EBK ACCOUNTING PRINCIPLES
13th Edition
ISBN: 9781119411017
Author: Weygandt
Publisher: WILEY
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Chapter 17, Problem 16Q
To determine
Introduction: The
To indicate: The reporting of a given noncash transaction in the cash flow statement.
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Stansfield 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.
Nash's Trading Post, LLC issued 14800 shares of $1 par common stock for $40 per share during 2022. The company paid dividends of $36000 and issued long-term notes payable of $326000 during the year. What amount of cash flows from financing activities will be reported on the statement of cash flows?
At the financial statement date of December 31, 2020, the liabilities outstanding of Chizkeyk Co. included the following:1. Cash dividends on ordinary shares, P60,000, payable on January 15, 2021.2. Note payable to China Bank, P470,000, due January 20, 2021.3. Serial bonds, P1,000,000, of which P250,000 mature during 2021.4. Note payable to Eastwest Bank, P300,000, due January 27, 2022.
In addition to the transactions above, the following activities occurred early in 2021: January 25: The company entered into a financing agreement with China Bank, enabling it to borrow up to P500,000 at any time through the end of 2023. Amounts borrowed under the agreement would bear interest at 1% above the bank's prime rate and would mature 3 years from the date of the loan. The company immediately borrowed P400,000 to replace the cash used in paying its January 20 note to the bank.
February 1: The financial statements for 2020 were issued.
1. Compute for the total current liabilities
2. Compute for…
Chapter 17 Solutions
EBK ACCOUNTING PRINCIPLES
Ch. 17 - Prob. 1QCh. 17 - Prob. 2QCh. 17 - Prob. 3QCh. 17 - Prob. 4QCh. 17 - Prob. 5QCh. 17 - Prob. 6QCh. 17 - 7. Why is it necessary to use comparative balance...Ch. 17 - 8. Contrast the advantages and disadvantages of...Ch. 17 - Prob. 9QCh. 17 - Prob. 10Q
Ch. 17 - Prob. 11QCh. 17 - Prob. 12QCh. 17 - Prob. 13QCh. 17 - Prob. 14QCh. 17 - Prob. 15QCh. 17 - Prob. 16QCh. 17 - Prob. 17QCh. 17 - Prob. 18QCh. 17 - Prob. 19QCh. 17 - Prob. 20QCh. 17 - Prob. 21QCh. 17 - Prob. 22QCh. 17 - Prob. 1BECh. 17 - Prob. 2BECh. 17 - Prob. 3BECh. 17 - Prob. 4BECh. 17 - Prob. 5BECh. 17 - Prob. 6BECh. 17 - Prob. 7BECh. 17 - Prob. 8BECh. 17 - BE17-9 Hinck Corporation reported net cash...Ch. 17 - BE17-10 Suppose in a recent quarter, Alliance...Ch. 17 - BE17-11 The management of Morrow Inc. is trying to...Ch. 17 - BE17-12 Suppose Columbia Sportswear Company had...Ch. 17 - Prob. 13BECh. 17 - Prob. 14BECh. 17 - Prob. 1DIECh. 17 - Prob. 2aDIECh. 17 - Prob. 2bDIECh. 17 - Prob. 3DIECh. 17 - Prob. 1ECh. 17 - E17-2 An analysis of comparative balance sheets,...Ch. 17 - Prob. 3ECh. 17 - Prob. 4ECh. 17 - Prob. 5ECh. 17 - Prob. 6ECh. 17 - Prob. 7ECh. 17 - Prob. 8ECh. 17 - Prob. 9ECh. 17 - Prob. 10ECh. 17 - Prob. 11ECh. 17 - E17-11 Suppose a recent income statement for...Ch. 17 - Prob. 13ECh. 17 - Prob. 14ECh. 17 - Prob. 1PSACh. 17 - Prob. 2PSACh. 17 - Prob. 3PSACh. 17 - Prob. 4PSACh. 17 - Prob. 5PSACh. 17 - Prob. 6PSACh. 17 - Prob. 7PSACh. 17 - P17-8A Data for Nosker Company are presented in...Ch. 17 - Prob. 9PSACh. 17 - Prob. 10PSACh. 17 - Prob. 11PSACh. 17 - Prob. 17CCCh. 17 - Prob. 2EYCTCh. 17 - Prob. 3EYCTCh. 17 - Prob. 4EYCTCh. 17 - Prob. 5EYCTCh. 17 - Prob. 7EYCTCh. 17 - Prob. 1ISTQCh. 17 - Prob. 2ISTQCh. 17 - Prob. 3ISTQCh. 17 - Prob. 4ISTQCh. 17 - Prob. 5ISTQCh. 17 - Prob. 1IFRECh. 17 - Prob. 2IFRECh. 17 - Prob. 3IFRP
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- Stansfield Corporation had the following activitles In 2020. 4. Collecton of note recelvable $100,000 1. Payment of accounts payable $770,000 2. IssuancE of common stock $250,000 3. Payment of dividends $350,000 6. Purchase of treasury stock $46,000 Compute the amount Stansheld should report as net cash provlded (used) by financing activities In Its 2020 statement of cash flows. (haw ame Net cash V by financing activities $ LINK TO TETarrow_forwardVaughn Corporation had the following activities in 2025. 1.Payment of accounts payable $827,000. 2. Issuance of common stock $268,000. 