A Company Had the Following Transactions During the Year

question 129

Essay

A company had the following transactions during the year:
1. Paid rent for the next two years, $8,000.
2. Purchased office supplies on account, $2,400.
3. Purchased equipment, paying $12,000 cash and issuing a note payable for $4,000.
4. Borrowed from the bank, $6,000.
5. Paid employee salaries, $7,200.
6. Paid $2,000 on account related to transaction 2 above.
7. Paid dividends to stockholders, $2,800.
8. Sold land for $10,000 that was purchased in a prior year for $7,500.
9. Collected cash from customers for services provided, $25,700.
Calculate cash flows from operating activities, investing activities, and financing activities.

Recognize the stages of moral development as proposed by Lawrence Kohlberg.

Describe visual-spatial abilities and factors that may enhance these skills.

Understand the stages in Jean Piaget's cognitive-developmental theory.

Recognize the risks and consequences of substance abuse among adolescents.

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Definitions:

Usefulness

The quality of being practical and beneficial, especially in decision-making or assessing value.

Prepaid Expense

Expenses paid in advance for goods or services, which are recorded as an asset until the service is consumed or the good is used.

Insurance Policy

A contract between the insurer and the policyholder specifying the terms under which the insurer agrees to compensate the policyholder for loss.

One Year

A period of time consisting of 12 months or 365 days, used as a standard measurement of time for financial, contractual, and planning purposes.