ADDITIONAL INFORMATION: Depreciation expense is included in operating expenses. All accounts payable transactions were related to
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ADDITIONAL INFORMATION:
● | Depreciation expense is included in “operating expenses.” All accounts payable transactions were related to the purchase of inventory. | |
● | During the year, a piece of equipment that originally cost $53,100 was sold for cash. The equipment was 70% depreciated at the time of the sale. | |
● | Long-term investments were purchased for cash during the year. |
Prepare a statement of cash flows, in good form, for Vaughn Inc., using the direct method. Vaughn Inc. follows ASPE.
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Auditing a risk based approach to conducting a quality audit
ISBN: 978-1133939153
9th edition
Authors: Karla Johnstone, Audrey Gramling, Larry Rittenberg
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