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(23).docx
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Indicate whether each of the following activities would be reported on the statement of cash flows as 
(a) an operating activity, 
(b) an investing activity, or 
(c) a financing activity:
1. Cash received from fees earned.
2. Cash paid for expenses.
3. Cash paid for land.
4. Cash paid to owner for personal use.
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(18).docx
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Financial information related to Infra-Systems Company, a proprietorship, for the month ended November 30, 2014, is as follows:
 Net income for November $275,000
Lori Izzo’s withdrawals during November 40,000
Lori Izzo’s capital, November 1, 2014 400,000
a. Prepare a statement of owner’s equity for the month ended November 30, 2014.
b. Why is the statement of owner’s equity prepared before the November 30, 2014, balance sheet?
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(17).docx
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Based on the data presented in Exercise 1-16, identify those items that would appear on the income statement.
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(2).docx
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A fertilizer manufacturing company wants to relocate to Yellowstone County. A report from a fired researcher at the company indicates the company’s product is releasing toxic by-products. The company suppressed that report. A later report commissioned by the company shows there is no problem with the fertilizer. Should the company’s chief executive officer reveal the content of the unfavorable report in discussions with Yellowstone County representatives? Discuss.
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(1).docx
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PE 1-1A Cost concept OBJ. 2
On May 19, Integrity Repair Service extended an offer of $335,000 for land that had
been priced for sale at $363,000. On June 4, Integrity Repair Service accepted the seller’s
counteroffer of $345,000. On October 10, the land was assessed at a value of $290,000
for property tax purposes. On February 5 of the next year, Integrity Repair Service was
offered $380,000 for the land by a national retail chain. At what value should the land
be recorded in Integrity Repair ...
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(6).docx
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PR 1-6A Missing amounts from financial statements OBJ. 5
The financial statements at the end of Wolverine Realty’s first month of operations are
as follows:
Wolverine Realty
Income Statement
For the Month Ended April 30, 2014
Fees earned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (a)
Expenses:
Wages expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $300,000
Rent expens...
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(4).docx
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On October 1, 2014, Kevin Bosley established Sunrise Realty. Kevin completed the following transactions during the month of October:
a. Opened a business bank account with a deposit of $18,000 from personal funds.
b. Purchased office supplies on account, $3,200.
c. Paid creditor on account, $1,800.
d. Earned sales commissions, receiving cash, $36,750.
e. Paid rent on office and equipment for the month, $4,000.
f. Withdrew cash for personal use, $3,000.
g. Paid automobile expenses (including rent...
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(4).docx
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PR 1-4B Transactions; financial statements OBJ. 4, 5
On April 1, 2014, Maria Adams established Custom Realty. Maria completed the following
transactions during the month of April:
b. Paid rent on office and equipment for the month, $3,600.
c. Paid automobile expenses (including rental charge) for month, $1,350, and miscellaneous expenses, $600.
d. Purchased office supplies on account, $1,200.
e. Earned sales commissions, receiving cash, $19,800.
f. Paid creditor on account, $750.
g. Paid office ...
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(1).docx
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PR 1-1B Transactions OBJ. 4
Amy Austin established an insurance agency on March 1 of the current year and completed
the following transactions during March:
a. Opened a business bank account with a deposit of $50,000 from personal funds.
b. Purchased supplies on account, $4,000.
c. Paid creditors on account, $2,300.
d. Received cash from fees earned on insurance commissions, $13,800.
e. Paid rent on office and equipment for the month, $5,000.
f. Paid automobile expenses for month, $1,150, and mi...
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(4).docx
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By satisfying certain specific requirements, accountants may become certified as public
accountants (CPAs), management accountants (CMAs), or internal auditors (CIAs). Find
the certification requirements for one of these accounting groups by accessing the appropriate Internet site listed below.
Site Description
 This site lists the address and/or Internet link for each state’s board of
accountancy. Find your state’s requirements.
 This site lists the requirements for becoming a CMA.
 This si...
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