Boynton, Inc. reports net income of $230,000 for the year ended December 31. It also reports $87,700 depreciation expense and a $5,000 gain on the sale of equipment. Its comparative balance sheet reveals a $35,500 decrease in accounts receivable, a $15,750 increase in accounts payable, and a $12,500 decrease in wages payable. Calculate the cash provided (used) in operating activities using the indirect method.

Three of the most common tools of financial analysis are:

The rule that (1) requires revenue to be recognized at the time it is earned, (2) allows the inflow of assets associated with revenue to be in a form other than cash, and (3) measures the amount of revenue as the cash plus the cash equivalent value of any noncash assets received from customers in exchange for goods or services, is called the:

Dividends paid to stockholders are a business expense.

Lu Lu’s Catering has a debt ratio equal to .3 and its competitor, Able’s Bakery, has a debt ratio equal to .7. Determine the statement below that is correct.

When a company bills a customer for $700 for services rendered, the journal entry to record this transaction will include a $700 debit to Services Revenue.

The accounting equation implies that: Assets + Liabilities = Equity.

Three of the most common tools of financial analysis are:

The first step in the processing of a transaction is to analyze the transaction and source documents.

The financial statement that identifies a company’s cash receipts and cash payments over a period of time is the: