Use the following information for questions.
Harlan Mining Co.has recently decided to go public and has hired you as an independent CPA.One statement that the enterprise is anxious to have prepared is a statement of cash flows.Financial statements of Harlan Mining Co.for 2011 and 2010 are provided below.
The following additional data were provided:
-The net cash provided by operating activities is
Definitions:
Opportunity Cost
The forfeiture of potential benefits from other options by selecting a specific one.
Fixed Costs
Business expenses that remain constant regardless of the level of production or sales activities, such as rent, salaries, and insurance.
Variable Costs
Costs that change in proportion to the level of goods or services a company produces.
Sunk Costs
Costs that have already been incurred and cannot be recovered, and thus should not affect future economic decisions.
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