Can someone help me answer questions 2-5?
Homework Answers
Ques 2 Option A
investing and financing activities having affect on assets or capital structure are shown separately through note
Ques 3 option b
| Net income | 50000 | |
| Gain on sale of land | -2000 | |
| Depreciation expense | 5000 | |
| Dec in accounts receivable | 7000 | |
| Increase in accounts payable | 3000 | 13000 |
| Net cash provided by Operating activities | 63000 |
Ques 4
Option A
| Sale of land | 100000 |
| sale of equipment | 50000 |
| Purchase of equipment | -30000 |
| Net cash provided by investing activities | 120000 |
Ques 5 Option D
| Issue of common stock | 70000 |
| Payment of cash dividends | -60000 |
| Net cash provided by financing activities | 10000 |
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Can someone help me answer questions 2-5?
2.The acquisition of land by issuing common stock is...
Assets Cash Accounts receivable Inventory Land Equipment Accumulated Depreciation-Equipment Total Liabilities and Stockholders' Equity Accounts payable...
Assets Cash Accounts receivable Inventory Land Equipment Accumulated Depreciation-Equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total December 31 2020 2019 $ 72,730 $ 22,000 84,480 68,750 182,480 191,750 73,480 112,750 262,480 202,750 (71,480) (44,750) $604,170 $553,250 $36,480 150,000 214,000 203,690 $604,170 $ 49,750 200,000 164,000 139,500 $553,250 Additional information: 1. Net income for 2020 was $129,960. No gains or losses were recorded in 2020. Cash dividends of $65,770 were declared and...
Need some help with this. don't think this is correct. Need someone to provide correct answer...
Need some help with this. don't think this is correct. Need
someone to provide correct answer alongside explanation:
Below selected information for Flint Corporation for December 31. All purchases were paid for by cash. Land was sold for cash at a loss of $4,600. Equipment with a cost of $50,000 and accumulated depreciation of $40,000 was sold for cash at a gain of $2,800. No other transactions occurred. 2018 2017 Land $105,000 $250,000 Buildings 160,000 80,000 Accumulated Depreciation Buildings 49,100...
Click to watch the Tell Me More Learning Objective 2 video and then answer the questions...
Click to watch the Tell Me More Learning Objective 2 video and then answer the questions below. 1. While calculating cash flows from operating activities using the indirect method, which of the following is added to the net income? a. Increase in accounts payable b. Decrease in sundry creditors c. Decrease in common stock d. Increase in inventories 2. Silver Trading Corp. recorded a net income of $200,000 for the year 20X1. For the same period, the company purchased land...
a. G 4)A company acquired a building for $500.000, paying $50,000 in cash and issuing common...
a. G 4)A company acquired a building for $500.000, paying $50,000 in cash and issuing common stocks to finance the remaining balance. In a statement of cash flows, what amount is included in investing activities for the above transaction? $0 $50,000 $450,000 $500,000 5) Foxx Corp's comparative balance sheet at December 31, 2018 and 2017 reported accumulated depreciation balances of $1,245,000 and $900,000, respectively. Property with a cost of $75,000 and a book value of $57,000 was the only property...
Section C: Cash Flows from Operations The Golden Rams Company reported net income of $100,000 for...
Section C: Cash Flows from Operations The Golden Rams Company reported net income of $100,000 for 2020. Net income include gain of $6.000 on the sale of land and a loss on the sale of equipment of $10.000. Depreciation on fixed assets for the year was $15,000. Balances of select accounts at the end and beginning of the year are listed below. Balances 2020 2020 Ending Beginning $ 65,000 Cash $ 70,000 . 78,000 70,000 Accounts Receivable . 85,000 Inventories...
Spicer Company Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Land Buildings...
Spicer Company Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Total 2017 2016 $ 45,000 58,000 142,000 21,000 130,000 200,000 68,000 50,000 151,450 15,280 145,000 200,000 (60,000) (40,000) 225,000 (45,000) (35,000) 155,000 $749,730 $676,000 Liabilities and Stockholders Equity Accounts payable Bonds payable Common stock, $1 par Retained earnings Total $44,730 300,000 200,000 205,000 749,730 $676,000 $ 36,000 300,000 160,000 180,000 Additional information: 1. Operating expenses include depreciation expense of...
please answer above the question. thanks 5. (S.O.6) Comparative balance shoet accounts of Sullivan Company are pres...
please
answer above the question. thanks
5. (S.O.6) Comparative balance shoet accounts of Sullivan Company are presented below Sullivan Company Comparative Balance Shoet Accounts December 31, 2003 and 2004 Debit Balances Cash Accounts Receivable Merchandise Inventory Long-Term Investments Equipment Buildings Land Totals 2004 $50,000 72,500 35,000 27,250 35,000 72,500 12.500 $304.750 2003 $38,750 65,000 29,000 42,500 23,750 61,250 12.500 $272.750 Credit Balamces Allowance for Bad Debts Accumulated Depreciation- Equipment Accumulated Depreciation- Building Accounts Payable Accrued Payables Long-Term Notes Payable Common...
on- The major classifications of activities reported in the statement of cash flows are operating, investing,...
on- The major classifications of activities reported in the statement of cash flows are operating, investing, and financing. Classify each of the transactions listed below as: 1. Operating activity-add to net income. 2. Operating activity-deduct from net income. port 3. Investing activity. 4. Financing activity. 5. Reported as significant noncash activity The transactions are as follows. Transactions Classifications of Activities Issuance of common stock (b) Purchase of land and building Redemption of bonds. (d) Sale of equipment. le) Depreciation of...
CES Exercise 5-13 The major classifications of activities reported in the statement of cash flows are...
