Homework Answers
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11. Option D is the answer Land acquisition cost will be recorded as cash used for investing activities in the statement of cash flows |
| 12. Option B is the answer |
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How will a company classify a payment for the acquisition of land on its statement of...
Statement of Cash Flows The following is a list of the items to be included in the preparation of Warrick Company’s 2016 statement of cash flows: Net income, $41,600 Payment for purchase of building,...
Statement of Cash Flows The following is a list of the items to be included in the preparation of Warrick Company’s 2016 statement of cash flows: Net income, $41,600 Payment for purchase of building, $90,000 Increase in accounts receivable, $7,200 Proceeds from issuance of common stock, $37,000 Increase in accounts payable, $5,000 Proceeds from sale of land, $8,400 Depreciation expense, $20,000 Payment of dividends, $38,000 Gain on sale of land, $3,000 Decrease in inventory, $3,300 Payment for purchase of long-term...
Reporting Land Acquisition for Cash and Mortgage Note on Statement of Cash Flows On the basis...
Reporting Land Acquisition for Cash and Mortgage Note on Statement of Cash Flows On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: ACCOUNT Land ACCOUNT NO. Balance Date Item Debit Credit Jan. 1 | Balance Feb. 10 Purchased for cash Nov. 20 Purchased with long-term mortgage note LI DO US 191 os 50 888 Amount Ole $-312,800 1 Report only X $-417,900 X Item Section...
Print 8. Coffee House Food Equipment Company had the following transactions for the month ending January...
Print 8. Coffee House Food Equipment Company had the following transactions for the month ending January 31, 2018. Coffee House's cash balance on January 1, 2018, was $15,600. (Click the icon to view the transactions.) Prepare the statement of cash flows of Coffee House Food Equipment Company for the month ended January 31, 2018 Complete the statement one section at a time, beginning with the heading and cash flows from operating activities. (If a box is not used in the...
Print 10. Wake Up Food Equipment Company had the following transactions for the month ending January...
Print 10. Wake Up Food Equipment Company had the following transactions for the month ending January 31, 2018 Wake Up's cash balance on January 1, 2018, was $14,800. (Click the icon to view the transactions.) Prepare the statement of cash flows of Wake Up Food Equipment Company for the month ended January 31, 2018. Complete the statement one section at a time, beginning with the heading and cash flows from operating activities. (If a box is not used in the...
The statement of cash flows consists of the cash flows from which of the following? ...
The statement of cash flows consists of the cash flows from which of the following? A) operations, investing activities, and divesting activities. B) income statement accounts only. C) operations, investing activities, and financing activities. D) balance sheet accounts only. E) internal activities, external activities, and financing activities.
Spreadsheet for Statement of Cash Flows Year Ended December 31, 2018 Transaction Analysis Balance Balance 12/31/2017 Pa...
Spreadsheet for Statement of Cash Flows Year Ended December 31, 2018 Transaction Analysis Balance Balance 12/31/2017 Panel A Balance Sheet: DEBIT CREDIT 12/31/2018 Cash Accounts Receivable 15,300 4,330 14,600 (500) 33,730 19,800 5,330 16,300 (700) Plant Assets 1,700 Accumulated Depreciation 40,730 Total Assets Accounts Payable 6,700 5,400 Common Stock, no par 5,300 28,130 22,830 4,200 33,730 5,500 Retained Earnings 7,200 40,730 Total Liabilities and Stockholders' Equity Panel B_Statement of Cash Flows: 200 Cash Flows from Operating Activities: Net Income Adjustments...
Supplements Plus, Inc. Income Statement Year Ended September 30, 2018 Net Sales Revenue $ 230,000 Cost...
Supplements Plus, Inc. Income Statement Year Ended September 30, 2018 Net Sales Revenue $ 230,000 Cost of Goods Sold 93,000 Gross Profit 137,000 Operating Expenses: Salaries Expense $ 57,000 Depreciation Expense Plant Assets 28,000 Total Operating Expenses 85,000 Net Income Before Income Taxes 52,000 Income Tax Expense 8,000 $ Net Income 44,000 c. a. Acquisition of plant assets is $118,000. Of this amount, $105,000 is paid in cash and $13,000 by signing a note payable. b. Cash receipt from sale...
Below is an example of a statement of cash flows. Explain the indirect method and how...
Below is an example of a statement of cash flows. Explain the indirect method and how the cash is moving within this company. What are the differences between the indirect and direct method? Statement of Cash Flows Indirect Method For the Year Ending 12/31/2015 Cash Flows from Operating Activities: Net income Add (deduct items) not affecting cash: Depreciation expense Gain on sale of equipment 43,987 2,150 (150) (3,500) 2,800 45,287 Increase in accounts payable Net cash provided by operating activities...
9. Michael, Inc.'s accountant has partially completed the spreadsheet for the statement of cash flows. Fill...
9. Michael, Inc.'s accountant has partially completed the spreadsheet for the statement of cash flows. Fill in the remaining missing information. (lf a bax is not used in the statement, leave the box emply do not select a label or enter a zero, Dot check your answer until bath Panel A and Panel B have been completed) (Click the icon to view the information) Balance 12/31/2018 Michael, Inc. Spreadsheet for Statement of Cash Flows Year Ended December 31, 2018 Balance...
Here are comparative balance sheets for Velo Company. Velo Company Comparative Balance Sheets December 31 Assets...
Here are comparative balance sheets for Velo Company.
Velo Company
Comparative Balance Sheets
December 31
Assets
2020
2019
Cash
$72,800
$33,200
Accounts receivable
86,500
70,700
Inventory
170,200
187,000
Land
72,700
100,700
Equipment
260,700
200,600
Accumulated depreciation—equipment
(65,700
)
(33,500
)
Total
$597,200
$558,700
Liabilities and Stockholders’ Equity
Accounts payable
$35,400
$46,500
Bonds payable
149,800
203,300
Common stock ($1 par)
218,000
173,000
Retained earnings
194,000
135,900
Total
$597,200
$558,700
Additional information:
1.
Net income for 2020 was $103,600.
2.
Cash dividends...
Reporting Land Acquisition for Cash and Mortgage Note on Statement of Cash Flows On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: ACCOUNT Land ACCOUNT NO. Balance Date Item Debit Credit Jan. 1 | Balance Feb. 10 Purchased for cash Nov. 20 Purchased with long-term mortgage note LI DO US 191 os 50 888 Amount Ole $-312,800 1 Report only X $-417,900 X Item Section...
Print 8. Coffee House Food Equipment Company had the following transactions for the month ending January 31, 2018. Coffee House's cash balance on January 1, 2018, was $15,600. (Click the icon to view the transactions.) Prepare the statement of cash flows of Coffee House Food Equipment Company for the month ended January 31, 2018 Complete the statement one section at a time, beginning with the heading and cash flows from operating activities. (If a box is not used in the...
Print 10. Wake Up Food Equipment Company had the following transactions for the month ending January 31, 2018 Wake Up's cash balance on January 1, 2018, was $14,800. (Click the icon to view the transactions.) Prepare the statement of cash flows of Wake Up Food Equipment Company for the month ended January 31, 2018. Complete the statement one section at a time, beginning with the heading and cash flows from operating activities. (If a box is not used in the...
Spreadsheet for Statement of Cash Flows Year Ended December 31, 2018 Transaction Analysis Balance Balance 12/31/2017 Panel A Balance Sheet: DEBIT CREDIT 12/31/2018 Cash Accounts Receivable 15,300 4,330 14,600 (500) 33,730 19,800 5,330 16,300 (700) Plant Assets 1,700 Accumulated Depreciation 40,730 Total Assets Accounts Payable 6,700 5,400 Common Stock, no par 5,300 28,130 22,830 4,200 33,730 5,500 Retained Earnings 7,200 40,730 Total Liabilities and Stockholders' Equity Panel B_Statement of Cash Flows: 200 Cash Flows from Operating Activities: Net Income Adjustments...
Supplements Plus, Inc. Income Statement Year Ended September 30, 2018 Net Sales Revenue $ 230,000 Cost of Goods Sold 93,000 Gross Profit 137,000 Operating Expenses: Salaries Expense $ 57,000 Depreciation Expense Plant Assets 28,000 Total Operating Expenses 85,000 Net Income Before Income Taxes 52,000 Income Tax Expense 8,000 $ Net Income 44,000 c. a. Acquisition of plant assets is $118,000. Of this amount, $105,000 is paid in cash and $13,000 by signing a note payable. b. Cash receipt from sale...
9. Michael, Inc.'s accountant has partially completed the spreadsheet for the statement of cash flows. Fill in the remaining missing information. (lf a bax is not used in the statement, leave the box emply do not select a label or enter a zero, Dot check your answer until bath Panel A and Panel B have been completed) (Click the icon to view the information) Balance 12/31/2018 Michael, Inc. Spreadsheet for Statement of Cash Flows Year Ended December 31, 2018 Balance...
Here are comparative balance sheets for Velo Company.
Velo Company
Comparative Balance Sheets
December 31
Assets
2020
2019
Cash
$72,800
$33,200
Accounts receivable
86,500
70,700
Inventory
170,200
187,000
Land
72,700
100,700
Equipment
260,700
200,600
Accumulated depreciation—equipment
(65,700
)
(33,500
)
Total
$597,200
$558,700
Liabilities and Stockholders’ Equity
Accounts payable
$35,400
$46,500
Bonds payable
149,800
203,300
Common stock ($1 par)
218,000
173,000
Retained earnings
194,000
135,900
Total
$597,200
$558,700
Additional information:
1.
Net income for 2020 was $103,600.
2.
Cash dividends...
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