Homework Answers
Solution:
Net cash used for investing activities = Sale of Plant assets - Purchase of Investments - purchase of plant assets
= $66000 - $55000 - $147000
= $(136,000)
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Old South Company purchased investments for $55,000 and plant assets for $147.000 during the current year,...
Investing and Financing Cash Flows The following information was obtained from Melville Company's comparative balance sheet....
Investing and Financing Cash Flows The following information was obtained from Melville Company's comparative balance sheet. End of Year Beginning of Year Cash $19,000 $9,000 Accounts receivable 50,000 35,000 Inventory 55,000 49,000 Prepaid rent 6,000 8,000 Long-term investments 21,000 32,000 Plant assets 140,000 106,000 Accumulated depreciation (42,000) (32,000) Accounts payable 24,000 22,000 Income tax payable 4,000 6,000 Common stock 127,000 92,000 Retained earnings 106,000 91,000 Capital expenditures 15,200 Assume that Melville Company’s income statement showed depreciation expense of $10,000, a...
The Letendre Company has the following transaction during the year: • Purchased a new warehouse for...
The Letendre Company has the following transaction during the year: • Purchased a new warehouse for cash $110,000 • Common stock was issued for cash of $50,000 • An old warehouse originally costing $80,000 was sold for cash of $45,000, resulting in a gain of $5,000 • Long-term debt was paid off with cash of $25,000 • A cash dividend of $20,000 was paid • Depreciation expense for the year was $30,000 • Net income was $75,000 • Net positive...
NORTH COMPANY Income Statement For the Year Ended December 31, 2019 $770,000 Sales Revenue Cost of...
NORTH COMPANY Income Statement For the Year Ended December 31, 2019 $770,000 Sales Revenue Cost of Goods Sold $550,000 Wages Expense Advertising Expense 195,000 31,000 Depreciation Expense 24,000 Interest Expense 20,000 Gain on Sale of Land (25,000) 795,000 Net Loss $(25,000) NORTH COMPANY Balance Sheets Dec. 31, 2019 Dec. 31, 2018 Assets $32,000 $80,000 Cash 49,000 42,000 Accounts Receivablé 107,000 115,000 Inventory Prepaid Advertising 10,000 14,000 Plant Assets 360,000 210,000 Accumulated Depreciation (80,000) (56,000) Total Assets $519,000 $364,000 Liabilities and...
Comparative Balance Sheet This Year Last Year Assets Current assets: Cash and cash equivalents Accounts receivable...
Comparative Balance Sheet This Year Last Year Assets Current assets: Cash and cash equivalents Accounts receivable Inventory Prepaid expense:s $61,000 $ 40,00e 530,000 860,00e 5,000 1,629,000 1,435,000 3,170,000 2,600,00e 755,000 2,360,000 1,845,000 110,000 170,000 $4,263,000 $3,560,006e 710,000 848, 000 10,000 Total current assets Property, plant, and equipment Less accumulated depreciation 810,00e Net property, plant, and equipment Long-term investments Loans to subsidiaries Total assets 60,000 214,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued liabilities Income taxes payable $ 970,000...
orporation at December ences wations Land LUS Support Buildings 2021 $95.000 250,000 (55,000 239.000 (86,000) 2020...
orporation at December ences wations Land LUS Support Buildings 2021 $95.000 250,000 (55,000 239.000 (86,000) 2020 $181,000 250,000 145,000 147.000 (78,000 Accumulated depreciation--buildings Equipment Accumulated depreciation--equipment Additional information: 1. Land was sold for cash at a gain of $39.000. 2. Equipment was bought for cash. t. (Show amounts that decrease cash flow with either a sign 15.000 or in parenthesis Prepare the investing activities section of the cash flow statem (15.000 Carla Vista Select Corporation Cash Flow Statement (Partial) For...
Weaver Company Comparative Balance Sheet at December31 Last This Year Year Assets Cash Accounts receivable Inventory...
Weaver Company Comparative Balance Sheet at December31 Last This Year Year Assets Cash Accounts receivable Inventory Prepaid expense:s Total current assets Property, plant, and equipment $9 15 240 175 6 436 470 85 385 19 $1,017 840 340 125 10 484 610 93 517 16 Less accumulated depreciation Net property, plant, and equipment Long-term investments Total assets Liabilities and Stockholders' Equity Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Common stock Retained earnings Total...
Additional information: 1. Long-term investments were purchased during the year; none were sold. 2. Equipment was...
Additional information:
1.
Long-term investments were purchased during the year; none were
sold.
2.
Equipment was purchased during the year. In addition, equipment
with a cost of $160 and a carrying amount of $40 was sold at a gain
of $10.
Prepare the investing activities section of Blossom’s statement of
cash flows for the year. (Show amounts that decrease
cash flow with either a - sign e.g. -15,000 or in parenthesis e.g.
(15,000).)
Question 5 View Policies Current Attempt in...
During the current year, Bradford Company purchased some of the 120,000 shares of common stock, par...
During the current year, Bradford Company purchased some of the 120,000 shares of common stock, par $6, of Hall, Inc., as a long- term investment. The annual accounting period for each company ends December 31. The following transactions occurred during the current year: Jan. 7 Purchased 48,000 shares of Hall stock at $36 per share. Dec. 31: a. Received the current year financial statements of Hall, which reported net income of $218,000. b. Hall declared and paid a cash dividend...
Statement of Cash Flows (Indirect Method) North Company's income statement and comparative balance sheets as of...
