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Graded project from penn foster 06168900 answers

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Question;1. The following information was made available from the;income;statement and balance sheet of Lauren Company.;Item;31-12-2010;31-12-2009;Increase (Decrease);Accounts Receivable;$53,400;$58,600;($5,200);Accounts Payable;$35,600;$32,700;$2,900;Merchandise Inventory;$85,000;$79,000;$6,000;Sales (2010);$2,43,000;Interest Revenue (2010);$5,600;Dividend Revenue (2010);$1,200;Tax Expense (2010);$12,300;Salaries Expense (2010);$28,000;COGS (2010);$65,000;Interest Expense (2010);$3,600;Operating Expenses;$28,500;Complete the;cash flow from operating activities section for;Lauren;Company using the direct method for the year ended;December 31, 2010.2 Jill?s;Bikes;Comparative Balance Sheet;For;Years Ended December 31, 2011 and 2010Part B: Answer each of the following questions. Each;answer is;worth 4 points.;1.;Record the following transactions using the accounting;equation.;Example;Assets;= Liabilities + Equity;XXXX(cash);XXXX(accounts payable);A.;Amanda invests $17,000 cash into her merchandising;business.;B.;She buys $6,500 of office equipment and $3,000 of office;supplies;with cash from Office Depot.;C.;Additional purchases were supplies for $35,000 on;account;from various suppliers;2. Journalize;the following transactions and omit the explana-;tions.;A. ABC;Corporation purchased $15,000 of office furniture by;putting;$7,000 down in cash and the rest on account on;April 8.;B. The;corporation paid $60,000 for a two-year lease on;April 19.;C. The;corporation had sales of $45,000, of which $35,000;were on;account on April 20.;D. The;corporation borrowed $25,000 by signing a note;payable on;April 22.;E. The;corporation paid $1,250 on one of its accounts;payable on;April 26.fOR MORE QUES REFER ATTACHMENT....

 

Paper#51810 | Written in 18-Jul-2015

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