Below Is the Income Statement and Balance Sheet of Closely

question 80

Essay

Below is the income statement and balance sheet of Closely Held Corporation. From this information prepare a statement of cash flows for the year ended September 30, 2005. Income Statement for year ended September 30 ,
(in thousands)
$\begin{array}{|l|c|c|} \hline & 2004 & 2005 \\\hline \text { Revenues } & \$ 500,000 & \$ 512,000 \\\hline \text { Cost of Sales } & (395,000) & (404,480) \\\hline \text { Gross Margin } & 105,000 & 107,520 \\\hline \text { Selling and Administrative } & (60,000) & (61,440) \\\hline \text { Income before interest and taxes } & 45,000 & 46,080 \\\hline \text { Interest expense } & (9,900) & (12,320) \\\hline \text { Income before income taxes } & 35,100 & 33,760 \\\hline \text { Income tax } & (12,812) & (12,322) \\\hline \text { Net income } & \$ 22,289 & \$ 21,438 \\\hline\end{array}$

Understand the significance of activity bases in the application of factory overhead.

Calculate the ending balance of work in process inventory.

Record the actual and applied factory overhead costs in manufacturing.

Understand the distinctions between different types of costs and their classifications (direct material, direct labor, factory overhead).

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Definitions:

Treatment Effectiveness

The degree to which a particular treatment or intervention achieves its intended outcome under usual or everyday conditions.

Clinical Disorders

Conditions characterized by significant disturbances in thoughts, feelings, or behaviors, often warranting medical diagnosis and treatment.

Cognitive-Behavioral

Relating to a therapy approach that addresses dysfunctional emotions, maladaptive behaviors, and cognitive processes through a number of goal-oriented, explicit systematic procedures.

Evidence Based

Involving, utilizing, or derived from rigorous scientific evidence as part of making decisions in professional practice, especially within healthcare.