The net income reported on the income statement for the current year was $295,000. depreciation recorded on fixed assets and amortization of patents for the year were $40,000 and $5,000, respectively. balances of current asset and current liability accounts at the end and at the beginning of the year are as follows: end beginning cash $ 50,000 $ 60,000 accounts receivable 112,000 108,000 inventories 105,000 93,000 prepaid expenses 4,500 6,500 accounts payable (merchandise creditors) 75,000 89,000 what is the net cash flow from operating activities reported on the statement of cash flows prepared by the indirect method?

Suppose someone wants to sell a piece of land for cash. the selling of a piece of land represents turning

For many years, kellogg's frosted flakes, a ready-to-eat breakfast cereal, was perceived as a cereal for children. tony the tiger, a cartoon character, extolled frosted flakes, and advertisements depicted children enjoying the product with tony in competitive situations. recently, in response to declining sales of frosted flakes, the cereal maker has adopted a new series of advertisements that show adults admitting that they enjoy frosted flakes, too. kellogg's is attempting to

Miko willingly admits that she is not an accountant by training. she is concerned that her balance sheet might not be correct. she has provided you with the following additional information. 1. the boat actually belongs to miko, not to skysong, inc.. however, because she thinks she might take customers out on the boat occasionally, she decided to list it as an asset of the company. to be consistent, she also listed as a liability of the corporation her personal loan that she took out at the bank to buy the boat. 2. the inventory was originally purchased for $27,500, but due to a surge in demand miko now thinks she could sell it for $39,600. she thought it would be best to record it at $39,600. 3. included in the accounts receivable balance is $11,000 that miko loaned to her brother 5 years ago. miko included this in the receivables of skysong, inc. so she wouldn’t forget that her brother owes her money. (b) provide a corrected balance sheet for skysong, inc.. (hint: to get the balance sheet to balance, adjust stockholders’ equity.) (list assets in order of liquidity.)