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Presented below are two independent situations.
Situation A:
Cheno with Co. reports revenues of $200,000 and operating expenses of $110,000 in its first year of operations, 2010. Accounts receivable and accounts payable at year-end were $71,000 and $39,000, respectively. Assume that the accounts payable related to operating expenses. Ignore income taxes. Using the direct method, compute net cash provided (used) by operating activities.
Situation B:
The income statement for Edge brook Company shows cost of goods sold $310,000 and operating expenses (exclusive of depreciation) $230,000. The comparative balance sheet for the year shows that inventory increased $21,000, prepaid expenses decreased $8,000, accounts payable (related to merchandise) decreased $17,000, and accrued expenses payable increased $11,000. Compute (a) cash payments to suppliers and (b) cash payments for operating expenses.
Expected sales are 40,000 units; expected production is 50,000 units; practical (maximum) capacity is 100,000 units. If Tayla Industries uses a normal costing system and a plantwide predetermined overhead rate, the budgeted overhead per unit is:
Frick Company makes units that each requires 2 pounds of material at $3 per pound. 500 and 700 units will be built in May and June, respectively. Frick keeps material on hand at 20% of the next month's production needs. How much is the material co..
Determine the maturity date, interest at maturity, and maturity value for each of the following notes.
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What assumption or concept of the accounting conceptual framework has been violated if the owner of a company purcahses a tv for her own personal use on her own personal credit card. But she instructs her bookeeper to debit equipment and credit ca..
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