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Prepare journal entry, balance sheet, income statement and cash flow statement for the following city of superman for the year ended december 31, 2015 In 2015, received in cash revenues of $50,000 Sold services in 2015 of $1,000 but not received in cash until 2016 In 2015, paid payroll in cash of $7,000 In 2015, purchased $200 worth of pipe (not inventory) but did not pay for ir until 2016 In 2015, bought a truck for $5,000 in cash Depreciate the truck over 5 years (no partial year) In 2015, purchased $1,000 in marketable securities At December 31, 2015, the securities decreased in value by $100 In June 2015, sold a truck with the following attributes; Purchased in 2013 for $5,000 Accumulated depreciation as of June 2015, was $4,000 Sold the truck in June 2015 for $500 Requirements Record all journal entries as of December 31, 2015 Develop the Balance Sheet and Income Statement for 2015 Prepare the Cashflow Statement for 2015 Direct Method Reconcile cash from operations (direct method) to cash from operating activities (indirect method)
Prepare in good form a multiple-step income statement for the year 2011. Assume a 30% tax rate and that 100,000 shares of common stock were outstanding during the year.
Identify the cost-flow assumption(s) that Nike uses to measure cost of goods sold. Does Nike's choice of cost-flow assumption(s) seem appropriate? Explain.
Companies with many employees rarely use a special payroll bank account from which to pay employees
Cleary, Wasser, and Nolan formed a partnership on January 1, 2010, with investments of $100,000, $150,000, and $200,000, respectively. For division of income, they agreed to (1) interest of 10% of the beginning capital balance each year, (2) annual c..
When Apple introduced a new version of the IPad many considerations go into setting the selling price. Discuss the importance of the following in settings the initial selling price of the IPad: Capacity of manufacturing plans to produce the Ipad
When Aisya was born, her parents invested RM7,000 in a savings account paying 8% interest. Each year, starting with her first birthday and ending on her eighteenth birthday, her mother plan to deposit RM1,000 into the same account. How much will be i..
What are the roles and objective of FASB and IASB and what are the main reason for the joint project undertaken by the FASB and IASB?
determine of total dividends paid to shareholders during the most recent year.at the end of the current year smith
Your banker agrees to provide $10,000 today to finance a new project. In return, they require a 12% annual compound rate of interest on their investment repayable in three year's time. How much cash must the project generate to break even? FV of $..
Compute the break-even point in dollar sales for the company under the new marketing strategy. Do you agree with the marketing manager's proposal?
Discuss why each of the following components must be considered in plan implementation:
Estimate your profit or loss if you would attempt triangular arbitrage by converting your dollars to euros, and then convert euros to Canadian dollars and then convert Canadian dollars to U.S. dollars.
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