Jerrys Wedding Shops earned net income of $22,000, which included depreciation of $16,000. Jerrys Wedding Shops acquired

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Jerry’s Wedding Shops earned net income of $22,000, which included depreciation of $16,000. Jerry’s Wedding Shops acquired a $119,000 building by borrowing $119,000 on a long-term note payable.

Requirements

1. How much did Jerry’s Wedding Shops’ cash balance increase or decrease during the year?

2. Were there any non-cash transactions for the company? If so, show how they would be reported in the statement of cash flows.

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Horngrens Financial And Managerial Accounting The Financial Chapters

ISBN: 9780137858651

8th Edition

Authors: Tracie Miller Nobles, Brenda Mattison

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Question Posted: Jun 26, 2023 07:11 AM

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Jerrys Wedding Shops earned net income of $22,000, which included depreciation of $16,000. Jerrys Wedding Shops acquired

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1 To determine how Jerrys Wedding Shops cash balance increased or decreased during the year we need ...View the full answer

Horngrens Financial And Managerial Accounting The Financial Chapters

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