As the Accountant at O'Donnell Industries,you Are Responsible for Preparing

question 1

Essay

As the accountant at O'Donnell Industries,you are responsible for preparing the cash flow statement.You have decided to prepare the statement using the direct method and have gathered the following data from the accounting records:
Acquisition of equipment by issuing
Cash received from sale of property,plant,and equipment,
Prepare the investing activities section of the cash flow statement using the direct method for the year ended December 31,2017.

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Definitions:

Wages And Salaries

Compensation received by employees for their labor or services, typically paid on an hourly or annual basis.

Corporate Profits

The surplus income of a corporation after all expenses, including salaries and taxes, have been deducted.

Income Share

The proportion of total income earned by a specific group, often used in discussions of income inequality.

Normal Profit

The minimum level of profit necessary for a company to remain competitive in the market, essentially covering opportunity costs.