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Presents a business's comparative balance sheet that's missing the information for owners' equity. Assume that the company didn't issue additional capital stock shares during the year and didn't pay cash dividends to its shareowners during the year. Determine its net income for the year 2007.
Balance Sheets at Year-Ends 2006 and 2007
Assets
2006
2007
Changes
Cash
$456,000
$425,000
($31,000)
Accounts Receivable
$386,000
$340,000
($46,000)
Inventory
$518,000
$576,000
$58,000
Prepaid Expenses
$46,000
$52,000
$6,000
Current Assets
$1,406,000
$1,393,000
Property, Plant, & Equipment
$897,000
$1,060,000
$163,000
Accumulated Depreciation
($257,000)
($318,000)
($61,000)
Cost Less Depreciation
$640,000
$742,000
Total Assets
$2,046,000
$2,135,000
Liabilities & Owners' Equity
Accounts Payable
$246,000
$230,000
($16,000)
Accrued Expenses Payable
$204,000
$215,000
$11,000
Short-term Notes Payable
$350,000
$300,000
($50,000)
Current Liabilities
$800,000
$745,000
$125,000
Long-term Notes Payable
$400,000
$525,000
Evaluate the 2010 cash-basis net income and evaluate the 2010 accrued-basis net income (show calculations)
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Justify your answer by describing what is meant by the term depreciation, the role and process of recognizing depreciation in accounting reports, and by identifying the accounting concepts that give the justification for recognizing depreciation.
problem 1patrick zimbrick and his son dan own all of the outstanding stock of osprey corporation. both dan and patrick
Determine the weighted average number of shares outstanding as of December 31, 2012.
Prepare the income statement and statement of changes in stockholders
1. the following table shows various stages by which wood is turned into wallpapers as the final product. the numbers
Product Gallons Sales value Cost after Final - Number of gallons and round percentages to one decimal place i.e. 25.5% or .255.
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