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Zephre Company reported net income for the year of $56,000. Depreciation expense for the year was $12,000. During the year, accounts receivable increased by $4,000, inventory decreased by $6,000, accounts payable increased by $3,000, and accrued expenses payable decreased by $2,000. Reconcile the amount of net income to the amount of cash provided by or used for operating activities.
The Florida Investment Fund buys 90 bonds of the Gator Corporation through a broker. The bonds pay 8 percent annual interest.
Immediately after Adam's admission to the partnership, Leah sells one-fourth of her interest to Denton for $35,000. Journalize the entry to record this transaction.
A rug manufacturer has decided to use 7 compatible colors in her rugs. However, in weaving a rug, only 5 spindles can be used. In advertising, the rug manufacturer wants to indicate the number of different color groupings for sale.
The enacted tax rate is 25% in current and future periods. What will White record as its income tax expense in Year 1?
During the preparation of the bank reconciliation for New Concepts Co., Peter Fikes, the assistant controller, discovered that City National Bank incorrectly recorded a $710 check written by New Concepts Co. as $170.
Leppard Corporation sells DVD players. The corporation also offers its customers a 2-year warranty contract. During 2012, Leppard sold 20,000 warranty contracts at $103.80 each.
Prepaid rent at 1/1/10 was $20,000. During 2010 rent payments of $123,000 were made and charged to "rent expense." The 2010 income statement shows as a general expense the item "rent expense" in the amount of $122,000.
Calculate missing costs. Calculate cost formula for mixed cost using the high-low method. Calculate the total cost that would be incurred for the production of 8,000 units
What are the provisions in the Sarbanes-Oxley Act 2002 and the New York Stock Exchange listing requirements that are aimed at improving corporate governance and are directly related to audit committees?
assess the short- and long-term impact the disaster had to the business and stakeholders. Provide specific examples to support your response.
What are debits and credits? In your opinion, why do accountants debit asset accounts to increase them but credit liability accounts to increase them?
While examining cash receipts information, the accounting department determined the following information: opening cash balance $178.24, cash on hand $1,134.46, and cash sales per register tape $1,156.35.
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