P5.6 (LO 2, 3) Excel Inc. had the following balance sheet at December 31, 2019. (Preparation of a Statement of Cash Flows and a Balance Sheet) Lansbury Lansbury Inc. Balance Sheet December 31, 2019 $ 30,000 Accounts payable Notes payable (long-term) Cash $ 20,000 Accounts receivable 21,200 41,000 Investments 32,000 Common stock 100,000 Plant assets (net) 81,000 Retained earnings 23,200 Land 40,000 $194,200 $194,200 During 2020, the following occurred. 1. Lansbury Inc. sold part of its debt investment portfolio for $15,000. This transaction resulted in a gain of $3,400 for the firm. The company classifies these investme nts as available-for-sale. 2. A tract of land was purchased for $13,000 cash. 3. Long-term notes payable in the amount of $16,000 were retired before maturity by paying $16,000 cash.

P5.6 (LO 2, 3) Excel Inc. had the following balance sheet at December 31, 2019. (Preparation of a Statement of Cash Flows and a Balance Sheet) Lansbury Lansbury Inc. Balance Sheet December 31, 2019 $ 30,000 Accounts payable Notes payable (long-term) Cash $ 20,000 Accounts receivable 21,200 41,000 Investments 32,000 Common stock 100,000 Plant assets (net) 81,000 Retained earnings 23,200 Land 40,000 $194,200 $194,200 During 2020, the following occurred. 1. Lansbury Inc. sold part of its debt investment portfolio for $15,000. This transaction resulted in a gain of $3,400 for the firm. The company classifies these investme nts as available-for-sale. 2. A tract of land was purchased for $13,000 cash. 3. Long-term notes payable in the amount of $16,000 were retired before maturity by paying $16,000 cash.

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 43E: Determining Cash Flows from Financing Activities Solomon Construction Company reported the following...

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Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019, and $26,850 at December 31, 2019. Net income for 2019 was $125,300 and sales revenue was $1,240,000. Required: Compute the amount of cash collected from customers using the direct method.
1. Prepare a forccast cash flow stateaent for 2020. The beginning and ending balances in each of the balance sheet accounts Dec. 31, 2019 Dec. 31, 2020 Pi00,000 360,000 460,000 30,000 P950,000 P1,500,000 Cash P260,000 Accounts receivable Inventory Prepaid insurance Total current assets 180,000 400,000 50,000 P890,000 P1,200,000 Land Plant & equipment Accumulated depreciation Total non-current assets 1,000,000 (400,000) P1,800,000 1,400,000 (500,000) P2,400,000 Total assets P2,690,000 P3,350,000 Accounts payable Accrued operating expenses Interest payable Income taxes payable Р 300,000 200,000 20,000 122,000 P 260,000 132,000 30,000 150.000 P 572,000 700,000 1,100,000 978,000 P 642,000 600,000 Total current liabilities Bonds payable Common stock 800,000 Retained earnings 648,000 Total liabilities & equity P2,690,000 P3,350,000 The forecast income statement for the Mexico Company for 2020 is presented below: Sales Cost of sales Gross profit Operating expenses Income before interest & tax…
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1. Tranvia Company revealed the following information on December 31, 2020:Cash in checking account 350,000Cash in money market account 750,000Treasury bill, purchased November 1, 2020maturing January 31, 2021 3,500,000Time deposit purchased December 1, 2020maturing March 31, 2021 4,000,000 What amount should be reported as cash and cash equivalents on December 31, 2020? 2. Affable Company provided the following information at year-end comprising the cashaccount:Cash in bank – demand deposit 5,000,000Cash on hand 400,000Postage stamps unused 5,000Certificate of time deposit 1,500,000Money order 50,000Manager check 100,000Traveler check 1,000,000Postdated customer check 500,000 What total amount should be reported as cash at year end? 3. Thor Company provided the following data on December 31, 2020:Checkbook balance 4,000,000Bank statement balance 5,000,000Check drawn on Thor’s account, payable to supplier,dated and recorded on December 31, 2020 but notmailed until January 31, 2021…
Swifty Ltd. had the following 2023 income statement data: Revenues Expenses 1/1/23 Revenues $113,000 In 2023, Swifty had the following activity in selected accounts: 12/31/23 49,200 $63,800 Accounts Receivable 19,100 113,000 34,780 1,320 Write-offs 96,000 Collections Allowance for Expected Credit Losses Write-offs 1.320 Swifty Ltd. Statement of Cash Flows (Indirect Method) 1,300 1.540 1.520 1/1/23 Loss on impairment 12/31/23 Prepare Swifty's cash flows from operating activities section of the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a negative sign e.g. -10,000 or in parenthesis eg. (10,000).
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REQUIRED Use the information provided below to prepare the Cash Flow Statement for the year ended 30 June 2020. INFORMATION The information given below was extracted from the books of Siyakha Limited for the financial year ended 30 June 2020. STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE: 2020 R 2019 R ASSETS Property, plant and equipment (See note to the financial statements below.) 14 826 000 13 998 000 Inventory 1 539 000 1 638 000 Accounts receivable 6 243 000 4 572 000 Bank 861 000 480 000 23 469 000 20 688 000 EQUITY AND LIABILITIES Ordinary Share Capital 9 300 000 8 220 000 Retained Income 2 031 000 1 701 000 Loan: OVS Bank 8 100 000 5 940 000 Accounts payable 3 795 000 3 549 000 Company tax payable 150 000 564 000 Dividends payable 93 000 714 000 23 469 000 20 688 000 STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR…
Given the following data from company def, using the direct method of cash flows the company would have determined its cash inflow to be: $30,000.00 Accounts receivable, at 12/31/2018 $20,000.00 Accounts receivable, at 12/31/2019 $507,000.00 Sales for year 2019 $357,000.00 Gross Profit A) 497,000 B) 367,000 C) 347,000 D) 517,000
Below are the account balances prepared by the bookkeeper for Torres Company as of December 31, 2021: CashAccts receivable, net Php1,765,000 930,007 Inventories 750,000 Investments, cost 763,000 Additional information: a. Included in the cash account are the following: compensating cash fund legally restricted for withdrawal of P300,000; Cash for the retirement of bonds payable of P600,000; Contingency fund of P500,000; Three-months money market funds of P250,000; short term operating funds of P50,000; currencies and coins on hand in various denominations, P65,000. b. The receivable includes, among others; Customers’ account with credit balance of P45,000; Share subscription receivable of P100,000 collectibles within two years from initial recognition. Shares were originally subscribed on June 2, 2020. Also, it included a P600,000 (which had been past due for 6 months) charged to the account of an officer who at the moment is experiencing financial…
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Crane Company reported operating expenses of $370000 for 2021. The following data were extracted from the company's financial records: 12/31/20 12/31/21 Prepaid Expenses $59000 $68000 Accrued Expenses 209000 O $338000. O $420000. O $402000. O $320000. 250000 On a statement of cash flows for 2021, using the direct method, cash payments for operating expenses should be