157_70670_practice_cash_flows

157_70670_practice_cash_flows - The following data is for...

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The following data is for Bella Corporation : Balance Balance 12/31/07 12/31/08 Cash 15,000 45,000 Accounts Receivable 40,000 65,000 Allowance for Doubtful Accounts 5,000 10,000 Inventory 50,000 70,000 Equipment 200,000 250,000 Accumulated Depreciation 20,000 30,000 Land 60,000 Security Deposit 10,000 Accounts Payable 40,000 64,000 Wages Payable 10,000 6,000 Note Payable 100,000 80,000 Common Stock ($1 each) 50,000 110,000 Retained Earnings 80,000 200,000 Sales 1,000,000 Cost of Goods Sold 500,000 Wage Expense 200,000 Rent Expense 36,000 Office Expenses 26,000 Depreciation Expense 10,000 Bad Debt Expense 10,000 Interest Expense 8,000 Income Tax Expense 60,000 The land was acquired on September 1, 2008 by exchanging 30,000 shares of common stock worth $30,000 and cash for the balance of the purchase price. The additional common stock (other than that issued for the purchase of the land) was sold on April 30, 2008 for $1 per share. All equipment purchased during the year was purchased for cash. The retained earnings balance for both years is
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157_70670_practice_cash_flows - The following data is for...

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