Week 2 class 2

Week 2 class 2 - Week 2 class 2 (15 min.) E 7-7 INCOME...

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Week 2 class 2 (15 min.) E 7-7 INCOME STATEMENT Expenses: Amortization expense — building [($100,000 + $150,000 + $75,000) – $100,000] / 25……………… $ 9,000 Amortization expense — copiers and fixtures ($150,000 2/3)………………………………………. . 100,000 Supplies expense ($10,000 – $1,500)……………………………………. 8,500 BALANCE SHEET Current assets: Supplies………………………………………………. $ 1,500 Capital assets: Building ($100,000 + $150,000 + $75,000). $325,000 Less Accumulated amortization………. . (9,000) $316,000 Copiers and fixtures……………………. $ 150,000 Less Accumulated amortization………. . (100,000) 50,000 CASH FLOW STATEMENT Cash flows from investing activities: Purchase of building ($100,000 + $75,000)…. $(175,000) Purchase of copiers and fixtures…………… (150,000)
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(15-20 min.) E 7-15 Req. 1 Goodwill can also be described as “Purchase Price in Excess of Net Assets of Businesses Acquired.” Req. 2
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This note was uploaded on 10/18/2010 for the course ACF ACC220 taught by Professor Fiona during the Spring '08 term at Seneca.

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Week 2 class 2 - Week 2 class 2 (15 min.) E 7-7 INCOME...

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