ORIE 3150 Quiz _7 answers

ORIE 3150 Quiz _7 answers - ORIE 3150 Name(please print...

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ORIE 3150 Name (please print)_____________________________________ Quiz #7 Open Notes and Book 1. Prepare the complete statement of cash flows using the indirect method and the following information for Todd Palin Corporation for the year ended Dec. 31, 2008. Net Income was $240,000 Accounts Receivable decreased by $50,000 Accounts Payable decreased $20,000 No dividends were paid. Depreciation Expense was $200,000 Common Stock increased by $130,000 Inventory decreased by $20,000 Cash, January 1, 2008 was $120,000 Equipment with a book value of $40,000 was sold for $60,000 cash.
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2. Consider the Jackson Sauna and Spa Company. They had total sales, both cash and on account, of $500,000 in October. The accounts receivable account had a debit balance of $50,000 at the beginning of the month and a debit balance of $95,000 at the end of the month. The inventory was $120,000 at the beginning of the month, and $90,000 at the end of the month. Depreciation expense totaled $12,000 for the month. The cost of
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ORIE 3150 Quiz _7 answers - ORIE 3150 Name(please print...

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