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An analysis of comparative balance sheets, the current year's income statement, and the general ledger accounts of Gygi Corp. uncovered the following items. Assume all items involve cash unless there is information to the contrary. Classify transactions by type of activity using these four major classifications: operating activity ,investing activity, financing activity, and noncash investing and financing activity.
(a) Payment of interest on notes payable. (b) Exchange of land for patent. (c) Sale of building at book value. (d) Payment of dividends. (e) Depreciation. (f) Conversion of bonds into common stock. (g) Receipt of interest on notes receivable. (h) Issuance of capital stock. (i) Amortization of patent. (j) Issuance of bonds for land. (k) Purchase of land. (l) Receipt of dividends on investment in stock. (m) Loss on sale of land. (n) Retirement of bonds.
Olmsted Company has the following items: common stock, $720,000; treasury stock, $85,000; deferred taxes, $100,000 and retained earnings, $363,000. What total amount should Olmsted Company report as stockholders' equity?
Include 1 data slide and examples of a traditional format income statement and the equivalent contribution format, based on that data. Use charts when appropriate to make it visually interesting.
Prepare the operating activities section of the statement of cash flows for the year ended December 31, 2007, for Guesser Company, using the indirect method.
Venture Company acquired patent rights on January 3, 2005, for$661,500. The patent has a useful life equal to its legal life of 15 years. On January 5, 2008, Venture successfully defended the patent in a lawsuit at a cost of $105,000.
Analyze the need for unbiased financial reporting. Based on your analysis, determine at least two (2) drivers that may cause financial reporting to be biased. Provide a rationale to support your response. Analyze the audit opinion formulation process..
Explain the difference between the cash basis and accrual basis of accounting. Explain the difference between the cash basis and accrual basis of accounting?
Describe the areas in which the Adelphia communications engaged in fraudulent financial reporting and the circumstances that led to this. Evaluate the specific accounting principles (GAAP).
MBA 640 Exam 1, Spring 1, 2014 Suppose that Smith follows a strategy of one of its competitors which is to spend $200,000 on advertising so that there is more brand awareness.
On June 1 Fix-It-Up Service Co. was started with an initial investment in the company of $26,200 cash. Here are the assets and liabilities of the company at June 30, andthe revenues and expenses for the month of June, its first month of operations..
Rachel lives and works in Chicago. She is the regional sales manager for a national fast-food chain. Due to unusual developments, she is compelled to work six straight weeks in the St. Louis area.
How did the corporate culture of Enron contribute to its bankruptcy?: Please focus on Enron's lack of critical questioning of its accounting practices, and how it became necessary for a whistleblower to make Enron's questionable accounting practices ..
Tonga Industries reported the following: Net Sales $450,000 Cost of goods sold $360,000 Operating expenses $60,000 Tax Rate 40% The net income is:
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