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Author Archives: Anonymous

In 2028, equipment was sold for proceeds of $468,000. The eq…

In 2028, equipment was sold for proceeds of $468,000. The equipment cost $786,000 and had a book value of $432,000 at the time of the sale. If the Accumulated Depreciation-Equipment balance was $2,061,000 on 12/31/2027 and $2,205,000 on 12/31/2028, what was the depreciation expense for 2028?

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True or False. In order for speciation to occurs a species m…

True or False. In order for speciation to occurs a species must be isolated for a long period of time (hundreds of generations).

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Which of the following equations represents the process of p…

Which of the following equations represents the process of photoosynthesis?

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In population ecology we study a variety of factors that can…

In population ecology we study a variety of factors that can affect populations. _________ is the spatial arrangement of organisms in an area. 

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Mendez, Inc. reported net income of $88,000 for the year end…

Mendez, Inc. reported net income of $88,000 for the year ended December 31, 2028. Included in net income were depreciation expense of $16,800 and a gain on the sale of equipment of $3,400. The equipment cost $80,000 and accumulated depreciation of $48,000. Each of the following accounts increased during 2028 by the following amounts:   Land                                                                                    $11,000 Prepaid rent                                                                          $13,600 Available-for-sale securities                                                 $ 2,000 Bonds payable                                                                     $10,000 What amount of cash was provided or used by investing activities for Mendez for the year ending December 31, 2028?

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Hauke Company purchased 6,000, $1,000, 9% bonds on December…

Hauke Company purchased 6,000, $1,000, 9% bonds on December 31, 2028. The carrying value of the bonds on December 31, 2028, was $5,880,000. The bonds mature on September 1, 2033, and pay interest on March 1 and September 1. Hauke sells 3,000 bonds on September 1, 2029, for $2,964,000 after receiving the interest. Hauke uses straight-line amortization. The gain on the sale is

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During 2028, Palmyra Company earned a net income of $494,000…

During 2028, Palmyra Company earned a net income of $494,000, which included a depreciation expense of $78,000. In addition, the company experienced the following changes in the account balances listed below:                      Increases                                                                Decreases Accounts payable              $45,000                    Accounts receivable       $12,000 Inventory                             36,000                     Accrued liabilities              24,000                                                                               Prepaid insurance              33,000   Based on this information, what amount will be reported for net cash provided by operating activities for 2028?

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Which of the following arguments is FASB’s explanation of wh…

Which of the following arguments is FASB’s explanation of why a gain is recorded by a company when its creditworthiness worsens?

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On May 1, 2028, Veblen Street Company signed a one-year, zer…

On May 1, 2028, Veblen Street Company signed a one-year, zero-interest bearing note for $50,000 and received cash of $44,000 from the Carolina State Bank. The May 1 entry to record this transaction will include

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On December 29, 2029, James Company sold a debt security pur…

On December 29, 2029, James Company sold a debt security purchased on January 4, 2028. James owned no other debt securities. An unrealized holding loss was reported in the 2028 income statement. A realized gain was reported in the 2029 income statement. Was the debt security classified as available-for-sale, and did its 2028 market price decline exceed its 2029 market price recovery?

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