Identify the amount that should be reported as cash from operations on the statement of cash flows for the year ended March 31, 2016.

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Answer 1

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Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 4, Problem 9CP

1.

To determine

Identify the amount that should be reported as cash from operations on the statement of cash flows for the year ended March 31, 2016.

2.

To determine

Identify the amount that should be reported on the income statement for subscriptions revenue for the year ended March 31, 2016.

3.

To determine

Identify the amount that should be reported on the March 31, 2016, balance sheet for unearned subscriptions revenue.

4.

To determine

Prepare the adjusting entry at March 31, 2016 by assuming that the subscriptions received on September 1, 2015, were recorded for the full amount in unearned subscriptions revenue.

5(a)

To determine

Evaluate the region’s performance by assuming revenue target is based on cash sales

5(b)

To determine

Evaluate the region’s performance by assuming revenue target is based on accrual accounting.

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The audited accounts of Lindsay Co. for year-end August 31, 2014 show a profit of $3,115,000 after charging the following: Depreciation 430,000 Rent 175,000 Legal fees 1,350,000 Audit fees 88,000 Donations 119,000 Bad debts 242,000 Foreign Travel 395,750 Interest payments 62,375 Other Information: Legal fees are as follows: Expenses in respect of recovery of debts, $585,000 Expenses related to the increase private share capital, $765,000 Lindsay Co. donated $65,500 to UTECH University and $53,500 to HELP, a private charity registered under the Charities Act. Bad debts are as follows: A loan of $76,130 to Derek Stan who failed to repayit. $63,017, owed by Simplicity Ltd. which was declared bankrupt. The balance is a percentage of receivables at year end which is deemed to be bad. Foreign travel expense included $268,210 for a vacation package for the marketing manager’s and his family plane tickets. The remaining amount was for a business trip to meet with potential suppliers.…

Answer 2

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Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 4, Problem 9CP

1.

To determine

Identify the amount that should be reported as cash from operations on the statement of cash flows for the year ended March 31, 2016.

2.

To determine

Identify the amount that should be reported on the income statement for subscriptions revenue for the year ended March 31, 2016.

3.

To determine

Identify the amount that should be reported on the March 31, 2016, balance sheet for unearned subscriptions revenue.

4.

To determine

Prepare the adjusting entry at March 31, 2016 by assuming that the subscriptions received on September 1, 2015, were recorded for the full amount in unearned subscriptions revenue.

5(a)

To determine

Evaluate the region’s performance by assuming revenue target is based on cash sales

5(b)

To determine

Evaluate the region’s performance by assuming revenue target is based on accrual accounting.

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Answer 3

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 4, Problem 9CP

1.

To determine

Identify the amount that should be reported as cash from operations on the statement of cash flows for the year ended March 31, 2016.

2.

To determine

Identify the amount that should be reported on the income statement for subscriptions revenue for the year ended March 31, 2016.

3.

To determine

Identify the amount that should be reported on the March 31, 2016, balance sheet for unearned subscriptions revenue.

4.

To determine

Prepare the adjusting entry at March 31, 2016 by assuming that the subscriptions received on September 1, 2015, were recorded for the full amount in unearned subscriptions revenue.

5(a)

To determine

Evaluate the region’s performance by assuming revenue target is based on cash sales

5(b)

To determine

Evaluate the region’s performance by assuming revenue target is based on accrual accounting.

Expert Solution & Answer

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Answer 4

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 4, Problem 9CP

1.

To determine

Identify the amount that should be reported as cash from operations on the statement of cash flows for the year ended March 31, 2016.

2.

To determine

Identify the amount that should be reported on the income statement for subscriptions revenue for the year ended March 31, 2016.

3.

To determine

Identify the amount that should be reported on the March 31, 2016, balance sheet for unearned subscriptions revenue.

4.

To determine

Prepare the adjusting entry at March 31, 2016 by assuming that the subscriptions received on September 1, 2015, were recorded for the full amount in unearned subscriptions revenue.

5(a)

To determine

Evaluate the region’s performance by assuming revenue target is based on cash sales

5(b)

To determine

Evaluate the region’s performance by assuming revenue target is based on accrual accounting.

Expert Solution & Answer

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Answer 5

Chapter 4, Problem 9CP

1.

To determine

Identify the amount that should be reported as cash from operations on the statement of cash flows for the year ended March 31, 2016.

2.

To determine

Identify the amount that should be reported on the income statement for subscriptions revenue for the year ended March 31, 2016.

3.

To determine

Identify the amount that should be reported on the March 31, 2016, balance sheet for unearned subscriptions revenue.

4.

To determine

Prepare the adjusting entry at March 31, 2016 by assuming that the subscriptions received on September 1, 2015, were recorded for the full amount in unearned subscriptions revenue.

5(a)

To determine

Evaluate the region’s performance by assuming revenue target is based on cash sales

5(b)

To determine

Evaluate the region’s performance by assuming revenue target is based on accrual accounting.

Answer 6

Chapter 4, Problem 9CP

1.

To determine

Identify the amount that should be reported as cash from operations on the statement of cash flows for the year ended March 31, 2016.

Answer 7

Chapter 4, Problem 9CP

1.

To determine

Identify the amount that should be reported as cash from operations on the statement of cash flows for the year ended March 31, 2016.

Answer 8

2.

To determine

Identify the amount that should be reported on the income statement for subscriptions revenue for the year ended March 31, 2016.

Answer 9

2.

To determine

Identify the amount that should be reported on the income statement for subscriptions revenue for the year ended March 31, 2016.

Answer 10

3.

To determine

Identify the amount that should be reported on the March 31, 2016, balance sheet for unearned subscriptions revenue.

Answer 11

3.

To determine

Identify the amount that should be reported on the March 31, 2016, balance sheet for unearned subscriptions revenue.

Answer 12

4.

To determine

Prepare the adjusting entry at March 31, 2016 by assuming that the subscriptions received on September 1, 2015, were recorded for the full amount in unearned subscriptions revenue.

Answer 13

4.

To determine

Prepare the adjusting entry at March 31, 2016 by assuming that the subscriptions received on September 1, 2015, were recorded for the full amount in unearned subscriptions revenue.

Answer 14

5(a)

To determine

Evaluate the region’s performance by assuming revenue target is based on cash sales

Answer 15

5(a)

To determine

Evaluate the region’s performance by assuming revenue target is based on cash sales

Answer 16

5(b)

To determine

Evaluate the region’s performance by assuming revenue target is based on accrual accounting.

Answer 17

5(b)

To determine

Evaluate the region’s performance by assuming revenue target is based on accrual accounting.

Answer 18

Expert Solution & Answer

Answer 19

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Answer 20

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Answer 21

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Identify the amount that should be reported as cash from operations on the statement of cash flows for the year ended March 31, 2016.

Identify the amount that should be reported as cash from operations on the statement of cash flows for the year ended March 31, 2016.

Identify the amount that should be reported on the income statement for subscriptions revenue for the year ended March 31, 2016.

Identify the amount that should be reported on the March 31, 2016, balance sheet for unearned subscriptions revenue.

Prepare the adjusting entry at March 31, 2016 by assuming that the subscriptions received on September 1, 2015, were recorded for the full amount in unearned subscriptions revenue.

Evaluate the region’s performance by assuming revenue target is based on cash sales

Evaluate the region’s performance by assuming revenue target is based on accrual accounting.

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