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Book3 - Matthew Caban 23-Jan-08 Cost Classification...

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Matthew Caban 23-Jan-08 Cost Classification Exercises 1 MacClenny Manufacturing Company Income Statement Sales 12600 Cost of Goods Sold Begininng FG Inv 0 Cost of Goods Manufactured 8000 Goods Available for Sale 8000 Ending finished goods inventory -2400 5600 Gross Margin 7000 Selling & Administrative Expenses 4000 Net Income 3000 MacClenny Manufacturing Company Statement of Cash Flows Net Income 3,000 Adjustments to reconcile NI to net cash Operating activities Increase in Inventory -2400 Net Cash Provided by Operating Activities -2400 Financing Activities Investment in MacClenny 12,000 Net Cash Provided by Financing Activities 12,000 Net Cash 12,600 MacClenny Mfg Co. Balance Sheet A = L + E Cash 12,600 RE 15000 Inv 2,400 total assets total liabilities & Equity 15,000 15,000
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b MacClenny Manufacturing Company Income Statement Sales 12600 Cost of Goods Sold Begininng FG Inv 0 Cost of Goods Manufactured 12,000 Goods Available for Sale 12,000 Ending finished goods inventory -3600 8400 Gross Margin 4200
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