturing cost incurred to support this level of production?
Consider the Industrial Supply Company example again. Assume that the company plans to maintain its dividend payments at the same level in 2009 as in 2008.
Julie owns 100% and is an active participant in the rental real estate activity. What is Julies taxable income in 2010?
A is a fixed expense; B is a variable cost. During the current year the level of activity has reduced but is still within the relevant range.
Sanding and Bending Inc. will pay no dividends for the next seven years. In the Year 8, it will pay a dividend of $6 and maintain a constant growth of 6 percent thereafter. If the required rate of return is 12 percent, what is the value of the sto..
Peter is currently raising corn on his 100-acre farm and earning an accounting profit of $100 per acre. However, if he raised soybeans, he could earn $200 per acre. Is he currently earning an economic profit? Why or not?
Harris moves and Hoyt refunds $1,050 of the deposit and keeps the remainder to cover $750 which is spent for repairs to the office space and one week of unpaid rent that amounts to $600. How would this information be reflected on Hoyt's tax ret..
On March 15, 2010, Frankel Construction contracted to build a shopping center at a contract price of $120 million.
Would your answer in (a) change if 100% of the amount received from Blue was spent annually in carrying out Service's tax-exempt mission.
Gannon, Inc., had 100,000 shares of common stock outstanding. During the current year, the company distributed a 10 percent stock dividend and subsequently paid a $0.50 per share cash dividend. Calculate the number of shares outstanding at the tim..
the opportunity to replicate the orignal project at the end of its life. What is the total expected NPV of the two project if both are implemented?
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