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What is a statement of cash flows? What are the three major sections of the statement?
When used with a company's other financial statements, what does the statement of cash flows help external users assess?
What are the most common cash inflows from and the most common cash outflows for operating activities in a company's statement of cash flows?
Prepare the results from discontinued operations section of Feiner Company's income statement for 2010.
EPS analysis graph for the last 5 years or more and how does it look on a per year basis?
Define operating leverage, discuss the appropriate level of operating leverage for a start-up company.
In a memo to your client, Jim Davis, explain the difference between fixed, variable, and mixed costs.
Compare the responsibility of both management and the auditor for financial reporting.
Sold merchandise on account to Turner Co., terms 2/10, n/30, FOB shipping point, $78,750. The cost of the goods sold was $47,000.
The delivery equipment was purchased on April 2, 2010. It is to be depreciated using the straight-line method over a 10-year life.
For the year, its cost of goods sold was $240,000, its operating expenses were $50,000, its interest revenue was $2,000, and its interest expense was $12,000.
Shaquera Corporation began the current year with inventory of $50,000. During the year, its purchases totaled $110,000.
Prepare schedules to show what amounts Dorno Corporation would report on its income statement for total selling expenses and for total general.
Pallest is subject to a 30% income tax rate and had 8,000 shares of common stock outstanding for the year.
Show how Mangold Corporation would report its earnings per share for the current year.
Show how Owens, Inc., would report the correction of its error on its statement of retained earnings for the current year.
Prepare the operating activities section of the statement of cash flows for Amelia's Bookstore for the current year.
During the current year, Ross Corporation purchased a warehouse for $45,000, paid $1,000 dividends, sold land for $7,900, and issued $25,000 of common stock.
Assume the monetary amount of each item is material and the company uses a periodic inventory system.
Division X (a component of the company) was sold at a pretax gain of $4,700. It had incurred a $9,500 pretax operating loss during 2010.
A count of supplies indicates that the Store Supplies account should be reduced by $128 and the Office Supplies account reduced by $397 for supplies .
Examining the Rent Expense account, the controller finds that it includes a $4,800 advance payment for three months' rent.
Prepare journal entries to record the collection of the note receivable and the payment of the note payable.
Prepare journal entries to record whatever reversing entries you think are appropriate.
What are the major financial statements of a company and what do they show?