Question 3

On June 23, 2008, Mikhal Cosmetics sold $250,000 worth of its products to Rynex Corporation, with the payment to be made in 90 days on September 20. The goods were shipped to Rynex on July 2. The firm's accountants should recognize the sale on__________.

Question 6

Brighton Corp. bought an oil rig exactly 6 years ago for $110,000,000. Brighton depreciates oil rigs straight line over 10 years assuming no salvage value. The rig was just sold to British Petroleum for $33,000,000. What Capital Gain/Loss will Brighton report on this transaction?

Question 7

Walker Corporation conducted the following activities during 2001: (1) they sold 10,000 shares of their own stock for $16.00 per share; (2) they issued bonds for which they received $497,000; (3) they paid dividends to their stockholders totaling $81,000; (4) they sold a piece of equipment for $50,000 that they were carrying on their books for $20,000; (5) they earned net income of $140,000. What would be shown on the Statement of Cash Flows for