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The comparative balance sheets of ConnieJo Company, for Years 1 and 2 ended December 31, appear below in condensed form. The income statement for the current year is as follows:
Additional data for the current year are as follows:
(a)Fully depreciated equipment costing $39,000 was scrapped, no salvage, and equipment was purchased for $157,000.
(b)Bonds payable for $100,000 were retired by payment at their face amount.
(c)5,000 shares of common stock were issued at $15 for cash.
(d)Cash dividends declared were paid, $28,000.
(e)All sales are on account.Prepare a statement of cash flows using the direct method of reporting cash flows from operating activities.
Direct Labor Cost
The total cost of wages paid to employees who are directly involved in the production of goods or services.
Direct Labor-Hours
The number of hours spent by workers who are directly involved in the production process.
Budgeted Cost
An estimate of the financial expenditure for a project, department, or company over a specific period.
Direct Labor Budget
An estimate of the total labor cost and time required for the production process over a specific period.
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