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Assume that a company uses the indirect method to prepare the operating activities section of the statement of cash flows.
Required:
For each of the following items, till in the blank to indicate whether it would be added (A) to net income, deducted (D) from net income, or not reported (NR) in the operating activities section of the statement of cash flows prepared using the indirect method
a. Purchase of a new computer system ______.b. Decrease in accounts payable ______.c. Increase in prepaid insurance ______.d. Depreciation expense ______.e. Increase in inventory ______.f. Amortization of patents ______.g. Loss on retirement of bonds ______.h. Cain on the sale of used delivery truck ______.i. Bad debt expense ______.
Discuss the three factors that must be estimated in measuring depreciation. Provide an illustration as to how each of these factors can be employed to manage earnings.
Outline the major revisions to the auditing standards and discuss their implications for auditors conducting audits.(Approx 1,000 words essay response)
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For each transaction, indicate how it would be reported on the statement of cash flows. Use the following key:
Demand for one specific tablet at Best Buy is 1,000 units per month. Best Buy incurs a fixed order placement, transportation, and receiving cost of $4,000 each time an order is placed with their supplier for the tablet. Each tablet costs $500 and B..
Explain why Activity Based Costing (ABC) often reveals existing product cost cross-subsidization problems. How can ABC be used to improve profitability? Discuss some of the limitations of ABC.
A quasi-reorganization was approved that reduced the par to $25, wrote down plant assets by $65,000, and eliminated the deficit. Prepare the appropriate journal entries.
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