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Problem
On July 1, 2016, Wolfpack Corporation purchased securities which it intends to buy and sell frequently. These securities consisted of (a) Todd Corporation 10%, 5-year bonds with a face value of $20,000 which were purchased for $18,500 and (b) 300 shares of Cornett Company common stock which were purchased at $40 per share. Assume that on December 31, 2016, Wolfpack received interest on the Todd Corporation bonds as well as a $3 dividend per share interest on the Cornett Company stock.
Required:
Prepare the December 31 journal entries to record the receipt of the interest and the receipt of the dividends.
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Explain how each of the following events or series of events and the related adjusting entry will affect the amount of net income and the amount of cash flow from operating activities reported on the year end financial statements.
Prepare journal entries to record the issuance of (1) the 11% bonds and (2) the redemption of the 9% bonds
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In its first year of operations, Gomes Company recognized $28,000 in service revenue, $6,000 of which was on account and still outstanding at year-end.
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investing in real estate does present some opportunity for the creation of wealth much like any other investment does.
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Grouper Company reported net income of $2.7 million in 2017. Compute net cash flow from operating activities using the indirect method
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