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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
What information goes on each sheet of an Articulationof statements, i.e. the Data Entry sheet, the Trial Balance sheet, the Single step Income statement, multi-step income stateme
WHAT IS dEPRECIATION?
Evaluating the investment using return on capital employed: Annual depreciation charge = 1500000/5 = $300000 Average investment = 1500000/2 = $750000 Average annual
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To observe terms of trust Trustees must comply with the trust instrument and the rules of equity; they need not consult the beneficiaries or take instructions from them; but the
PROVABLE DEBTS All debts and liabilities present or future, certain or contingent, are provable in bankruptcy, except: 1) Claims for unliquidated damages in tort; 2) Debts
Molina Medical Supply Company is trying to decide whether or not to continue distributing hospital supplies. The following information is available for Molina's business segments.
depreciation in question is given more and in adjustment is less. What would be in the profit and loss account?
Omission to do something which a reasonable man, guided by those ordinary considerations that ordinarily regulate human affairs, would do or doing of something that a reasonable an
Bankrupt person A bankrupt is a person against whom an adjudication order has been made by the court primarily on the grounds of his insolvency. Any person (other than a body c
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