Examlex
Reuse It Inc.'s activities for the year ended December 31,2016 included the following:
• Comprehensive income totaled $468,000 including $88,000 in other comprehensive income.
• Paid a cash dividend of $30,000 that was declared in 2015.
• Interest expense for the year was $14,000; the opening and closing balances in the interest payable account were $28,000 and $19,000,respectively.
• Accounts receivable increased $63,000 and accounts payable decreased $19,000 during the year.
• RII paid $51,000 cash for equipment.
• RII sold held-to-maturity investments for $36,000.The book value of the investment was $39,000.
• Depreciation expense for the year totaled $9,000.
• Suffered an impairment loss on patents of $1 0,000.
• Declared and issued a 2-for-l stock split.There were 20,000 ordinary shares outstanding before the split with a collective market value of $3,000,000.
Required:
Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method,assuming that the company's policy is to report interest and dividends received as an investing activity,and interest and dividends paid as a financing activity.
Cultural Formula
A set of culturally agreed-upon expectations that shape understanding and behavior in specific situations.
Functional Value
The practical or utilitarian benefit that a product or service provides to the consumer.
Craft Product
A product that is made by hand or with limited automation, often emphasizing quality, uniqueness, and artisanal skill.
Cultural Formulas
Standardized narratives or themes in media and marketing that reflect and reinforce societal values and norms.
Q2: In pension accounting,how are past service costs
Q5: The following information relates to the accounting
Q18: The seller of a futures contract in
Q27: The following amortization schedule is for a
Q30: A company's defined benefit pension plan incurs
Q34: What are operating activities?<br>A) Activities involving the
Q50: The return on a futures contract<br>A) is
Q65: Nadire Company has a December 31 year-end.The
Q67: Use the following information to calculate the
Q84: What is a "put" option?<br>A) A contract