M351 Final Exam Coverage Spring 2011

M351 Final Exam Coverage Spring 2011 - b Prepare a journal...

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M351 Final Exam Coverage Spring 2011 Taxes—Chapter 19 1. Using data, find Taxable Income starting from Income Before Taxes or, using data, find Income Before Taxes starting with Taxable Income. 2. Make tax journal entry. 3. Prepare the bottom of the income statement including taxes. 4. Calculate the effective tax rate from Permanent Differences items. Changes and Errors—Chapter 22 1. Complete the “write over” portion of a three-period error correction problem. 2. Enter the necessary journal entry in the current period on the three-period error correction problem. 3. For four or five “small” error problems: a. Prepare a journal entry to fix the error in the error period.
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Unformatted text preview: b. Prepare a journal entry to fix the error in the subsequent period including tax and retained earnings effects. Statement of Cash Flows—Chapter 23 1. Prepare in good form a complete statement of cash flows using the indirect method for cash flows from operations. You will be provided two balance sheets, one income statement and some explanatory information for investment and financing transactions. 2. Calculate Cash Collected From Customers using A/R, Bad Debt Expense, Write Offs, Allowance for Doubtful Accounts, and Credit Sales. 3. Calculate Cash Used to Pay Providers of Merchandise using A/P, COGS, Inventory, Credit Purchases...
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