ACC 421 MART Education Terms/acc421mart.com ACC 421 MART Education Terms/acc421mart.com | Page 31

Mirr, Inc. was incorporated on January 1, year 1, with proceeds from
the issuance of $750,000 in stock and
borrowed funds of $110,000. During the first year of operations,
revenues from sales and consulting
amounted to $82,000, and operating costs and expenses totaled
$64,000. On December 15, Mirr declared a
$3,000 cash dividend, payable to stockholders on January 15, year 2.
No additional activities affected
owners’ equity in year 1. Mirr’s liabilities increased to $120,000 by
December 31, year 1. On Mirr’s December
31, year 1 balance sheet, total assets should be reported at
Question 14:
What is Kline's average collection period for its accounts receivable?
Question 15:
Which of the following should be disclosed in a summary of
significant accounting policies?
Question 16:
What was the inventory turnover for 2005?
Question 17:
A company acquired a building, paying a portion of the purchase price
in cash and issuing a mortgage note
payable to the seller for the balance. In a Statement of Cash Flows,
what amount is included in investing