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ased on the preceding information, answer the following questions for Simpson Company. All questions pertain to the Year 2 financial statements. Enter items in accounts
ased on the preceding information, answer the following questions for Simpson Company. All questions pertain to the Year financial statements. Enter items in accounts under the accounting equation before answering the questions.
a What amount would Simpson report for land on the balance sheet?
b What amount of net cash flow from operating activities would be reported on the statement of cash flows?
c What amount of rent expense would be reported on the income statement?
d What amount of total liabilities would be reported on the balance sheet?
e What amount of supplies expense would be reported on the income statement?
f What amount of unearned revenue would be reported on the balance sheet?
g What amount of net cash flow from investing activities would be reported on the statement of cash flows?
h What amount of total expenses would be reported on the income statement?
i What amount of service revenue would be reported on the income statement?
j What amount of cash flows from financing activities would be reported on the statement of cash flows?
k What amount of net income would be reported on the income statement?
l What amount of retained earnings would be reported on the balance sheet?
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