CES Exercise 5-13 The major classifications of activities reported in the statement of cash flows are operating, investing, and financing. Classify each of the transactions listed below as: Operating activity-add to net income. Operating activity-deduct from net income. Investing activity Financing activity. Reported as significant noncash activity 1. 2. 3. 5. The transactions are as follows. Classifications of Activities > ndy << Transactions (a) Issuance of common stock. (b) Purchase of land and building. (c) Redemption of bonds. (d) Sale...
The balance sheet data of Naley Company at the end of 2019 and 2018 follow: 2019...
The balance sheet data of Naley Company at the end of 2019 and 2018 follow: 2019 2018 Cash $ 50,000 $ 70,000 Accounts receivable (net) 120,000 90,000 Merchandise inventory 140,000 90,000 Prepaid expenses 20,000 50,000 Buildings and equipment 180,000 150,000 Accumulated depreciation—buildings and equipment (36,000) (16,000) Land 180,000 80,000 Totals $654,000 $514,000 Accounts payable $136,000 $110,000 Accrued expenses 24,000 36,000 Notes payable—bank, long-term 80,000 Mortgage payable 60,000 Common stock, $10 par 418,000 318,000 Retained earnings (deficit) 16,000 (30,000) $654,000 $514,000...
Assets Cash Accounts receivable Inventory Land Equipment Accumulated Depreciation-Equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total December 31 2020 2019 $ 72,730 $ 22,000 84,480 68,750 182,480 191,750 73,480 112,750 262,480 202,750 (71,480) (44,750) $604,170 $553,250 $36,480 150,000 214,000 203,690 $604,170 $ 49,750 200,000 164,000 139,500 $553,250 Additional information: 1. Net income for 2020 was $129,960. No gains or losses were recorded in 2020. Cash dividends of $65,770 were declared and...
Need some help with this. don't think this is correct. Need
someone to provide correct answer alongside explanation:
Below selected information for Flint Corporation for December 31. All purchases were paid for by cash. Land was sold for cash at a loss of $4,600. Equipment with a cost of $50,000 and accumulated depreciation of $40,000 was sold for cash at a gain of $2,800. No other transactions occurred. 2018 2017 Land $105,000 $250,000 Buildings 160,000 80,000 Accumulated Depreciation Buildings 49,100...
Click to watch the Tell Me More Learning Objective 2 video and then answer the questions below. 1. While calculating cash flows from operating activities using the indirect method, which of the following is added to the net income? a. Increase in accounts payable b. Decrease in sundry creditors c. Decrease in common stock d. Increase in inventories 2. Silver Trading Corp. recorded a net income of $200,000 for the year 20X1. For the same period, the company purchased land...
a. G 4)A company acquired a building for $500.000, paying $50,000 in cash and issuing common stocks to finance the remaining balance. In a statement of cash flows, what amount is included in investing activities for the above transaction? $0 $50,000 $450,000 $500,000 5) Foxx Corp's comparative balance sheet at December 31, 2018 and 2017 reported accumulated depreciation balances of $1,245,000 and $900,000, respectively. Property with a cost of $75,000 and a book value of $57,000 was the only property...
Section C: Cash Flows from Operations The Golden Rams Company reported net income of $100,000 for 2020. Net income include gain of $6.000 on the sale of land and a loss on the sale of equipment of $10.000. Depreciation on fixed assets for the year was $15,000. Balances of select accounts at the end and beginning of the year are listed below. Balances 2020 2020 Ending Beginning $ 65,000 Cash $ 70,000 . 78,000 70,000 Accounts Receivable . 85,000 Inventories...
Spicer Company Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Total 2017 2016 $ 45,000 58,000 142,000 21,000 130,000 200,000 68,000 50,000 151,450 15,280 145,000 200,000 (60,000) (40,000) 225,000 (45,000) (35,000) 155,000 $749,730 $676,000 Liabilities and Stockholders Equity Accounts payable Bonds payable Common stock, $1 par Retained earnings Total $44,730 300,000 200,000 205,000 749,730 $676,000 $ 36,000 300,000 160,000 180,000 Additional information: 1. Operating expenses include depreciation expense of...
please
answer above the question. thanks
5. (S.O.6) Comparative balance shoet accounts of Sullivan Company are presented below Sullivan Company Comparative Balance Shoet Accounts December 31, 2003 and 2004 Debit Balances Cash Accounts Receivable Merchandise Inventory Long-Term Investments Equipment Buildings Land Totals 2004 $50,000 72,500 35,000 27,250 35,000 72,500 12.500 $304.750 2003 $38,750 65,000 29,000 42,500 23,750 61,250 12.500 $272.750 Credit Balamces Allowance for Bad Debts Accumulated Depreciation- Equipment Accumulated Depreciation- Building Accounts Payable Accrued Payables Long-Term Notes Payable Common...
on- The major classifications of activities reported in the statement of cash flows are operating, investing, and financing. Classify each of the transactions listed below as: 1. Operating activity-add to net income. 2. Operating activity-deduct from net income. port 3. Investing activity. 4. Financing activity. 5. Reported as significant noncash activity The transactions are as follows. Transactions Classifications of Activities Issuance of common stock (b) Purchase of land and building Redemption of bonds. (d) Sale of equipment. le) Depreciation of...
CES Exercise 5-13 The major classifications of activities reported in the statement of cash flows are operating, investing, and financing. Classify each of the transactions listed below as: Operating activity-add to net income. Operating activity-deduct from net income. Investing activity Financing activity. Reported as significant noncash activity 1. 2. 3. 5. The transactions are as follows. Classifications of Activities > ndy << Transactions (a) Issuance of common stock. (b) Purchase of land and building. (c) Redemption of bonds. (d) Sale...
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