Durrand Corporation’s accumulated depreciation increased by $12,000, while patents decreased by $2,200 between consecutive balance sheet dates. There were no purchases or sales of depreciable or intangible assets during the year. In addition, the income statement showed a gain of $4,300 from sale of land. Reconcile a net income of $65,000 to net cash flow from operating activities.
What will be an ideal response?
| Net income | $65,000 | |
| Adjustments to reconcile net income to net cash flow from operating activities: | ||
| Depreciation | 12,000 | |
| Amortization | 2,200 | |
| Gain from sale of land | (4,300) | |
| Net cash flow from operating activities | ? | $74,900 |
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The International Federation of Accountants says:"IT has grown (and will continue to grow) in importance at such a rapid pace and with such far reaching effects that it can no longer be considered a discipline peripheral to accounting. Rather, professional accounting has merged and developed with IT to such an extent that one can hardly conceive of accounting independent from IT."In your opinion, why is accounting now interdependent with IT?
What will be an ideal response?
In general, only the ______ can bring a federal suit alleging a pattern or practice of discrimination.
A. governor of the state B. office of compliance C. attorney general D. police
Bonds affect the percentage of ownership of a corporation
Indicate whether the statement is true or false
Hsu, Inc. sells a single product for $12. Variable costs are $8 per unit and fixed costs total $360,000 at a volume level of 60,000 units. Assuming that fixed costs do not change, Hsu's break-even point would be:
A. 90,000 units. B. 45,000 units. C. 30,000 units. D. negative because the company loses $2 on every unit sold. E. a positive amount other than the specific amounts given.