How much was Flow's net cash flow from financing activities? A) A net outflow of $51,000. B) A net inflow of $29,000. C) A net outflow of $53,000. D) A net inflow of $49,000. Do not give answer in image
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3) Flow Company has provided the following information for the year ended December 31, 2019:
• Cash paid for interest, $20,000
• Cash paid for dividends, $6,000
• Cash dividends received, $4,000
• Cash proceeds from bank loan, $29,000
• Cash purchase of
• Cash paid for equipment purchase, $27,000
• Cash received from issuance of common stock, $37,000
• Cash received from sale of land with a $32,000 book value, $25,000
• Acquisition of land costing $51,000 in exchange for
• Payment of a $100,000 note payable by exchanging used machinery with a $77,000 book value and $100,000 fair value
How much was
A) A net outflow of $51,000.
B) A net inflow of $29,000.
C) A net outflow of $53,000.
D) A net inflow of $49,000.
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- Selected information from Brook Corporations accounting records and financial statements for 2019 follows: On the statement of cash flows for the year ended December 31, 2019, Brook should disclose a net increase in cash in the amount of: a. 1,700,000 b. 2,400,000 c. 3,700,000 d. 4,200,000Comprehensive: Balance Sheet from Statement of Cash Flows Mills Company prepared the following balance sheet at the beginning of 2019: Additional information related to the statement of cash flows: 1. The long-term bonds have a face value of 6,000 and were issued on December 31, 2019. 2. The building was purchased on December 30, 2019. 3. The land was sold at its original cost. 4. The common stock which was sold totaled 300 shares and had a par value of 10 per share. Required: Next Level Prepare a classified balance sheet for Mills as of December 31, 2019. (Hint. Review the information on the statement of cash flows and the balances in the beginning balance sheet accounts to determine the impact on the ending balance sheet accounts.)Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019: Additional information: a. On January 2, 2019, Farrell sold equipment costing 45,000, with a book value of 24,000, for 19,000 cash. b. On April 2, 2019, Farrell issued 1, 000 shares of common stock for 23,000 cash. c. On May 14, 2019, Farrell sold all of its treasury stock for 25,000 cash. d. On June 1, 2019, Farrell paid 50, 000 to retire bonds with a face value (and book value) of 50, 000. e. On July 2, 2019, Farrell purchased equipment for 63, 000 cash. f. On December 31, 2019, land with a fair market value of 150,000 was purchased through the issuance of a long-term note in the amount of 150,000. The note bears interest at the rate of 15% and is due on December 31, 2021. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required: 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2019, based on the preceding information. 2. Prepare the statement of cash flows. (Appendix 21.1) Spreadsheet and Statement Refer to the information for Farrell Corporation in P21-13. Required: 1. Using the direct method for operating cash flows, prepare a spreadsheet to support a 2019 statement of cash flows. (Hint: Combine the income statement and December 31, 2019, balance sheet items for the adjusted trial balance. Use a retained earnings balance of 291,000 in this adjusted trial balance.) 2. Prepare the statement of cash flows. (A separate schedule reconciling net income to cash provided by operating activities is not necessary.)
- Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019: Additional information: a. On January 2, 2019, Farrell sold equipment costing 45,000, with a book value of 24,000, for 19,000 cash. b. On April 2, 2019, Farrell issued 1,000 shares of common stock for 23,000 cash. c. On May 14, 2019, Farrell sold all of its treasury stock for 25,000 cash. d. On June 1, 2019, Farrell paid 50,000 to retire bonds with a face value (and book value) of 50,000. e. On July 2, 2019, Farrell purchased equipment for 63,000 cash. f. On December 31, 2019. land with a fair market value of 150,000 was purchased through the issuance of a long-term note in the amount of 150,000. The note bears interest at the rate of 15% and is due on December 31, 2021. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required: 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2019, based on the preceding information. 2. Prepare the statement of cash flows.BTS Inc. has recorded the following transactions on its book for the year 2021. How much total Cash Inflow from financing activities that BTS should reflected on its Statement of Cash Flow:i. Payment for interest of the issued bonds on April 1, 2021, 900.ii. Cash dividend received on the short-term investment, 5,000iii. Depreciation on plant that manufactures goods for sale, 6,000.iv. Payment of income tax on gain on sale of treasury bills, 2,000.v. Issued 500 ordinary shares for 50,000.vi. Received cash from interest on the acquired treasury bonds of BigHit Corp, 2,400.vii. Payment for marketable securities, 12,000Stansfield Corporation had the following activities in 2020. Payment of accounts payable $770,000. Issuance of common stock $250,000. Payment of dividends $350,000. Collection of note receivable $100,000. Issuance of bonds payable $510,000. Purchase of treasury stock $46,000. Compute the amount Stansfield should report as net cash provided (used) by financing activities in its 2020 statement of cash flows.
