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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Jordan Michael started a personal financial planning business when she accepted $80,000 cash as advance payment for managing the financial assets of a large estate. Michael agreed to manage the estate for a one-year period, beginning April 1, 2009. Assume the year ends on December 31,2009.
| Required: | |
| (a) |
Show the effects of the advance payment and revenue recognition on the 2009 financial statements using a horizontal statements model like the following one. (In the Cash Flows column, use OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. Use NA if the account is not affected. Leave no cells blank - be certain to enter "0" and select "NA" wherever required. Amounts to be deducted should be indicated with a minus sign. Omit the "$" sign in your response.) |
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