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This is simple enough for me to do but the depreciation is throwing me off as well as event 6 and how I can input
This is simple enough for me to do but the depreciation is throwing me off as well as event 6 and how I can input that into the horizontal model.
The following events apply to Cardinal & Gold Co for the 2018 fiscal year: 1 Received 2 Paid 3 Paid 4 Earned 5 Paid 6 Adjusted the records to reflect the use of the Vehicle. The vehicle, purchased on January 1, $210,000 cash from the issue of common stock. $100,000 for a new for Vehicle $68,000 cash for operating expenses $310,000 in cash revenue $145,000 cash for salaries expense 2018, has an expected useful life of five years and an estimated salvage value of $35,000 Use straight-line depreciation. The adjusting entry was made as of December 31, 2018 REQUIRED b. What amount of depreciation expense would The Cardinal &Gold Co report on the 2018 income c. What amount of accumulated depreciation would The Cardinal & Gold Co report on the d. Would the cash flow from operating activities be affected by depreciation in 2018? Record the above transactions in a horizontal statements model statement? December 31, 2018, balance sheetStep by Step Solution
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