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The company discovered the correct inventory value at the end of Year 1 should have been $400,000 because it made a counting error.
Write-down of property, plant, and equipment because of closure of inefficient plants.
Payment to the Internal Revenue Service in settlement of a dispute over previous year's taxes.
A company has been using straight-line depreciation in its property, plant, and equipment.
At the end of 2010, prepare the comparative retained earnings statements for 2010 and 2009.
The company discovers that it had ignored the estimated residual value in the computation of the annual depreciation each year.
Prepare the journal entries necessary in 2011 if the errors are discovered at the end of that year.
Allowance for doubtful accounts of $5,000 was not recorded. The company normally uses the aging method.
Discount on a note payable issued for purchase of a machine is ignored.
All purchases of materials for construction contracts still in progress have been immediately expensed.
During 2010, Quo increased its investment in Worth, Inc. from a 10% interest, purchased in 2009, to 60%.
Machine Y was purchased for $40,000 on January 1, 2009. It had an estimated residual value of $4,000 and an estimated service life of eight years.
The inventory at the end of 2011 was found to be overstated by $15,000. At the same time, it was discovered that the inventory at the end of 2010.
Prepare an income statement of the Dahlia Company for the year ended December 31, 2010, stopping at income (loss) before income taxes.
In the current year, Harrisburg Corporation had net income of $35,000, a $9,000 decrease in accounts receivable, a $7,000 increase in inventory.
Prepare the investing activities section of Tifton & Co.'s statement of cash flows.
Given the following information, compute Lemon Company's interest paid.
Annapolis Corporation paid $270,000 to retire bonds with a face value of $300,000 and a book value of $290,000.
Identify in which section (if any) of the statement of cash flows each of the preceding items would appear and indicate whether it would be an inflow.
What alternative treatment of the payment of dividends is allowed? How would this affect the statement of cash flows?
Paid cash of $18,000 to retire bonds payable with a face value of $20,000 and a book value of $18,300.
On October 4, 2010, Collins Company purchased 100 shares of Steph Company common stock for $64 per share as a temporary investment in securities.
Prepare the net cash flow from operating activities section of the 2010 statement of cash flows for the Verna Company.
How many shares would the company have had to issue to avoid having a decrease in cash during the year?
What would have happened if the company had not issued the note during 2010? How did the issuance of the note affect the company's debt ratio .