FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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If a gain of $8,081 is realized in selling (for cash) office equipment having a book value of $62,903, the total amount reported in the
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- Dillin Inc. reported the following on the company’s statement of cash flows in 20Y2 and 20Y1: Line Item Description 20Y2 20Y1 Net cash flows from operating activities $435,300 $416,000 Net cash flows used for investing activities (429,000) (380,000) Net cash flows used for financing activities (43,000) (60,000) Of the net cash flows used for investing activities, 70% was used for the purchase of property, plant, and equipment. a. Determine Dillin’s free cash flow for both years. Line Item Description 20Y2 20Y1 Free cash flow fill in the blank 1 of 2$ fill in the blank 2 of 2$arrow_forwardHow do I describe the cash flow patternarrow_forwardBased on the following information, compute cash flows from financing activities under GAAP.Purchase of investments $ 250Dividends paid 1,200Interest paid 400Additional borrowing from bank 2,800arrow_forward
- Laser World reports net income of $650,000. Depreciation expense is $50,000, accounts receivable increases $11,000, and accounts payable decreases $30,000. Calculate net cash flows from operating activities using the indirect method.arrow_forwardUse the following information to calculate the net cash provided or used by financing activities. (a) Paid $29,800 cash to settle long-term notes payable at its $29,800 maturity value. (b) Acquired machinery for $12,900 cash. (c) Paid cash dividend of $13,900. (d) Net Income was $10,900. (e) Issued common stock for $40,900 cash. Statement of Cash Flows (partial) Cash flows from financing activitiesarrow_forwardUse the following company information to calculate net cash provided or used by investing activities. (a) Long-term investments were sold for $51,000 cash, yielding a gain of $22,150. (b) Paid $72,000 cash for new machinery. (c) Sold land costing $34,000 for $40,000 cash, yielding a $6,000 gain. (d) Equipment with a book value of $195,000 and an original cost of $320,000 was sold at a loss of $27,000. Statement of Cash Flows (partial) Cash flows from investing activitiesarrow_forward
- 1. Use the following excerpts from Nutmeg Company’s financial records to determine net cash flows from operating activities and net cash flows from investing activities. Net income this year $83,700 Purchased land this year 20,000 Sold investments this year 31,500 Original cost of investments that were sold 33,000 PLEASE NOTE: All whole dollar amounts will be with "$" and commas as needed (i.e. $12,345). Net cash flows from operating activities? Net cash flows from investing activities?arrow_forwardBased on the following information, compute cash flows from financing activities under GAAP. Purchase of investments $ 210 Dividends paid 1,160 Interest paid 360 Additional borrowing from bank 2,600arrow_forwardHow do I use the indirect method to complete cash flow statement?arrow_forward
- Blossom Company reported net income of $148,500. For 2022, depreciation was $45,100, and the company reported a gain on sale of Investments of $12.100. Accounts recelvable increased $25,100 and accounts payable decreased $23.100. Compute net cash provided by operating activities using the indirect method. Net cash provided by operating activitiesarrow_forwardUse the following information to calculate the net cash provided (inflow) or used by (outflow) from financing activities for the Lulu Corporation: (a) Net income, $10,000 (b) Sold common stock for $40,000 cash (c) Paid cash dividend of $13,000 (d) Repayment of bond payable, $26,000 (e) Purchased equ for $12,000 cash (f) Issued long term mortgage notes payable for $250,000 cash. (Note: in the answer space, write only the number, with no $ signs or commas. That is, if your answer is $1,000, white it as : 1000 ). Answer:arrow_forward
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