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Preparation of the statement of cash flows does not involve:

A record in which the effects of transactions are first recorded and from which transaction amounts are posted to the ledger is a(n):

Information to prepare the statement of cash flows usually comes from (a) comparative balance sheets, (b) current income statement, and (c) additional information.

The Retained earnings account has a credit balance of $37,000 before closing entries are made. Total revenues for the period are $55,200, total expenses are $39,800, and dividends are $9,000. What is the correct closing entry for the revenue accounts?

A sole proprietorship is a business owned by one or more persons.

Information to prepare the statement of cash flows usually comes from (a) comparative balance sheets, (b) current income statement, and (c) additional information.

Refer to the following selected financial information from Elvis, Corp. Compute the company’s days’ sales in inventory for Year 2. (Use 365 days a year.)    Year 2   Year 1   Merchandise inventory 271,000   253,500   Cost of goods sold 486,400   433,100  

The purchase of land and buildings will generally be recorded in the same ledger account.

Which of the following purposes would financial statements serve for external users?

Preparation of the statement of cash flows does not involve: