Consider the following income statement:

Net income $200,000
Depreciation expense 15,000
Decrease in inventory 12,000
Increase in accounts receivable 1,400
Increase in interest payable 1,600
Amortization of bond discount 3,000
Increase in accounts payable 7,000
Cash dividends paid 20,000

Determine the following:
(1) Increase (decrease) in operating assets.
(2) Increase (decrease) in operating liabilities.
(3) Net cash flows from operations.

Prior to its closing, income summary had total debits of $1,190,500 and total credits of $1,476,300. what purpose is served by the income summary account and what is the nature of the entries that resulted in the $1,190,500 and the $1,476,300? the income summary account is used to the accounts. the $1,190,500 represents the , and the $1,476,300 represents . the company had of $ .

In 1975, mcdonald’s introduced its egg mcmuffin breakfast sandwich, which remains popular and profitable today. this longevity illustrates the idea of:

Do it! review 16-3 the assembly department for right pens has the following production data for the current month. beginning work in process units transferred out ending work in process 0 22,500 16,000 materials are entered at the beginning of the process. the ending work in process units are 70% complete as to conversion costs. compute the equivalent units of production for (a) materials and (b) conversion costs. materials conversion costs the equivalent units of production