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Problem - Omicron Inc. reported net income of $120,000 for 20Y2. In addition, the income statement reported $12,000 of depreciation expense and a $15,000 loss on the disposal of equipment. The current operating assets and liabilities from the company's comparative balance sheet are as follows:
12/31/20Y2
12/31/20Y1
Increase (Decrease)
Accounts receivable
$18,240
$13,240
$ 5,000
Accounts payable
11,200
13,200
(2,000)
Required - Prepare the "Cash flows from operating activities" section of the statement of cash flows, using the indirect method.
Sue Alejandro, president of Tobago Enterprises, applied for a $300,000 loan from First National Bank. The bank requested financial statements from Tobago.
Compute the equivalent units for materials using FIFO.
In each business decide what single measure best reflects the overall level of activity in the business and give examples of costs that are fixed and variable.
suppose acore pharmaceuticals has four sales representatives assigned to the state of arizona. these sales reps are
Flounder Corporation issued $680,000 of 9% bonds on November 1, 2020, for $719,619. Make Flounder's December 31, 2020, adjusting entry
Prepare the journal entry to correct the error assuming it is not discovered until early 2012. (Ignore income taxes.)
lopez company uses a job order cost accounting system that charges overhead to jobs on the basis of direct material
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On January 1, 2017, Cullumber sold on account 1,400 units of its product for a total price of $557,000, How record journal entries of sale and warranty costs
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McGill and Smyth have capital balances on January 1 of $51,000 and $41,000, Prepare a schedule showing the distribution of net income
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