Grant Wood Corporation’s balance sheet at the end of 2016 included the following items. Current assets (cash $82,000) $235,000 Current liabilities $150,000Land 30,000 Bonds payable 100,000Buildings 120,000 Common stock 180,000Equipment 90,000 Retained earnings 44,000Accumulated Dep – buildings (30,000) Total $474,000Accumulated dep – equipment (11,000)Patents 40,000Total $474,000The following information is available for 2017.1. Net income was $55,000.2. Equipment (cost $20,000 and accumulated depreciation $8,000) was sold for $10,000.3. Depreciation expense was $4,000 on the building and $9,000 on equipment.4. Patent amortization was $2,500.5. Current assets other than cash increased by $29,000. Current liabilities increased by $13,000.6. An addition to building was completed at a cost of $27,000.7. A long-term investment in stock was purchased for $16,000.8. Bonds payable of $50,000 were issued.9. Cash dividends of $30,000 were declared and paid.10. Treasury stock was purchased at a cost of $11,000.Instructions (show only totals for current assets and current liabilities). (a) Prepare a statement of cash flow for 2017 (b) Prepare a balance sheet at December 31, 2017.
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Business, 22.06.2019 20:50, arturocarmena10
Which of the following is an example of a monetary policy? a. the government requires credit card companies to protect customers' privacy. b. the government restricts the amount of money that banks can lend. c. the government lowers taxes and increases spending. d. the government pays for repairing damage from a natural disaster.
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Business, 23.06.2019 03:00, drainy0uandthefish
Why is the type of product sold in an industry an important characteristic? a firm that can differentiate its product from that of rivals may be able to charge a higher price for a superior product. a firm that sells intangible goods is usually considered a monopoly. service industries cannot differentiate their products, which makes it easy for new firms to enter the industry. expensive products are usually sold by perfectly competitive firms.
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Business, 23.06.2019 08:30, ashiteru123
Blake edwards has done some research and has discovered that economists believe interest rates will rise significantly over the next two years. blake believes that this will lead to fewer homes being sold and fewer jobs in the banking and mortgage industries. this is an example of influencing jobs in the future.
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Grant Wood Corporation’s balance sheet at the end of 2016 included the following items. Current asse...
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