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The adjustments for the month caused the revenue account to increase by $3,000 and the salaries expense account to increase by $5,000. How will these entries cause the $4,000 net loss shown on the trial balance to be reported on the income statement? As a net loss of $6,000
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Depreciation expense was incorrectly calculated and reported on the income statement at $5,000 for the period. The correct amount was $7,000. How will the change on the income statement impact the Statement of Cash flows? Operating activities on the revised Statement of Cash Flows will increase by $2,000
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For two years a company has shown common size comparisons on its balance sheets. Cash has increased by 1%, income has decreased by 9%, current debt has increased by 12%, and retained earnings have decreased by a large amount. What does the data indicate about the company? It is failing to maintain its financial strength and should have serious concerns about its net income
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The statement of cash flows has been prepared using the indirect method. What is the effect on net cash provided by operating activities for the year? $15,000 decrease
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What is the contributing margin? $100,000
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Which statement is correct? The company's cash account is strong, considering its level of sales and the accounts receivable
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Which option correctly identifies the company's performance this year based on a horizontal analysis of the chart? Improvement based on operating income related to revenue
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What does a vertical analysis of income statements show regarding this year's activity compared to last year's activity? An improvement in cost of goods sold this year
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A company prepares its financial statements for fiscal year ending March 31. Cash accounting is used. The company made a sale March 30 that was collected on April 3. When will the sale be recorded? The sale will be