16. Oriole Company provided the following information on selected transactions during 2021: Purchase of land by...
16. Oriole Company provided the following information on selected transactions during 2021:
| Purchase of land by issuing bonds | $940000 |
| Proceeds from issuing bonds | 2970000 |
| Purchases of inventory | 3720000 |
| Purchases of treasury stock | 590000 |
| Loans made to affiliated corporations | 1360000 |
| Dividends paid to preferred stockholders | 405000 |
| Proceeds from issuing preferred stock | 1590000 |
| Proceeds from sale of equipment | 296000 |
The net cash provided by financing activities during 2021 is
a. $4540000. b. $3160000 c. $3565000. d. $4125000.
17. Financial statements for Swifty Corporation are given below:
| Swifty Corporation | ||||||
| Balance Sheet | ||||||
| January 1, 2021 | ||||||
| Assets | Equities | |||||
| Cash | $ 966000 | Accounts payable | $ 458000 | |||
| Accounts receivable | 861000 | |||||
| Buildings and equipment | 3670000 | |||||
| Accumulated depreciation— buildings and equipment |
(1190000 | ) | Common stock | 2770000 | ||
| Patents | 429000 | Retained earnings | 1508000 | |||
|
$4736000 |
$4736000 |
|||||
| Swifty Corporation | |||||||
| Statement of Cash Flows | |||||||
| For the Year Ended December 31, 2021 | |||||||
| Increase (Decrease) in Cash | |||||||
| . | |||||||
| Cash flows from operating activities | |||||||
| Net income | $1260000 | ||||||
| Adjustments to reconcile net income to net
cash provided by operating activities: |
|||||||
| Increase in accounts receivable | $(380000 | ) | |||||
| Increase in accounts payable | 188000 | ||||||
| Depreciation—buildings and equipment | 355000 | ||||||
| Gain on sale of equipment | (144000 | ) | |||||
| Amortization of patents | 49000 | 68000 | |||||
| Net cash provided by operating activities | 1328000 | ||||||
| . | |||||||
| Cash flows from investing activities | |||||||
| Sale of equipment | 285000 | ||||||
| Purchase of land | (598000 | ) | |||||
| Purchase of buildings and equipment | (1154000 | ) | |||||
| Net cash used by investing activities | (1467000) | ||||||
| . | |||||||
| Cash flows from financing activities | |||||||
| Payment of cash dividend | (360000 | ) | |||||
| Sale of common stock | 958000 | ||||||
| Net cash provided by financing activities | 598000 | ||||||
| Net increase in cash | 459000 | ||||||
| Cash, January 1, 2021 | 966000 | ||||||
| Cash, December 31, 2021 |
$1425000 |
||||||
Total assets on the balance sheet at December 31, 2021 are
$6646000. Accumulated depreciation on the equipment sold was
$333000.
The balance in the Retained Earnings account at December 31, 2021
was
a. $2768000. b. $2408000 c. $3128000. d. $1148000.
| BALANCE SHEETS | |||||||||||
| 12/31/22 | 12/31/21 | ||||||||||
| Cash | $406000 | $ 193000 | |||||||||
| Accounts receivable | 359000 | 217000 | |||||||||
| Inventory | 383000 | 481000 | |||||||||
| Property, plant and equipment | $609000 | $961000 | |||||||||
| Less accumulated depreciation | (320000 | ) | 289000 | (304000 | ) | 657000 | |||||
|
$1437000 |
$1548000 |
||||||||||
| . | |||||||||||
| Accounts payable | $ 174000 | $ 98000 | |||||||||
| Income taxes payable | 351000 | 390000 | |||||||||
| Bonds payable | 360000 | 598000 | |||||||||
| Common stock | 218000 | 218000 | |||||||||
| Retained earnings | 334000 | 244000 | |||||||||
|
$1437000 |
$1548000 |
||||||||||
18. Waterway Industries has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements of Waterway Industries for 2022 and 2021 are provided below.
| INCOME STATEMENT For the Year Ended December 31, 2022 |
|||||||||
| Sales revenue | $8410000 | ||||||||
| Cost of sales | 7151000 | ||||||||
| Gross profit | 1259000 | ||||||||
| Selling expenses | $602000 | ||||||||
| Administrative expenses | 192000 | 794000 | |||||||
| Income from operations | 465000 | ||||||||
| Interest expense | 72000 | ||||||||
| Income before taxes | 393000 | ||||||||
| Income taxes | 94000 | ||||||||
| Net income |
$ 299000 |
||||||||
The following additional data were provided:
| 1. | Dividends for the year 2022 were $209000. | |
| 2. | During the year, equipment was sold for $240000. This equipment cost $353000 originally and had a book value of $289000 at the time of sale. The loss on sale was incorrectly charged to cost of sales. | |
| 3. | All depreciation expense is in the selling expense category. |
The net cash provided (used) by financing activities is
a. $(244000) b. $49000 c. $(447000). d. $209000
19.Equipment that cost $874000 and had a book value of $400000 was sold for $453000. Data from the comparative balance sheets are:
| 12/31/21 | 12/31/20 | |
| Equipment | $5430000 | $4872000 |
| Accumulated Depreciation | 1656000 | 1460000 |
Depreciation expense for 2021 was
a. $670000. b. $128000. c. $83000. d. $723000.
Homework Answers
Answer: The correct answer is C i.e. $3,565,000
Net Cash Provided/Used by Financing Activities = Proceeds from
Issuing Bonds + Proceeds from Issuing Preferred Stock – Dividends
Paid to Preferred Stockholders – Purchase of Treasury Stock
Net Cash Provided by Financing Activities = $2,970,000 + $1,590,000
- $405,000 - $590,000
Net Cash Provided by Financing Activities =
$3,565,000
Add Answer to:
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