acc homework 494880
Problem 1:
The 2012 accounting records of Liz Ten Transport reveal the following transactions and events. Prepare the cash flows from operating activities section using the direct method. (Not all of the items will be used.)
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$10,000 |
Collection of accounts receivable |
$182,000 |
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Cash sales |
48,000 |
Payment of salaries and wages |
53,000 |
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Receipt of dividend revenue |
18,000 |
Depreciation expense |
16,000 |
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Payment of income taxes |
12,000 |
Proceeds from sale of vehicles |
12,000 |
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Net income |
38,000 |
Purchase of equipment for cash |
22,000 |
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Payment of accounts payable for merchandising |
115,000 |
Payment of dividends |
14,000 |
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Payment for land |
74,000 |
Payment of operating expenses |
28,000 |
Problem 2:
An inexperienced accountant for Nerys Corporation showed the following in the income statement: income before income taxes and extraordinary item $400,000, and extraordinary loss from flood (before taxes) $70,000. The extraordinary loss and taxable income are both subject to a 30% tax rate. Prepare a correct income statement.
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