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Cline Company issued common stock for proceeds of $186,000 during 2007. The company paid dividends of $33,000 and issued a long-term note payable for $45,000 in exchange for equipment during the year. The company also purchased treasury stock that had a cost of $7,000. The financing section of the statement of cash flows will report net cash inflows of:
a. $146,000.
b. $202,000.
c. $153,000.
d. $179,000.
Determine the amount to be added to Allowance for Doubtful Accounts in each of following cases.
It is illegal for a government to spend money for any purpose unless a valid appropriation for that purpose exists. Does this legal rule assure good financial management for each government? Why or why not?
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Companies often prioritize projects in the following four categories: Absolutely essential, Highly necessary, Economically justified, and All other. Provide one example for each category. Why do firms do this type of categorization?
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How can Emily and Richard mitigate the foreign currency loss?
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The bookkeeper prepares a daily bank deposit slip and compares the total with the total amount shown on the daily remittance tapes. All remittances are deposited in the bank the day they are received. (Cash receipts from sources other than service..
Generally accepted accounting principles (GAAP) require loss contingencies to be accrued in the period the contingency becomes known. However, GAAP specifically disallows booking gain contingencies until the gain is realized.
The Minnetonka Corporation, which produces and sells to wholesalers a highly successful line of water skis, has decided to diversify to stabilize sales throughout the year.
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