Use the Following Financial Statements and Additional Information to (1)prepare

question 107

Essay

Use the following financial statements and additional information to (1)prepare a complete statement of cash flows for the year ended December 31,2013.The cash provided or used by operating activities should be reported using the direct method,and (2)compute the company's cash flow on total assets ratio for 2013.
Additional Information
a.A $20,000 note payable is retired at its carrying value in exchange for cash.
b.The only changes affecting retained earnings are net income and cash dividends paid.
c.New equipment is acquired for $120,000 cash.
d.Received cash for the sale of equipment that had cost $85,000,yielding a gain of $4,700.
e.Prepaid expenses relate to Other Expenses on the income statement.
f.All purchases and sales of merchandise inventory are on credit.

Identify the characteristics that distinguish goods, services, and ideas in a marketing context and understand how they are marketed to meet consumer needs.

Understand the concept and implications of anticipatory breach in contract law.

Identify and interpret the remedies available for breach of contract.

Analyze the role of specific performance as a judicial remedy and its distinction from monetary damages.

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Definitions:

Dissociation

A psychological condition in which there is a disconnection or lack of continuity between thoughts, memories, surroundings, actions, and identity.

Divided Consciousness

A theory in psychology in which the mind splits into different levels of awareness, especially noted during multitasking or hypnosis.

Role-Playing

The act of assuming a role or character different from oneself, often used as a learning tool or in gaming.

Experiment Under Way

An experiment under way indicates a study or research project that has been initiated and is currently in progress, often to test hypotheses or explore new theories.