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Modern Mother Magazine has received cash subscriptions on April 1, 2009 in the amount of $3,600,000 for the next three years. Their year-end is December 31, 2009. Magazine delivery occurs monthly and started on April 1, 2009. These were the only subscription sales for the year. Answer the following questions for the year ended December 31, 2009:
a. What amount of cash should be reported for the year on the statement of cash flows?
b. What amount of subscriptions revenue should be reported on the income statement?
c. What amount would be reported as unearned subscriptions revenue on the balance sheet as of December 31, 2009?
Which of the following statements is TRUE about Nestor's hobby activity?
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Prepare all journal entries in all funds and the GCA and GLTL accounts to record the following transactions and events.
Taylor Flowers' bank statement shows a balance of $135.42 and a service charge of $8.00. The account register shows deposits of $112.88 and $235.45 that do not appear on the statement.
Discuss the differences between unit-related, batch-related, and product-sustaining activities. Give one example of each type of activity.
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Steve and Jim formed a partnership on January 1 with cash contributions of $600,000 and $400,000, respectively. The partners agree to share profits and losses equally. The partnership immediately borrowed $200,000. What is Jim's tax basis in his p..
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Which of the following is the best theoretical justification for consolidated financial statements?
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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