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Norman Co borrowed $15,000 from the local bank in April 1 2012 when the company was started. The note has an 8 percent annual interest rate and a one year term maturity. Norman co recognized $42000 of the revenue on account in 2012 and $56,000 of revenue on account in 2013. Cash collections from accounts receivable were $38000 in 2012 and $58000 in 2013. Norman Co paid $26000 of salaries expense in 2012 and $32000 of salaries expense on 2013. Normal Co paid the loan and interest at the maturity date,
Required:a) Organize the information in accounts under an accounting equationB) What amount of net cash flow from operating activities would be reported on the 2012 cash flow statement?c) What amount of interest expense would be reported on the 2012 income statement?d) What amount of total liabilities would be reported on the December 31, 2012 balance sheet?e) What amount of retained earnings would be reported on the December 31, 2012 balance sheet?f) What amount of cash flow from financing activities would be reported on the 2012 statement of cash flows?g) What amount of interest expense would be reported on the 2012 income statement?H) What amount of cash flows from operating activities would be reported on the 2013 cash flow statement?I) What amount of assets would be reported on the December 31 2013 balance sheet?
Verify the calculation of the balance in the acccount equity in sub earnings and record the parent company entries with respect to its investment during 2013.
JJ Gargoyle Company is preparing their budget for next year. COGS sold has been estimated at fifty percent of sales. Product purchases and payments are to be made during the month preceding the month of sale.
Assuming the only changes in retained earnings in 2009 were for net income and a $50,000 dividend, what was net income for 2009?
Pardee Company earned $25,000 of cash revenue. What kind of transaction is this?
Banks Billiard Company (BBC) issued $5 million in par value of bonds for $5.1 million. BBC incurred $200,000 in accounting fees and $50,000 in banking fees related to this transaction. What amounts should BBC record for the bonds upon issuance usi..
dennis sells short 100 shares of arc stock at 20 per share on january 15 2011. he buys 200 shares of arc stock on april
todd inc. is in the process of developing a transfer price for a part produced by dept. a and used by other departments
ted has been offered a job where his salary would be 150000 and he would also receive health insurance coverage.
the good sounds corp. is attempting to get a better estimate of the cost of their products. as a first step they are
what is the sarbanes-oxley act sox? how does sox impact the audits for the accounting firm and for the
Lockhart Corporation is a calendar-year corporation. At the beginning of 2013, its election to be taxed as an S corporation became effective. Lockhart Corp.'s balance sheet at the end of 2012 reflected the following assets (it did not have any earnin..
Faye owns the land on which Golden Spurs Ranch is situated, plus the ranch house, barn, and other structures permanently attached to the land. Faye's brother Huey owns everything else in the ranch's operation--livestock, feed, and so on. The perso..
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