A Comparative Balance Sheet for Austin Corporation Is Presented Below

question 112

Essay

A comparative balance sheet for Austin Corporation is presented below: $\begin{array}{|l|r|r|}\hline & \underline{20 X 7} & \underline{20 X 6} \\\hline \text { Assets } & & \\\hline \text { Cash } & \$ 39,000 & \$ 31,000 \\\hline \text { Trade receivables (net) } & 73,000 & 60,000 \\\hline \text { Prepaid insurance } & 19,000 & 17,000 \\\hline \text { Land } & 18,000 & 40,000 \\\hline \text { Equipment } & 70,000 & 60,000 \\\hline \text { Accumulated depreciation } & (20,000 & (13,000 \\\hline \text { Total assets } & \$ 199,000 & \$ 195,000 \\\hline \text { Liabilities and Shareholders' Equity } & & \\\hline \text { Trade payables } & \$ 11,000 & \$ 6,000 \\\hline \text { Bonds payable } & 27,000 & 19,000 \\\hline \text { Common shares } & 140,000 & 115,000 \\\hline \text { Retained earnings } & 21,000 & \underline{55,000} \\\hline \text { Total liabilities and shareholders' equity } & \$ 199,000 & \$ 195,000 \\\hline\end{array}$ Additional information for 20X7:
1. Net loss for 20X7 is $25,000.
2. Cash dividends of $9,000 were declared and paid in 20X7 .
3. Land was sold for cash at a loss of $10,000. This was the only land transaction during the year .
4. Equipment with a cost of $15,000 and accumulated depreciation of $10,000 was sold for $5,000 cash.
5. $12, 000 of bonds were retired during the year at their carrying amount.
6. Equipment was acquired for common shares. The fair value of the shares at the time of the exchange was $25,000. Prepare a cash ?ow statement for the year ended 20X7, using the indirect method.

Analyze the reactivity of compounds based on their functional groups and predict reaction outcomes.

Understand the principles of asymmetric induction and its applications in synthesis.

Recognize the role and effect of catalysts in hydrogenation reactions.

Determine the molecular formulas of organic compounds based on reaction stoichiometry.

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Definitions:

World Bank

An international financial institution that provides loans and grants to the governments of poorer countries for the purpose of pursuing capital projects aimed at reducing poverty.

Economic Development Institution

Organizations, either governmental or non-governmental, focused on promoting economic development and growth by providing support, resources, and policies to stimulate economic activities.

Output Per Capita

A measure of productivity per person, typically calculated as total output divided by the population size.

Enrolment Rate

The percentage of individuals who are registered or enrolled in an educational institution relative to the eligible population.