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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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?
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.…
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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- 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?arrow_forwardAt the end of the year 2020, the common equity was 490,000, and the dividends paid in the year 2021 was $11,000. What is the free cash flow to equity for the year 2021? Assets Cash and Cash Equivalents Short-term Investments Inventory Accounts Receivables Total Current Assets Fixed Assets Total Assets 128,000 -106,000 106,000 -128,000 2021 63,000 3,000 21,000 20,000 107,000 650,000 757,000 Liabilities. Current Liabilities Long-term Liabilities Total Liabilities Total Common Equity 2021 40,000 120,000 150,000 607,000arrow_forward1. 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 liabilities?arrow_forward
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