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?