The following transactions apply to the Garber Corporation for Year 1, its first year in business.1) Issued stock to investors, $48,000.2) The company borrowed $42,000 cash from the bank.3) Services were provided to customers and $50,000 cash was received.4) The company acquired land for $44,000.5) The company paid $34,000 rent for the building where it does its business.6) The company paid $3,200 for supplies that were used during the period.7) The company sold the land acquired in item 5 for $44,000.8) A dividend of $1,000 was paid to the owners.9) Repaid $20,000 of the loan described in item 2.Required: a. Prepare an income statement, statement of changes in equity, and balance sheet for Year 1. b. Prepare a statement of cash flows for Year 1.
What will be an ideal response?
a.
b.
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Why is depreciation expense added back to net income in the operating section of the indirect cash flow statement?
a. Depreciation expense represents cash outflows for a firm. b. Depreciation expense represents cash inflows for a firm. c. Depreciation expense represents a noncash expense that must be moved to the investing section of the cash flow statement. d. Depreciation expense represents a noncash expense that must be added to net income to cancel its affect within the net income calculation. e. Depreciation expense represents a cash expense that must be added to net income to cancel its affect within the net income calculation.
As a presentation strategy, which of the following makes the most sense for XFormation sales representatives to follow?
A) Understand all the training products they sell and how to customize a package for the customer. B) Examine how they can add value for customers so the customers will continue to contract with XFormation on a long-term basis. C) Rehearse the standardized presentation so extensively that it is smooth and flawless, and any prospect would buy from the salesperson. D) Give a presentation to the customer after planning out the objectives carefully ahead of time. E) Understand the customer's needs and what and how they need to buy.
The use of e-learning alongside more traditional forms of more interactive content delivery, such as classroom-based learning, is often referred to as which of the following:
a. mixed learning b. integrated learning c. participative learning d. blended learning
Pickrel Corporation is an oil well service company that measures its output by the number of wells serviced. The company has provided the following fixed and variable cost estimates that it uses for budgeting purposes. Fixed Element per Month Variable Element per Well ServicedRevenue $5,500Employee salaries and wages$53,700 $1,300Servicing materials $600Other expenses$34,400 When the company prepared its planning budget at the beginning of November, it assumed that 27 wells would have been serviced. However, 31 wells were actually serviced during November.The amount shown for total expenses in the planning budget for November would have been closest to:
A. $146,200 B. $147,000 C. $127,335 D. $139,400