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1. Acquired $30,000 cash from the issue of common stock.
2. Paid $12,000 cash in advance for one-year rental contract for office space.
3. Provided services for $23,000 cash.
4. Adjusted the records to recognize the use of the office space. The one-year contract started on May 1, 2009. The adjustment was made as of December 31, 2009.
Required:
a. Write an accounting equation and record the effects of each accounting event under the appropriate general ledger account headings.
b. Prepare an income statement and statement of cash flows for the 2009 accounting period.
c. Explain the difference between the amount of net income and amount of net cash flow from operating activities.
Determine how the authoritative literature addresses comprehensive income and illustrate with an example.
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The best means to accomplish the revenue-related motive of attracting new sources of demand is to:
Magenta Corporation also distributed $60,000 to its sole shareholder, Chuck, on November 30 of the current year. As a result of the distribution, which of the following is the correct regarding how Chuck should treat the distribution for the curre..
What is the appropriate balance for the Allowance for Doubtful Accounts on Dec. 31?
Sophia inherited 1,000 shares of IBM. The father's cost was $2 per share at the time of purchase and 484 per share at the time of his death. Sophia sold them at $86 per share. Calculate the total amount of her capital gain.
A Characteristic of variable cost is: a. Cost per unit changes when the number of units changes. b. Cost per unit stays the same when the number of units changes c. Total variable cost equals fixed costs when the number of units changes d. Total vari..
Arnie, a college student, purchased a truck in 2010 for $6,000. He used the truck 70% of the time as a distributor for the local newspaper and 30% of the time for personal use. The truck has a five year recovery period and he claimed depreciation ..
Ritz-Carlton is a management company for the underlying hotel owners. If the Ritz-Carlton Laguan Niguel had an unfavorable variance from budget greater than 5% allowed and greater than the othe rhotels, then the most probably cause for the shortfa..
Each fund must account for interfund activity as if it were a separate accounting entity.
For each of the following statements, identify the kind of market it describes. Employ an example from the readings or the internet for each characteristic and explain your choice.
In regard to redemptions of stock, what difference does it make to have a transaction for sale or exchange treatment qualify or not qualify?
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