None Cullumber Corporation has collected the following information related to its December 31, 2025, balance sheet.Accounts receivable$28,000Equipment $172,500Accumulated depreciation-equipment 49,600Inventory67,000Cash11,500Supplies7,400Stock investments (long-term)2,100Goodwill5,400

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Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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please answer asap Problem No. 9 Presented below is the Assets section of AACA Corp.’s statement of financial position as of Dec. 31, 2022. Cash and cash equivalents P2,100,000 Trade and other receivables 4,200,000 Inventories 5,300,000 Other current assets 500,000 Property, plant and equipment 7,710,000 Intangible assets 2,271,000 Other non-current assets 700,000 During the course of your audit, you noted the following. Cash and cash equivalents The following were included in Cash and cash equivalents: Credit card receipts representing sales on Dec. 31, 2022, P98,900. Cryptocurrencies, P360,000. These are not held for sale in the ordinary course of business nor for investment purposes. Cash set aside for payment of income tax, P140,000. Cash surrender value of life insurance policy, P33,000. Investment in preference shares acquired on Dec. 28, 2022, P240,000. The shares are redeemable on Mar. 28, 2023. 6-month time deposit, P100,000.…
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Carmela Company, as of December 31, 2021 provided the following balances: Cash, net of a P7,000 overdraft 80,000 Receivable, net of customer credit balances totaling P6,000 30,000 Inventory (P20,000 of which are held on consignment) 60,000 Prepayments 10,000 Property, plant and equipment, net of accumulated depreciation of P15,000 90,000 Accounts payable net of debit balances in suppliers’ accounts of P3,000 45,000 Notes payable – bank, due on July 2022 25,000 Income tax payable 15,000 Total current assets reported in the December 31, 2021 balance sheet is
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The following data are taken from the income statement and balance sheet of Freeman Machinery, Inc. Dec. 31, 2018 Jan. 1, 2018 Income statement: Net Income $385,000 Depreciation Expense 135,000 Amortization of Intangible Assets 40,000 Gain on Sale of Plant Assets 90,000 Loss on Sale of Investments 35,000 Balance sheet: Accounts Receivable $335,000 $380,000 Inventory 503,000 575,000 Prepaid Expenses 22,000 13,000 Accounts Payable (to merchandise suppliers) 379,000 410,000 Accrued Expenses Payable 180,000 155,000 page 603 Using this information, prepare a partial statement of cash flows for the year ended December 31, 2018, showing the computation of net cash flows from operating activities by the indirect method.
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Qw.11.

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Cullumber Corporation has collected the following information related to its December 31, 2025, balance sheet. Accounts receivable $28,000 Equipment $172,500 Accumulated depreciation-equipment 49,600 Inventory 67,000 Cash 11,500 Supplies 7,400 Stock investments (long-term) 2,100 Goodwill 5,400