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The comparative balance sheet of Portable Luggage Company at December 31, 2008 and 2007, is as followsAn examination of the income statement and the accounting records revealed the following additional information applicable to 2008:
a. Net income, $204,800b. Depreciation expense reported on the income statement: buildings, $20,500; machinery and equipment, $9,000c. Patent amortization reported on the income statement, $5,500d. A building was constructed for $230,000e. A mortgage note for $90,000f. 4,000 shares of common stock were issued at $38.50 in exchange for the bonds payableg. Cash dividends declared, $52,000
Instructions:Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities.
Clue: Net cash flow from operating activities is $221,700
Fund Accounting - Method of ACCOUNTING and presentation whereby LIABILITIES and ASSETS are grouped according to the purpose for that they are to be used. Normally used by governmen
Illustration: Holding company with direct share holding Rain Ltd., Storm Ltd. and Thunder Ltd. are in the business of manufacturing tents. Their balance sheets as at 30 September
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Did ford realize any gain or loss from securty sales during 2009?
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1) A sales discount correctly taken by the charge customer was debited to Sales at the time the entry was recorded. This error will cause. A) the net income for the period to be un
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