The three accounts shown below appear in the general ledger of Chaudry Corp. during 2014 (A+ Guaranteed)

Exercise 13-6

The three accounts shown below appear in the general ledger of Chaudry Corp. during 2014.

Equipment
Date
Debit
Credit
Balance
Jan. 1 Balance 160,000
July 31 Purchase of equipment 70,000 230,000
Sept. 2 Cost of equipment constructed 53,000 283,000
Nov. 10 Cost of equipment sold 49,000 234,000
Accumulated Depreciation—Equipment
Date
Debit
Credit
Balance
Jan. 1 Balance 71,000
Nov. 10 Accumulated depreciation on equipment sold 28,000 43,000
Dec. 31 Depreciation for year 23,000 66,000
Retained Earnings
Date
Debit
Credit
Balance
Jan. 1 Balance 105,000
Aug. 23 Dividends (cash) 17,000 88,000
Dec. 31 Net income 67,000 155,000

From the postings in the accounts, indicate how the information is reported on a statement of cash flows using the indirect method. The loss on disposal of plant assets was $5,000. (Hint: Cost of equipment constructed is reported in the investing activities section as a decrease in cash of $53,000.) (Show amounts that decrease cash flow with either a – sign e.g. -15,000 or in parenthesis e.g. (15,000).)

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Bracewell Company reported net income of $195,000 for 2014 (A+ Guaranteed)

Exercise 13-4 Bracewell Company reported net income of $195,000 for 2014. Bracewell also reported depreciation expense of $40,000 and a gain of $5,000 on disposal of plant assets. The comparative balance sheet shows an increase in accounts receivable of $15,000 for the year, a $17,000 increase in accounts payable, and a $4,000 decrease in prepaid expenses.

Prepare the operating activities section of the statement of cash flows for 2014. Use the indirect method. (Show amounts that decrease cash flow with either a – sign e.g. -15,000 or in parenthesis e.g. (15,000).)

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Tim Latimer Corporation had the following transactions (A+ Guaranteed)

Exercise 13-3 Tim Latimer Corporation had the following transactions.

1.           Sold land (cost $12,000) for $10,000.
2.           Issued common stock at par value for $22,000.
3.           Recorded depreciation on buildings for $14,000.
4.           Paid salaries of $7,000.
5.           Issued 1,000 shares of $1 par value common stock for equipment worth $9,000.
6.           Sold equipment (cost $10,000, accumulated depreciation $8,000) for $3,200.

For each transaction above, prepare the journal entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

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Bruce Industries manufactures 200,000 components per year (A+ Guaranteed)

Bruce Industries manufactures 200,000 components per year. The manufacturing cost of the components was determined as follows:

Direct materials $200,000

Direct labor 320,000

Variable manufacturing overhead 120,000

Fixed manufacturing overhead 160,000

An outside supplier has offered to sell the component for $3.40. If Bruce purchases the component from the outside supplier, the manufacturing facilities would be unused and could be rented out for $20,000.

Requirements:

-If Bruce purchases the component from the supplier in-stead of manufacturing it, the effect on income would be

-What is the maximum price Bruce would be willing to pay the outside supplier?

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Serber, Inc., which uses a volume-based cost system, produces cat condos that sell for $180 each (A+ Guaranteed)

Serber, Inc., which uses a volume-based cost system, produces cat condos that sell for $180 each. Direct materials cost $24 per unit, and direct labor costs $13 per unit. Manufacturing overhead is applied at a rate of 130% of direct labor cost. Nonmanufacturing costs are $31 per unit. What is the gross profit margin for the cat condos?

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Prepare balance sheet in report form from the following data for Kooper Co (A+ Guaranteed)

Prepare balance sheet in report form from the following data for Kooper Co., taken from the ledger after adjustment on December 31, 2010 the end of the fiscal year. Accounts Payable $ 97,200 Accounts Receivable 64,300 Accumulated Depreciation – Office Equipment 72,750 Accumulated Depreciation – Store Equipment 162,100 Administrative Expenses 56,500 Maeve Kooper, Capital 81,750 Cash 53,000 Cost of Merchandise Sold 121,700 Maeve Kooper, Drawing 52,000 Interest Expense 12,000 Merchandise Inventory 93,250 Note Payable, Due 2012 154,000 Office Equipment 149,750 Prepaid Insurance 6,500 Rent Revenue 17,500 Salaries Payable 28,700 Sales (net) 365,500 Selling Expenses 41,500 Store Equipment 325,000 Supplies 4,000

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Leiker Corporation has these accounts at December 31 (A+ Guaranteed)

Leiker Corporation has these accounts at December 31: Common Stock, $11 par, 4,610 shares issued, $50,710; Paid-in Capital in Excess of Par Value $18,970; Retained Earnings $52,370; and Treasury Stock, 410 shares, $9,020.

Prepare the stockholders’ equity section of the balance sheet

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Deane Corporation has 10,000 shares of $15 par value common (A+ Guaranteed)

Deane Corporation has 10,000 shares of $15 par value common stock outstanding when it announces a 3-for-1 split. Before the split, the stock had a market price of $120 per share. After the split, how many shares of stock will be outstanding, and what will be the approximate market price per share? what is Outstanding share?what is Market price per share $

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IFRS AND U.S. GAAP measurement of assets (A+ Guaranteed)

In a word doucment original work of 1200 word count please.

There are many differences with the measurement of assets between IFRS and U.S. GAAP. For each of the following topics, please describe how it would be handled with both sets of standards, and provide a minimum of 2 examples of issues surrounding the first time adoption of IRFS

Inventories (IAS 2)

Expense recognition

Restructuring

Cost included in inventory

Property, plant and equipment (IAS 16)

Cost elements

Cost measurements

Depreciation (component)

Investments (IAS 40)

Fair value model (FVM) versus cost model

Borrowing costs (IAS 23)

Intangible costs (IAS 38)

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South Pole Novelties sells ice cream bars from a kiosk near campus (A+ Guaranteed)

South Pole Novelties sells ice cream bars from a kiosk near campus. Fixed costs are $260 per week and the variable cost is $.50 per ice cream bar. Complete the following table for the levels of ice cream bars sold. (Round your cost per bar answers to 2 decimal places. Omit the “$” sign in your response.)

  Number of ice cream bars 430 930 1,200
  Total fixed cost $ $ $
  Fixed cost per bar
  Total variable cost
  Variable cost per bar
  Total cost
  Total cost per bar

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