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8. (TCO F) Amazing Glory, Inc. recognized a net in...

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8. (TCO F) Amazing Glory, Inc. recognized a net income of $55,000 including $8,000 in depreciation expense. Additional changes from the balance sheet are as follows. Accounts Receivable $1,200 decrease Prepaid Expenses $600 decrease Inventory $14,600 increase Accrued Liabilities $1,000 decrease Accounts Payable $2,100 increase Compute the net cash from operating activities based on the above information. (Points : 5) $60,000 $36,100 $71,700 $51,300 9. (TCO G) Which of the following events that occurred after the balance sheet date but before issuance of the financial statements would require adjustment of the accounts before issuance of the financial statements? (Points : 5) Loss on a lawsuit, the outcome of which was deemed uncertain at year end Loss of plant as a result of fire Loss on an uncollectible account receivable resulting from a customer?s major flood loss Changes in the quoted market prices of securities held as an investment

 

Paper#4297 | Written in 18-Jul-2015

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