Lawrence Products had a beginning balance in Furniture and Fixtures, net of depreciation, of $192,000. The ending balance in that account was $196,500. Depreciation expense for that period was $25,000, and there were no sales of furniture or fixtures during the period.
What was the amount of furniture and fixtures purchases?
During 2010, Allen Company recorded interest expense on bonds payable of $18,500 and decreased the premium on bonds payable by $200. If net income was $44,600 during 2010, what is Allen’s net income adjustment shown on the statement of cash flows?
During 2010, Chen Company generated a $65,000 net income. Using this information, determine the adjusted net income:
A. Equipment was sold during the period at a loss of $5,000.
B. Trading securities (not cash equivalents) were sold during the period at a gain of $2,400.
C. Patent amortization expense was $1,800 for the period.
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