The income statement and additional data of Daily ?Plus, Inc.? follows:
|
a. |
Acquisition of plant assets is $116,000. |
|
b. |
Cash receipt from sale of land totals $21,000.There was no gain or loss. |
|
c. |
Cash receipts from issuance of common stock total $34,000. |
|
d. |
Payment of note payable is $9,000. |
|
e. |
Payment of dividends is $12,000. |
|
f. |
From the balance? sheet: |
|
September 30 |
|||
|
2018 |
2017 |
||
|
Cash |
$35,000 |
$15,000 |
|
|
Accounts Receivable |
42,000 |
51,000 |
|
|
Merchandise Inventory |
89,000 |
82,000 |
|
|
Land |
74,000 |
95,000 |
|
|
Plant Assets |
201,000 |
85,000 |
|
|
Accumulated Depreciation |
(48,000) |
(24,000) |
|
|
Accounts Payable |
36,000 |
27,000 |
|
|
Accrued Liabilities |
17,000 |
27,000 |
|
|
Notes Payable (long-term) |
10,000 |
9,000 |
|
|
Common Stock, no par |
41,000 |
7,000 |
|
|
Retained Earnings |
289,000 |
234,000 |
|
|
Daily Plus, Inc. |
||
|
Income Statement |
||
|
Year Ended September 30, 2018 |
||
|
Net Sales Revenue |
$237,000 |
|
|
Cost of Goods Sold |
92,000 |
|
|
Gross Profit |
145,000 |
|
|
Operating Expenses: |
||
|
Salaries Expense |
$50,000 |
|
|
Depreciation Expense—Plant Assets |
24,000 |
|
|
Total Operating Expenses |
74,000 |
|
|
Net Income Before Income Taxes |
71,000 |
|
|
Income Tax Expense |
4,000 |
|
|
Net Income |
$67,000 |
|
Prepare Daily ?Plus's statement of cash flows for the year ended September ?30, 2018?, using the indirect method. Include a separate section for? non-cash investing and financing activities.
Complete the statement one section at a? time, beginning with the cash flows from operating activities. ?(Use parentheses or a minus sign for numbers to be subtracted. If a box is not used in the? statement, leave the box? empty; do not select a label or enter a? zero.)
Daily Plus, Inc.
Statement of Cash Flows
Year Ended September 30, 2018
Cash Flows from Operating Activities: ____________
Net Income
Adjustments to Reconcile Net Income to Net Cash
Provided by (Used for) Operating Activities:
BUNCH OF BLANKS
Net Cash Provided by (Used for) Operating Activities __________
Cash Flows from Investing Activities:
BUNCH OF BLANKS
Net Cash Provided by (Used for) Investing Activities __________
Cash Flows from Financing Activities:
BUNCH OF BLANKS
Net Cash Provided by (Used for) Financing Activities ___________
Net Increase (Decrease) in Cash ___________
Cash Balance, September 30, 2017 ___________
Cash Balance, September 30, 2018 ___________
Non-cash Investing and Financing Activities:
TWO LINES OF BLANKS
Total Non-cash Investing and Financing Activities ___________
In: Accounting
Which of the following best describes the primary key?
Select one:
a. It's the encryption key that gets exchanged first with another party.
b. It's the password that needs to be entered to open the database.
c. It's the first item that is entered into the database on a screen.
d. It's a field that uniquely identifies the record.
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Also add the apa style citation below
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Identify at least 4-6 indicators that show why the Veterans Population is vulnerable to the condition (Suicide in Veterans)
Provide at least three citations.
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Objective: Knowledge of the FASB Codification and to practice communicating the results of the research in “clear, complete and professional” manner.
Scenario: You have been examining the books of a new client. Included on their previously unaudited financial statements was a balance of $299,032 for a long-term Patent as of 12/31/2016. When examining the ledger, you found these entries, in addition to the “acquisition” entry of $274,982:
• Legal costs incurred in the preparation of the application for the patent: $6,450 during 2016
• Leal costs incurred in successfully defending the validity of the patent: $17,600 during 2017
There have been no amortization expenses reported for the patent. In discussions with the president of the firm, you learned that this patent was developed by an employee specifically hired to work on the development of the president’s initial concept for the product. After 3 years of work, the patent was granted at the end of 2016. The patented product has resulted in a 50% increase in sales from 12/31/2016 to 12/31/2018. The president expects the product to continue being very marketable over the company’s 3 year strategic plan from 2017 through 2020.
Instructions: As the outside auditor for the company, prepare a memo as of 12/31/2018 to the president of the company discussing: 1. The GAAP rules governing the accounting of patents, using appropriate citations from the codification. (Provide the appropriate references to the FASB Codification. Do NOT copy and paste the codification sections.) 2. The previous mistakes in accounting for the patent. Suggest correcting journal entries, if appropriate.
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A compound with the empirical formula of CH4O and a molar mass of 32 g/mol has a molecular formula of:
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