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Presented below are data taken from the records of Morgenstern Company. Additional information:
1. Held-to-maturity securities carried at a cost of $43,000 on December 31, 2009, were sold in 2010 for $34,000. The loss (not extraordinary) was incorrectly charged directly to Retained Earnings.
2. Plant assets that cost $60,000 and were 80% depreciated were sold during 2010 for $8,000. The loss (not extraordinary) was incorrectly charged directly to Retained Earnings.
3. Net income as reported on the income statement for the year was $59,000.
4. Dividends paid amounted to $10,000.
5. Depreciation charged for the year was $28,000. Prepare a statement of cash flows for the year 2010 using the indirect method.
Determine the correct amount of net income for October and thetotal assets, liabilities, and stockholders' equity atOctober 31. In addition to indicating the corrected amounts.
Many companies have chosen to outsource segments of their business to external providers in order to cut costs and improve quality and/or efficiencies.
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From an analysis of the change in owner's equity during the year, compute the net income (or loss) for 2011, assuming Andruw's drawings were $15,000 for the year.
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garland mills purchased a certain piece of machinery 2 years ago for 500000. its present resale value is 380000.
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The following tickets prices and variable expense apply.
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