a. Net income was $477,000.b. Issued common stock for $71,000 cash.c. Paid cash dividend of $18,000.d. Paid $120,000 cash to settle a long-term notes payable at its $120,000 maturity value.e. Paid $120,000 cash to acquire its treasury stock.f. Purchased equipment for $90,000 cash.Use the above information to determine cash flows from financing activities.Note: Amounts to be deducted should be indicated with a minus sign.Statement of Cash Flows (partial)Cash flows from financing activities

a. Related to operating activities.b. This transaction increases cash as it involves issuing stock…

Answered: a. Net income was $477,000. b. Issued…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 27BE

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Provide journal entries to record each of the following transactions. For each, also identify: *the appropriate section of the statement of cash flows, and **whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. reacquired $30,000 treasury stock B. purchased inventory for $20,000 C. issued common stock of $40,000 at par D. purchased land for $25,000 E. collected $22,000 from customers for accounts receivable F. paid $33,000 principal payment toward note payable to bank
Provide journal entries to record each of the following transactions. For each, also identify *the appropriate section of the statement of cash flows, and s utility bill, $1,500
Provide journal entries to record each of the following transactions. For each, identify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. Paid $22,000 cash on bonds payable. B. Collected $12,600 cash for a note receivable. C. Declared a dividend to shareholders for $16,000, to be paid in the future. D. Paid $26,500 to suppliers for purchases on account. E. Purchased treasury stock for $18,000 cash.
Statement of Cash Flows The following are Mueller Companys cash flow activities: a. Net income, 68,000 b. Increase in accounts receivable, 4,400 c. Receipt from sale of common stock, 12,300 d. Depreciation expense, 11,300 e. Dividends paid, 24,500 f. Payment for purchase of building, 65,000 g. Bond discount amortization, 2,700 h. Receipt from sale of long-term investments at cost, 10,600 i. Payment for purchase of equipment, 8,000 j. Receipt from sale of preferred stock, 20,000 k. Increase in income taxes payable, 3,500 l. Payment for purchase of land, 9,700 m. Decrease in accounts payable, 2,900 n. Increase in inventories, 10,300 o. Beginning cash balance, 18,000 Required: Prepare Mueller Company's statement of cash flows.
The following balance sheets and income statement were taken from the records of Rosie-Lee Company: Additional transactions were as follows: a. Sold equipment costing 21,600, with accumulated depreciation of 16,200, for 3,600. b. Issued bonds for 90,000 on December 31. c. Paid cash dividends of 36,000. d. Retired mortgage of 108,000 on December 31. Required: 1. Prepare a schedule of operating cash flows using (a) the indirect method and (b) the direct method. 2. Prepare a statement of cash flows using the indirect method.
Classification of Cash Flows Patel Company reported the following items in its statement of cash flows presented using the indirect method. a. Issuance of common stock b. Cash paid for interest c. Sold equipment for cash d. Receipt of cash dividend on investment e. Repayment of principal on long-term debt f. Loss on disposal of equipment. Required: Indicate whether each item should be classified as a cash flow from operating activities, a cash flow from investing activities, a cash flow from financing activities. Use the following information for Cornerstone Exercises 11-16 and 11-17: A review of the balance sheet of Peterson Inc. revealed the following changes in the account balances: a. Increase in long-term investment b Increase in accounts receivable c. Increase in common stock d. Increase in long-term debt e. Decrease in accounts payable f. Decrease in supplies inventory g. Increase in prepaid insurance h. Decrease in retained earnings
The following shows excerpts from Camole Companys statement of cash flows and other financial records. Compute the following for the company: A. free cash flow B. cash flows to sales ratio C. cash flows to assets ratio
The financial statements for Romeo and Company follow. Assume that the additional investment and the withdrawals were in the form of cash. Required Prepare a statement of cash flows for the year ended December 31, 2018. Check Figure Net cash flows from operating activities, 172,000
Use the following information to determine cash flows from financing activities. a. Issued common stock for $40 cash. b. Paid $70 cash to retire a note payable at its $70 maturity value. c. Paid cash dividend of $15. d. Paid $5 cash to acquire its treasury stock.
a. Net income was $467,000. b. Issued common stock for $70,000 cash. c. Paid cash dividend of $11,000. d. Paid $120,000 cash to settle a long-term notes payable at its $120,000 maturity value. e. Paid $125,000 cash to acquire its treasury stock. f. Purchased equipment for $91,000 cash. Use the above information to determine cash flows from financing activities. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (partial) Cash flows from financing activities
Use the following information to determine cash flows from financing activities. a. Net income was $35,000. b. Issued common stock for $64,000 cash. c. Paid cash dividend of $14,600. d. Paid $50,000 cash to settle a note payable at its $50,000 maturity value. e. Paid $12,000 cash to acquire its treasury stock. f. Purchased equipment for $39,000 cash.
Chapter 13 Statement of Cash Flows-Direct Method The comparative balance sheet of Canace Products Inc. for December 31, 20Y6 and 20Y5, is as follows: Dec. 31, 20Y6 Dec. 31, 20Y5 Assets Cash $287,620 $265,700 Accounts receivable (net) 104,190 95,430 Inventories 294,120 282,540 Investments 109,460 Land 150,860 Equipment 324,520 249,790 Accumulated depreciation (75,970) (67,360) Total assets $1,085,340 $935,560 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $196,450 $184,310 Accrued expenses payable (operating expenses) 19,540 24,320 Dividends payable 10,850 8,420 Common stock, $10 par 58,610 45,840 Paid-in capital: Excess of issue price over par-common stock 220,320 127,240 Retained earnings 579,570 545,430 Total liabilities and stockholders' equity $1,085,340 $935,560 The income statement for the year ended December 31, 20Y6, is as follows: Sales $1,730,890 Cost of goods sold 712,700 Gross profit $1,018,190 Operating expenses: Depreciation expense $8,610…

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