Question 13 :
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 activities for the above transaction ?