Statement of Cash Flows (Indirect Method) North Company's income statement and comparative balance sheets as of December 31 of 2019 and 2018 follow: NORTH COMPANY Income Statement For the Year Ended December 31, 2019 Sales Revenue $770.000 Cost of Goods Sold $550,000 Wages Expense 195,0DD Advertising Expense 31,000 Depreciation Expense 24,000 Interest Expense 20,000 Gain on Sale of Land (25,000) 795,000 Net Loss 125,000) NORTH COMPANY Balance Sheets Dec. 31, 2019 Dec 31, 2018 Assets Cash $80,000 $32,000 Accounts Receivable...
Indirect Method - Cash flow statement Sean Seymour Company Comparative balance sheet - December 31 Assets: &nbs
Indirect Method - Cash flow statement Sean Seymour Company Comparative balance sheet - December 31 Assets: 20x2 20x1 Cash $26,000 $13,000 Accounts receivable 18,000 14,000 Inventories 38,000 35,000 Property, Plant & Equip. 70,000 78,000 Accumulated depreciation ( 30,000) ( 24,000) 122,000 116,000 Liabilities & Stockholders’ Equity: Accounts payable 29,000 33,000 Income taxes payable 15,000 20,000 Bonds payable 20,000 10,000 Common stock 25,000 25,000 Retained earnings 33,000 28,000 122,000 116,000 Sean Seymour Co. Income statement for the year ended 12/31/x2 Sales $240,000 Less: COGS 180,000 Selling 28,000 Admin expenses 6,000 Income taxes 7,000 Interest expense 2,000 223,000 Net Income 17,000 Dividends of $12,000 were declared and paid During the year, equipment was...
NORTH COMPANY Income Statement For the Year Ended December 31, 2019 $770,000 Sales Revenue Cost of Goods Sold $550,000 Wages Expense Advertising Expense 195,000 31,000 Depreciation Expense 24,000 Interest Expense 20,000 Gain on Sale of Land (25,000) 795,000 Net Loss $(25,000) NORTH COMPANY Balance Sheets Dec. 31, 2019 Dec. 31, 2018 Assets $32,000 $80,000 Cash 49,000 42,000 Accounts Receivablé 107,000 115,000 Inventory Prepaid Advertising 10,000 14,000 Plant Assets 360,000 210,000 Accumulated Depreciation (80,000) (56,000) Total Assets $519,000 $364,000 Liabilities and...
Comparative Balance Sheet This Year Last Year Assets Current assets: Cash and cash equivalents Accounts receivable Inventory Prepaid expense:s $61,000 $ 40,00e 530,000 860,00e 5,000 1,629,000 1,435,000 3,170,000 2,600,00e 755,000 2,360,000 1,845,000 110,000 170,000 $4,263,000 $3,560,006e 710,000 848, 000 10,000 Total current assets Property, plant, and equipment Less accumulated depreciation 810,00e Net property, plant, and equipment Long-term investments Loans to subsidiaries Total assets 60,000 214,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued liabilities Income taxes payable $ 970,000...
orporation at December ences wations Land LUS Support Buildings 2021 $95.000 250,000 (55,000 239.000 (86,000) 2020 $181,000 250,000 145,000 147.000 (78,000 Accumulated depreciation--buildings Equipment Accumulated depreciation--equipment Additional information: 1. Land was sold for cash at a gain of $39.000. 2. Equipment was bought for cash. t. (Show amounts that decrease cash flow with either a sign 15.000 or in parenthesis Prepare the investing activities section of the cash flow statem (15.000 Carla Vista Select Corporation Cash Flow Statement (Partial) For...
Weaver Company Comparative Balance Sheet at December31 Last This Year Year Assets Cash Accounts receivable Inventory Prepaid expense:s Total current assets Property, plant, and equipment $9 15 240 175 6 436 470 85 385 19 $1,017 840 340 125 10 484 610 93 517 16 Less accumulated depreciation Net property, plant, and equipment Long-term investments Total assets Liabilities and Stockholders' Equity Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Common stock Retained earnings Total...
Additional information:
1.
Long-term investments were purchased during the year; none were
sold.
2.
Equipment was purchased during the year. In addition, equipment
with a cost of $160 and a carrying amount of $40 was sold at a gain
of $10.
Prepare the investing activities section of Blossom’s statement of
cash flows for the year. (Show amounts that decrease
cash flow with either a - sign e.g. -15,000 or in parenthesis e.g.
(15,000).)
Question 5 View Policies Current Attempt in...
During the current year, Bradford Company purchased some of the 120,000 shares of common stock, par $6, of Hall, Inc., as a long- term investment. The annual accounting period for each company ends December 31. The following transactions occurred during the current year: Jan. 7 Purchased 48,000 shares of Hall stock at $36 per share. Dec. 31: a. Received the current year financial statements of Hall, which reported net income of $218,000. b. Hall declared and paid a cash dividend...
Statement of Cash Flows (Indirect Method) North Company's income statement and comparative balance sheets as of December 31 of 2019 and 2018 follow: NORTH COMPANY Income Statement For the Year Ended December 31, 2019 Sales Revenue $770.000 Cost of Goods Sold $550,000 Wages Expense 195,0DD Advertising Expense 31,000 Depreciation Expense 24,000 Interest Expense 20,000 Gain on Sale of Land (25,000) 795,000 Net Loss 125,000) NORTH COMPANY Balance Sheets Dec. 31, 2019 Dec 31, 2018 Assets Cash $80,000 $32,000 Accounts Receivable...
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