Question

Homework - chapter 11

LUIGUI2P E11-17A (similar to) Question Help Requirements Compute the following items for the statement of cash flows: 1. The beginning and ending Retained earnings balances are $44,000 and $72,000, respectively. Net income for the period is $59,000. How much are cash dividends? 2. The beginning and ending net Fixed assets balances are $116,000 and $114,000, respectively. Depreciation expense for the period is $16,000, and acquisitions of new fixed assets total $27.000. Fixed assets were sold at a $6,000 loss. What were the cash proceeds of the sale? Requirement 1. The beginning and ending Retained earnings balances are $44,000 and $72,000, respectively. Net income for the period is $59.000. How much are cash dividends? Select the formula needed to compute this amount and then enter the amounts to calculate the dividends Dividends 835 Choose from any list or enter any number in the input fields and then click Check Answer 1 part romania javascript:doExercise 4); Clear All Check Answer Year Ended June 30, 2018

Answer 1

Problem. E11-17A

Solution:

Req. 1

Formula : Beginning retained earnings + Net income $ 44,000 $ 59,000 - Ending retained earnings = Dividends 72,000 $ 31,000

Req. 2. Cash proceeds of sale =

Fixed assets (Net of depreciation) Beg. Bal 116,000 Loss on sale Acquisitions 27,000 Depreciation exp. Cash proceeds of 6,000 16,000 sale 7,000 End. Bal 114,000

Problem. E11-13A

Solution:

28,000 Cash flows from operating activities: Net Income Adjustments to reconcile net income to net cash provided by (used for) operating activities: Depreciation expense Loss on sale of land Decrease in current liabilities Increase in current assets other than cash Net cash provided by (used for) opearting activites 10,000 8,000 (23,000) (21,000) (26,000) 2000