3. Payment of dividends $321,000. 4. Collection of note receivable $93,000. 5. Issuance of bonds payable $549,000. 6. Purchase of treasury stock $45,000. Compute the amount Vaughn should report as net cash provided (used) by financing activities in its 2025 statement of cash flows. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Net cash by financing activities $arrow_forwardMadisun Company issued common stock for proceeds of $20,000 during 2020. The company paid dividends of $5,000. The company also issued a long-term note payable for $35,000 in exchange for equipment during the year. The company sold treasury stock that had a cost of $3,000 for $9,000.Compute net cash flows from financing activities. Net cash flows from financing activities $arrow_forward
- In 2020, Pharoah Inc. issued 1,000 shares of $10 par value common stock for land worth $40,600.(a) Prepare Pharoah’s journal entry to record the transaction. (b) Indicate the effect the transaction has on cash. select an effect DecreaseIncreaseNo Effect (c) Indicate how the transaction is reported on the statement of cash flows.arrow_forwardIn 2023, Chen Corporation purchased treasury stock with a cost of $47,000. During the year, the company declared and paid dividends of $14,000 and issued bonds payable for $1,100,000. Net cash provided by financing activities for 2023 is: A $1,086,000.B. $1,053,000.C. $1,039.000.D. $1,100,000.arrow_forwardchill Company purchased treasury stock with a cost of $216,000 during 2020. During the year, the company paid dividends of $220,000 and issued bonds payable for proceeds of $650,000. Cash flows from financing activities for 2020 total a. $214,000 net cash inflow. b. $256,000 net cash inflow. c. $260,000 net cash outflow. d. $244,000 net cash inflow.arrow_forward
- A corporation issued $2000000 of 20-year bonds for cash at 98. How would the transaction be reported on the statement of cash flows?arrow_forwardMelon 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. P120,000arrow_forwardThe December 31, 2021, balance sheet of Chen, Incorporated, showed $140,000 in the common stock account and $2,650,000 in the additional paid-in surplus account. The December 31, 2022, balance sheet showed $150,000 and $2,950,000 in the same two accounts, respectively. The company paid out $145,000 in cash dividends during 2022. What was the cash flow to stockholders for the year? Note: A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32. Cash flow to stockholdersarrow_forward
- Diligent Company reported the following account balances on December 31, 2020: Accounts payable - 1,900,000; Bonds payable - 3,400,000; Discount on bonds payable - 200,000; Share dividend payable - 500,000; Withholding taxes payable - 900,000. On December 31, 2000, what total amount should be reported as current liabilities?arrow_forwardIn preparation for developing its statement of cash flows for the year ended December 31, 2021, Rapid Pac, Inc., collected the following information: ($ in millions) Fair value of shares issued in a stock dividend $ 116.0 Payment for the early extinguishment oflong-term bonds (book value: $93.0 million) 98.0 Proceeds from the sale of treasury stock (cost: $29.0 million) 34.0 Gain on sale of land 3.8 Proceeds from sale of land 11.4 Purchase of Microsoft common stock 166.0 Declaration of cash dividends 63.0 Distribution of cash dividends declared in 2020 60.0 2. In Rapid Pac’s statement of cash flows, what were net cash inflows (or outflows) from financing activities for 2021?arrow_forwardXYZ Company had $100,000 in cash at the end of year 2019 and $150,000 in cash at the end of year 2020. The company had a cash flow from operating activities of 65,000. During 2020, XYZ Company had the following cash flow from financing activities: 1) Issuance stocks of $66,000. 2) Paid dividends of $9,000. 3) Repurchase stocks of $35,000. 4) Notes payable increased by $14,000. What was the company’s cash flow from investing activitiesarrow_forward
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The KEY to Understanding Financial Statements; Author: Accounting Stuff;https://www.youtube.com/watch?v=_F6a0ddbjtI;License: Standard Youtube License