- BT21 Inc. has recorded the following transactions on its book for the year 2021. How much total Cash Inflow from financing activities that BT21 should reflected on its Statement of Cash Flow:i. Payment for interest of the issued bonds on April 1, 2021, 900.ii. Cash dividend received on the short-term investment, 5,000iii. Depreciation on plant that manufactures goods for sale, 6,000.iv. Payment of income tax on gain on sale of treasury bills, 2,000.v. Issued 500 ordinary shares for 50,000.vi. Received cash from interest on the acquired treasury bonds of BigHit Corp, 2,400.vii. Payment for marketable securities, 12,000.You are the new accountant for 12th National Bank and are preparing its 2019 statement of cash flows. The bank reports net income of $75,800 on its 2019 income statement. Included in this net income are the following items: $6,700 gain on sale of trading securities, $1,200 unrealized holding gain on trading securities, and $5,100 loss on sale of securities available for sale. Among its 2019 transactions, the bank sold trading securities with a carrying value of $22,900 for $29,600, and purchased trading securities for $65,200. The bank sold securities available for sale with a cost (and carrying value) of $58,700 for $53,600, and purchased securities available for sale for $39,400. It also made routine 90-day loans of $47,500 to customers and collected $20,000 principal on these customer loans. As a result of the preceding information, the bank’s trading securities account increased by $43,500, the securities available for sale account decreased by $19,300, and the loans receivable…Melon Co. uses the direct method to prepare its statement of cash flows. Melon had the following cash flows during 2020: • Cash receipts from issuance of ordinary shares - P800,000 • Cash receipts from customers- P400,000 • Cash receipts from dividends in long term investments- P60,000 • Cash receipts from repayment of loan made to another company- P440,000 • Cash payments for wages and other operating expenses- P240,000 • Cash payment for insurance- P20,000 • Cash payments for dividends- P40,000 • Cash payments for taxes-P80,000 • Cash payment to purchase land- P160,000 What is the net cash provided (used) from operating activities? a. P60,000 b. P80,000 c. P(P40,000) d. P120,000
- Selected balance sheet accounts for Tibbetts Company on September 30, 2019. are as follows: Cash Marketable securities Accounts receivable, net Inventory Prepaid expenses $ 48,000 87,000 129,000 135, 000 21,000 Total current assetS $420,000 Accounts payable Other accrued liabilities $147,000 33,000 60,000 Short-term debt Total current liabilities $240,000 Required: a. Calculate the working capital, current ratio, and acid-test ratio for Tibbetts Company as of September 30. 2019 b. Summarized here are the transactions/events that took place during the fiscal year ended September 30, 2020. Prepare Journal entries for the below transactions and Indicate the effect of each item on Tibbetts Company's working capital, current ratio, and acid-test ratio. Use + for Increase, - for decrease, and (NE) for no effect. 1. Credit sales for the year amounted to $360,000. The cost of goods sold was $234.000 2 Collected accounts recelvable, $378,000. 3. Purchased inventory on account, $252,000. 4.…1. PGold Company provided the following trial balance on December 2020: Total credits amounting to P3,000,000 as follows; Bank overdraft P100,000, Accounts Payable P200,000, Accrued expenses P150,000, Ordinary share capital P1,500,000, Share premium P250,000, Retained earnings P800,000. Total debits of P3,000,000 composed the following; Accounts receivable P350,000, Inventory P600,000, Prepaid expenses P100,000, Land held for sale P1,000,000, Property, plant & equipment P950,000. Additional information: Checks amounting to 300,000 were written to vendors and recorded on December 29, 2020 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2021. Land held for resale was sold for cash on January 31, 2021. The entity issued the financial statements on March 31, 2021. What total amount should be reported as as current assets?1. PGold Company provided the following trial balance on December 2020: Total credits amounting to P3,000,000 as follows; Bank overdraft P100,000, Accounts Payable P200,000, Accrued expenses P150,000, Ordinary share capital P1,500,000, Share premium P250,000, Retained earnings P800,000. Total debits of P3,000,000 composed the following; Accounts receivable P350,000, Inventory P600,000, Prepaid expenses P100,000, Land held for sale P1,000,000, Property, plant & equipment P950,000. Additional information: Checks amounting to 300,000 were written to vendors and recorded on December 29, 2020 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2021. Land held for resale was sold for cash on January 31, 2021. The entity issued the financial statements on March 31, 2021. What is the total shareholders equity?
