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Nitella [24]
3 years ago
12

The balance sheet data of Corinne Company at the end of 2025 and 2024 follow: 2025 2024 Cash $50 $70 Accounts receivable (net) 3

20 270 Buildings and equipment 200 150 Accumulated depreciation - buildings and equipment (36) (16) Land 180 80 Totals $714 $554 Accounts payable $180 $146 Notes payable - bank, long-term 0 80 Mortgage payable 60 0 Common stock, $10 par 418 318 Retained earnings 56 10 Totals $714 $554 Land worth $100 was acquired in exchange for common stock, par $100, during the year; all equipment purchased was with cash. Equipment costing $10 was sold for $12; book value of the equipment was $8. Cash dividends of $20 were charged to retained earnings and paid during the year; the transfer of net income to retained earnings was the only other entry in the Retained Earnings account. In the statement of cash flows for the year ended December 31, 2025, the net cash provided (used) by investing activities was:
Business
1 answer:
dezoksy [38]3 years ago
5 0

Answer:

Corinne Company

Investing Activities Section of the Statement of Cash Flows:

Equipment sales         $12

Equipment bought   ($58)

Net cash used          ($46)

Explanation:

a) Data and Calculations:

Balance Sheet of Corinne company at the end of 2025 and 2024:

                                                 2025        2024

Cash                                           $50          $70

Accounts receivable (net)         320          270

Buildings and equipment         200           150

Accumulated depreciation

- buildings and equipment      (36)            (16)

Land                                          180              80

Totals                                      $714         $554

Accounts payable                  $180          $146

Notes payable- bank long term  0             80

Mortgage payable                     60               0

Common stock, $10 par           418            318

Retained earnings                     56              10

Totals                                      $714         $554

b) other information:

Land and Common Stock exchange

Equipment sold for $12 (cost $10 and book value $8)

Cash dividends $20

c) Equipment account

Beginning balance 150

Equipment sold        -8

Balance                   142

Closing balance    200

Purchase of new     58 (200 - 142)

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mars1129 [50]

Answer:

The profit margin controllable by the Central Valley segment manager is:  $ 95,000.

Explanation:

Only items directly controllable by the Manager should be included in the divisional financial performance measure.

<u>Central Valley Division</u>

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3 0
3 years ago
A common type of partnership that involves a managing partner and a financial partner is known as a(n):________
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A general partnership is a partnership when all partners share in the profits, managerial responsibilities, and liability for debts equally.

<h3>What is general partnership?</h3>

A general partnership, the most basic type of partnership under common law, is an organization of people or an unincorporated company that has the following major characteristics: Agreement, proof of existence, and estoppel must all be used to create it.

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Unless otherwise stated in the agreement, all partners in a general partnership have equal standing and the authority to participate in the management of the business. When a decision must be made, each partner is usually given one equal vote.

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7 0
1 year ago
The technique by which performers create music on the spot is known as:
lora16 [44]
It is known as improvisation.
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4 years ago
Use information from the Washington Post article "Why We've Been Hugely Underestimating the Overfishing of the Oceans" to determ
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Answer:

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Answer:

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