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1. Each of these items must be considered in preparing a statement of cash flows for Nemke Co. for the year ended December 31, 2012. For each item, state how it should be shown in the statement of cash flows for 2012.
(a) Issued bonds for $200,000 cash.(b) Purchased equipment for $180,000 cash.(c) Sold land costing $20,000 for $20,000 cash.(d) Declared and paid a $50,000 cash dividend.
What are the issuer's cash proceeds from issuance of these bonds? What total amount of bond interest expense will be recognized over the life of these bonds? What amount of bond interest expense is recorded on the first interest payment date?
1. It has been reported that the overall graduation rate for football players at Division I-A colleges and universi- ties is 65%. Source: "How Football Rates," USA Today, December 20, 2005, p. 12C.
Prepare journal entries for the following transactions involving notes payable for Homer Company, whose fiscal year ends June 30. Omit explanations
The colonials used both peaceful and violent methods to oppose the British policies imposed on America from 1763-1765.
Selane Eatery operates a catering service specializing in business luncheons for large corporations. Selane requires customers to place their orders 2 weeks in advance of the scheduled events.
One class of deductions is variously described as deductions for AGI, above-the-line deductions, and page 1 deductions. Explain the meaning of the various designations.
During the year, sales returns and allowances totaled $65,900. The cost of the merchandise returned was $40,000. The accountant recorded all the returns and allowances by debiting the sales account and crediting Cost of Merchandise Sold for $65,900.
What specific client-related matters prompted Goldstein and Morris's decision to conceal certain information from the PCAOB. What sanctions were imposed on the firm, the managing partner, and the two other partners involved in the investigation? We..
MRC sells a temporary pass for ten uses of the facility
Evergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is December 31. During 2011, the following transactions related to receivables occurred:
Nicole, an accountant, agrees to contribute her services (worth $25,000) in organizing Indigo. The corporation's stock is distributed equally to Kevin and Nicole. As a result of these transfers:
christine is employed full-time as an accountant for a national hardware chain. she also has a private consulting
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