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Identify whether each transaction below is an operating, investing or financing activity. Assume the indirect method.
A. Purchase of plant seeds.
B. Increase in accounts payable.
C. Decrease in accounts receivable.
D. Payment of long-term loan
E. Net income
F. Depreciation expense.
G. Payment of dividends.
H. Issuing stock
I. Increase in investing.
J. Decrease in taxes payable
Top management has decided the transfers between the two divisions should be at $19. Compute the effect of the transfer on the net income for the Battery Division, Automotive Division, and the total company
Prepare Friday's audit report that was submitted to Kim's board of directors 2011 and 2010 comparative financial statements. Kim is a public company.
A company will need to choose an accounting method. What are the differences between the cash basis of accounting and the accrual basis of accounting? When are income and expenses recognized under each method?
Equipment that cost $80,000 and has accumulated depreciation of $63,000 is exchanged for similar equipment with a fair value of $35,000 and $15,000 cash is received. The exchange lacked commercial substance.
John Smith started a consulting business and completed the following transactions. Prepare all journal entries related to these transactions.
Orbit Airways purchased a baggage-handling truck for $41,000. Suppose Orbit sold the truck on December 31, 2008, for $28,000 cash, after using the truck for two full years and accumulating a depreciation of $16,000.
How would you predict that the short-run equilibrium that you have identified in question 1 will change? Illustrate your answer using appropriate diagrams. What will be the long-run equilibrium number of fishing rod manufacturers?
Which of the following is not one of the functions of the Securities and Exchange Commission? a. Providing government-backed insurance to purchasers of securities.
A VP of operations has asked you to make recommendations at the weekly status meeting on how to improve the efficiency and effectiveness of each producing sub processes individually and as a whole.
Maine Company reported a pretax operating loss of $150,000 for financial reporting and tax purposes in 2012. The enacted tax rate is 40% for 2012 and subsequent years.
Identify and describe the sources of generally accepted accounting principles. Identify source hierarchy and explain why the hierarchy is important.
Compute the total amount of dividends that was paid to each class of stock, b) Compute the amount of dividends per share for each class of stock.
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