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Evalutaing the investment from the cash flow.
The 20X8 comparative balance sheet and income statement of Genie Marketing, Inc., follows, Genie had no noncash investing and financing transactions during 20X8. During the year, there were no sales of land or equipment, no issuances of notes payable, no retirements of stock, and no treasury stock transactions.
How will what you learned in this problem help you evaluate an investment and variable costingPlant assets:
Comparative Balance Sheet
20X8
20X7
Increase (Decrease)
Current assets:
Cash and cash equivalents
$8,700
$15,600
($6,900)
Accounts receivanle
46,500
43,100
3,400
Interest receivable
600
900
(300)
Inventories
94,300
89,900
4,400
Prepaid expenses
1,700
2,200
(500)
Plant assets:
Land
35,100
10,000
25,100
Equipment, net
100,900
93,700
7,200
Total assets
$287,800
$225,400
$32,400
Current liabilities:
Accounts payable
$16,400
$17,900
($1,500)
Interest payable
6,300
6,700
(400)
Salary payable
2,100
1,400
700
Other accured liabilities
18,100
18,700
(600)
Income tax payable
3,800
2,500
Long-term liabilities:
Notes payable
55,000
65,000
(10,000)
Stockholder equity:
Common stock, no=par
131,100
122,300
8,800
Retained earnings
52,500
19,600
32,900
Total liabilities and stockholder\'s equity
$255,400
The company predicts the machine will be used for six years and have a $34,560 salvage value. Depreciation is to be charged on a straight-line basis. On December 31, at the end of its fifth year in operations, it is disposed of.
Pretax accounting income includes interest revenue from municipal bonds (not taxable). This interest revenue is $25,000 in 2010, $30,000 in 2011, and $32,000 in 2012. The enacted tax rate is 40%. Create the journal entry to record income taxes for ..
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at december 31 2007 western trading co. owned the following investments in the capital stock of publicly owned
Information that a listed company has incurred exceptionally high losses during a financial year has been disclosed.
Should the company continue to manufacture the part, or should it buy the part from the outside supplier? Support your answer with analyses.
Create the Journal for the transactions and Post these to the T-accounts and create the Unadjusted trial balance, Make the necessary Adjusted journal entries.
Prepare journal entries for the above transactions and prepare an adjusted trial balance using the format below, adding additional accounts as required.
explain the reason for any two of the seven internal control procedures and (2) provide examples of how your two selected internal control procedures will meet the goal of safeguarding assets and promoting ethical business practices.
Compute the physical units of production and compute equivalent units of production for materials and for conversion costs.
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