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Part A: Identify the most likely activity each account listed on the prior page is for statement of cash flows purposes. You may use abbreviations
Part A: Identify the most likely activity each account listed on the prior page is for statement of cash flows purposes. You may use abbreviations (ex OA, IA, FA, NC).
+ Problem II: (54 points) Below is a listing of the normal account balances at the beginning and end of the year for Holland Corp. Activity Type Account Name 1/1/21 12/31/21 Cash $ 15,000 $ 17,000 Accounts Receivable (net) 10,000 8,000 Inventory 18,000 35,000 Supplies 1,000 2,000 Investment in Held-to-Maturity Securities 50,000 41,000 Equipment 200,000 310,000 Accumulated Depreciation 60,000 75,000 Patent (net) 80,000 70,000 Accounts Payable 6,000 2,000 Salaries Payable 5,000 10,000 Income Taxes Payable 5,000 3,000 Deferred Tax Liability 8,000 2,000 Dividends Payable 5,000 7,000 Notes Payable 30,000 30,000 Discount on Note Payable 4,000 3,000 Common Stock (no par) 95,000 135,000 Treasury Stock 20,000 5,000 Retained Earnings 184,000 184,000 Dividends Declared 0 100,000 Sales Revenue Estimated Sales Returns Interest Revenue Realized Loss on the Sale of HTM Securities Cost of Goods Sold Salaries Expense 0 0 0 0 500,000 10,000 2,000 9,000 130,000 80,000 0 0Step by Step Solution
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