Casio adheres to ASPE. Casio Corp.'s transactions for the year ended December 31, 2020 included the following:1. Purchased land for $275,000 cash.2. Borrowed $275,000 from the bank on a long-term note.3. Sold long-term investments for $250,000.4. Accounts receivable decreased by $50,000.5. Paid cash dividends of $300,000.6. Issued 1,000 common shares for $125,000.7. Purchased machinery and equipment for $62,500 cash.8. Accounts payable increased by $100,000.The cash used in investing activities for 2020 was$(337,500).$(25,000).O $(187,500).O s(87,500).

Cash flow statement is a financial statement and it was used to find the cash earned and spent on…

Answered: Casio adheres to ASPE. Casio Corp.'s…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Abardeen Corporation borrowed $105,000 from the bank on October 1, Year 1. The note had an 4 percent annual rate of interest and matured on March 31, Year 2. Interest and principal were paid in cash on the maturity date. Required a. What amount of cash did Abardeen pay for interest in Year 1? b. What amount of interest expense was recognized on the Year 1 income statement? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) c. What amount of total liabilities was reported on the December 31, Year 1, balance sheet? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) d. What total amount of cash was paid to the bank on March 31, Year 2, for principal and interest? e. What amount of interest expense was reported on the Year 2 income statement? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) a. Amount of cash paid $ b. Interest expense $ 1,050 Total liabilities $ 106,050 C.…
Abardeen Corporation borrowed $147,000 from the bank on October 1, Year 1. The note had an 8 percent annual rate of interest and matured on March 31, Year 2. Interest and principal were paid in cash on the maturity date: Required a. What amount of cash did Abardeen pay for interest in Year 1? b. What amount of interest expense was recognized on the Year 1 income statement? (Do not round intermediate calculations. Rounc your answer to the nearest dollar amount.) c. What amount of total liabilities was reported on the December 31, Year 1. balance sheet? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) d. What total amount of cash was paid to the bank on March 31. Year 2, for principal and interest? e. What amount of interest expense was reported on the Year 2 income statement? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) Löö a. Amount of cash paid Interest expense b. c. Total liabilities d. Amount of…
Abardeen Corporation borrowed $118,000 from the bank on October 1, Year 1. The note had an 6 percent annual rate of interest and matured on March 31, Year 2. Interest and principal were paid in cash on the maturity date. Required a. What amount of cash did Abardeen pay for interest in Year 1? b. What amount of interest expense was recognized on the Year 1 income statement? Note: Do not round intermediate calculations. Round your answer to the nearest dollar amount. c. What amount of total liabilities was reported on the December 31, Year 1, balance sheet? Note: Do not round intermediate calculations. Round your answer to the nearest dollar amount. d. What total amount of cash was paid to the bank on March 31, Year 2, for principal and interest? e. What amount of interest expense was reported on the Year 2 income statement? Note: Do not rbund intermediate calculations. Round your answer to the nearest dollar amount. a. Amount of cash paid b. Interest expense c. Total liabilities d.…
Cone Corporation is in the process of preparing its December 31, 2021, balance sheet. There are some questions as to the proper classification of the following items: a. $66,000 in cash restricted in a savings account to pay bonds payable. The bonds mature in 2025. b. Prepaid rent of $40,000, covering the period January 1, 2022, through December 31, 2023. c. Notes payable of $232,0o00. The notes are payable in annual installments of $36,000 each, with the first installment payable on March 1, 2022. d. Accrued interest payable of $28,000 related to the notes payable. e. Investment in equity securities of other corporations, $112,000. Cone intends to sell one-half of the securities in 2022. Required: Prepare the asset and liability sections of a classified balance sheet to show how each of the above items should be reported. CONE CORPORATION Balance Sheet (Partial) At December 31, 2021 Assets
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During 2020, Simms Company redeemed $2,000,000 of bonds payable for $1,880,000 cash. Indicate how this transaction would be reported on a statement of cash flows, if at all.
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1. On June 30, 2019, Franz Inc. borrowed P1,800,000 for one year from the bank with an interest of 12%. As security for the loan, Franz pledged its accounts receivable amounting to P2,500,000 to the bank. The bank charged the company 8.46% of the accounts receivable pledged as service charge deducted from the amount borrowed. How much was the cash received by the company and the interest expense recognized for the year ended December 31, 2019? A. P 1,800,000; 211,500 B. P 1,548,000; 306,000 C. P 1,588,500; P 319,500 D. P 1,584,000; P 306,000 E. P 1,588,500; P 324,000 F. P 1,584,000; P 216,000 G. None of the choices
Cone Corporation is in the process of preparing its December 31, 2024, balance sheet. There are some questions as to the proper classification of the following items: a. $68,000 in cash restricted in a savings account to pay debt. The debt matures in 2028. b. Prepaid rent of $42,000, covering the period January 1, 2025, through December 31, 2026. c. Notes payable of $236,000. The notes are payable in annual installments of $38,000 each, with the first installment payable on March 1, 2025. d. Accrued interest payable of $30,000 related to the notes payable is due June 30, 2025. e. Investment in equity securities of other corporations, $116,000. Cone intends to sell one-half of the securities in 2025. Required: Prepare the asset and liability sections of a classified balance sheet to show how each of the above items should be reported. X Answer is not complete. CONE CORPORATION Balance Sheet (Partial) At December 31, 2024 Current assets: Prepaid rent Investment in equity securities…
In the past year, Blossom Corporation reported assets of $230229000. Liabilities reported on the balance sheet on the same date were reported at $69091655. Blossom issued a new note payable for cash during the year. The 8%, 5-year note was issued at a face value of $5008000. What is the company's debt to asset ratio after the refinance? O 29.37% 31.50% 32.18% O 30.01%
Company Z has a deposit with ABC Bank. It obtained a loan from ASAP Financing Corp. in connection with the operation of its business. For the year 2021, assume the following:Company Z’s Net Income before Interest Expense (subject to 25%), P2,500,000Interest Income (from ABC Bank, gross of FWT), P480,000FWT on Interest Income, P96,000Interest Expense, P200,000How much is the taxable income of Company Z for 2021 after deducting interest expense?
abardeen corporation borrowed 58,000 from the bank on october 1, year 1. The note had a 4 percent annual rate of interest and matured on march 31, year 2. interest and principal were paid in cash on the maturity date. a. what amount of cash did abardeen pay for interest in year 1? b. what amount of interest expense was recognized on the year 1 income statement? c. what amount of total liabilities was reported on december 31, year 1, balance sheet?

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