Recent Question

Prepare a statement of cash flows for the year ended 1 Assuming a statement of cash flows is prepared, indicate the reporting of the transactions and events listed below by major categories on the statement. Use the following code letters to indicate the appropriate category under which the item would appear on the statement of cash flows. Code Cash Flows From Operating Activities Add to Net Income A Deduct from Net Income D Cash ...

Other / Other 08 Apr 2016

If accounts receivable increase during a period, revenues on an accrual 1. If accounts receivable increase during a period, revenues on an accrual basis are ______________ than revenues on a cash basis. 2. The sale of equipment at less than its book value is a(n) ______________ of cash that is reported in the ______________ activities section. 3. Free _______________ equals cash provided by operations less capital expenditures ...

Other / Other 08 Apr 2016

All other changes in noncurrent account balances had a direct effect Ex. 1 Planner Corporation's comparative balance sheets are presented below. PLANNER CORPORATION Comparative Balance Sheets December 31 2014 2013 Cash $ 21,570 $ 10,700 Accounts receivable 18,200 23,400 Land 18,000 26,000 Building 70,000 70,000 Accumulated depreciation (15,000) (10,000) Total $112,770 $120,100 Accounts payable $ 12, ...

Other / Other 08 Apr 2016

The income statement for Jones Company +Ex. 1 Condensed financial data of Drake Company appear below: DRAKE COMPANY Comparative Balance Sheet December 31 2014 2013 Assets Cash $ 41,000 $ 35,000 Accounts receivable 75,000 53,000 Inventories 120,000 132,000 Prepaid expenses 19,000 25,000 Investments 100,000 75,000 Plant assets 325,000 250,000 Accumulated depreciation (65,000) (60,000) Total $615,000 $510,000 ...

Other / Other 08 Apr 2016

Minimization of duplicate functions 1. Your textbook reports that the General Electric Company 's management control system gathers and reports information for management control at various levels. For each of the following levels list examples of the information needed: a. Total-organization level b. Customer/market level c. Individual-facility level d. Individual-activity level 2. For each of the following activities, chara ...

Other / Other 08 Apr 2016

Prepare a short memorandum to the president indicating whether you believe 1 (Communication) You are the accountant for a small manufacturing firm. Your company is privately held, so there is no current requirement to issue financial statements using GAAP. You were hired four years ago, and at that time you instituted a cash budgeting system. Presently, you present a schedule of predicted cash sources and cash needs at the end of each ...

Other / Other 08 Apr 2016

Motivation is the desire to attain a selected goal combined TRUE/FALSE 1. The goal of a management control system is to improve the collective decisions in an organization in an economically feasible way. 2. Management control systems reflect only financial data. 3. Information in a management control system report at the individual-facility level would include information on employee absenteeism. 4. Presenting ...

Other / Other 08 Apr 2016

Determine the operating income for each division 1. The Mill Flow Company has two divisions. The Cutting Division prepares timber at its sawmills. The Assembly Division prepares the cut lumber into finished wood for the furniture industry. No inventories exist in either division at the beginning of 20x3. During the year, the Cutting Division prepared 60,000 cords of wood at a cost of $660,000. All the lumber was transferred to the ...

Other / Other 08 Apr 2016

Compute the operating income for the Olive Oil 1. Better Food Company recently acquired an olive oil processing company that has an annual capacity of 2,000,000 liters and that processed and sold 1,400,000 liters last year at a market price of $4 per liter. The purpose of the acquisition was to furnish oil for the Cooking Division. The Cooking Division needs 800,000 liters of oil per year. It has been purchasing oil from suppliers at ...

Other / Other 08 Apr 2016

Issuance of preferred stock for cash 1. For each of the following items, indicate by using the appropriate code letter, how the item should be reported in the statement of cash flows, using the direct method. A. Added in determining cash receipts from customers B. Deducted in determining cash receipts from customers C. Added in determining cash payments to suppliers D. Deducted in determining cash payments to suppliers E. Ca ...

Other / Other 08 Apr 2016