1. A used machine with a purchase price of $33,533, requiring an overhaul costing $8,904, installation costs of $5,946, and special acquisition fees of $12,831,

1. A used machine with a purchase price of $33,533, requiring an overhaul costing $8,904, installation costs of $5,946, and special acquisition fees of $12,831, would have a cost basis of 2. Assume that three identical units of merchandise were purchased during October, as follows: Units Cost October 5 Purchase 1 $5 12 Purchase 1 13 28 Purchase 1 15 Total 3 $33 Assume one unit is sold on October 31 for $28. Determine cost of goods sold, gross profit, and ending inventory under the average cost method. October 31 Sales $fill in the blank 1 Cost of Goods Sold fill in the blank 2 Gross Profit $fill in the blank 3 Ending Inventory $fill in the blank 4 3. What is the total stockholders’ equity based on the following account balances? Common Stock $375,000 Paid-In Capital in Excess of Par 90,000 Retained Earnings 190,000 Treasury Stock 15,000 4. The net income reported on the income statement for the current year was $210,000. Depreciation recorded on equipment and a building amount to $62,500 for the year. Balances of the current asset and current liabilities accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $56,000 $59,500 Accounts receivable (net) 71,000 73,400 Inventories 140,000 126,500 Prepaid expenses 7,800 8,400 Accounts payable (merchandise creditors) 62,600 66,400 Salaries payable 9,000 8,250 Required: a. Prepare the cash flows from operating activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. CHOOSE FROM FOLLOWING for cash flow… Decrease in inventories Depreciation Increase in prepaid expenses Loss on Sale of Equipment Net income CHOOSE FROM FOLLOWING for adjustments to reconcile… Decrease in Prepaid Expenses Depreciation Increase in accounts payable Increase in accounts receivable Supplies CHOOSE FROM FOLLOWING for changes in current… Decrease in accounts receivable Decrease in accrued expenses Decrease in salaries payable Increase in accounts receivable Net income Operating Activities Section Cash flows from operating activities: $fill in the blank cb510efa5043f99_2 Adjustments to reconcile net income to net cash flow from operating activities: fill in the blank cb510efa5043f99_4 Changes in current operating assets and liabilities: fill in the blank cb510efa5043f99_6 fill in the blank cb510efa5043f99_8 fill in the blank cb510efa5043f99_10 fill in the blank cb510efa5043f99_12 fill in the blank cb510efa5043f99_14 Net cash flow from operating activities $fill in the blank cb510efa5043f99_15 b. If the direct method had been used, would the net cash flow from operating activities have been the same?

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