Homework Answers
Requirement 1:
Cash flow activity
| Purchased Copyrights | Investing |
| Depreciation Expense | Operating |
| Net income | Operating |
| Issued stock | Financing |
| Paid cash dividends | Financing |
| Purchased land | Investing |
| Redeemed bonds | Financing |
Requirement 2:
| Bought Land for in exchange for stock | No affect on statement |
| Issued a Mortgage payable - receiving cash | Increase in financing |
| Increase in inventories | Decrease in operations |
| Depreciation expense | Increase in operations |
| Increase in prepaid insurance | Decrease in operations |
| Sold equipment for $4000 loss | Increase in investments and add to operations |
| Increase in Accounts receivable | Decrease in operations |
| Issued stock in our company for cash | Increase in financing |
| Sold treasury stock | Increase in financing |
| Paid dividends | Decrease in financing |
| Decrease in accounts payable | Decrease in operations |
Add Answer to:
2) Match each of the following to the correct item. (24pts) Bought Land for in exchange...
Ch 16-3 Exercises and Problems eBook Show Me How Calculator Print Item Statement of Cash Flows-Indirect...
Ch 16-3 Exercises and Problems eBook Show Me How Calculator Print Item Statement of Cash Flows-Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 2088, is as follows: Dec 31, 2049 Dec. 31, 2018 Assets Cash $237,780 Accounts receivable (net) Inventories 86,140 243,170 $224,000 80,450 238,190 92,280 Investments Land Equipment Accumulated depreciation-equipment 124,720 268,290 (62,810) $897,290 210,590 (56,790) $788,720 Total assets Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Dividends payable $162,410 16,150...
AP-1B LO 3 Indicate the section of the statement of cash flows where each item would...
AP-1B LO 3 Indicate the section of the statement of cash flows where each item would be located (operating, investing or financing activities) using the indirect method. Also indicate whether the item would increase or decrease cash using the indirect method. Item Section Effect on Cash Decrease Investing Loss on sale of equipment Decrease in accounts payable Increase in food inventory Depreciation expense Gain on sale of investments Dividends paid Issuance of shares in the company Net income Decrease in...
A statement of cash flows, including footnotes typically would not include which item? Select one: a....
A statement of cash flows, including footnotes typically would not include which item? Select one: a. Capital stock issued at an amount greater than par value b. Issuance of stock in exchange for new equipme c. Cash dividends declared d. A purchase of treasury stock e. A building purchase mortgage obtained from
For each of the following transactions, indicate whether it will result in an increase, decrease, or...
For each of the following transactions, indicate whether it will result in an increase, decrease, or have no effect on cash flows: (a) Decrease Repayment of mortgage payable (b) Decrease Payment of interest on mortgage (c) No Effect Purchase of land in exchange for common shares (d) Increase Issue of preferred shares for cash X Payment for the purchase of a held for trading investment that is not a cash equivalent (e) No Effect Collection of accounts receivable (f) Increase...
A statement of cash flows, including footnotes, typically would not include which item? Select one: a....
A statement of cash flows, including footnotes, typically would not include which item? Select one: a. Capital stock issued at an amount greater than par value b. Issuance of stock in exchange for new equipment c. Cash dividends paid d. A retirement of treasury stock e. A building purchase; mortgage obtained from financial institution
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...
Indicate the type of cash flows resulting from the following transactions and whether it would increase...
Indicate the type of cash flows resulting from the following transactions and whether it would increase (I) or decrease (D) the cash flows. If a transaction has no cash flow effects, so indicate. Transaction Operating Investing Financing No CF effect EXAMPLE: Payment of note payable D Payment of dividends Acquisition of land by issuing a note Payments to suppliers Interest paid on bonds payable Purchase of equity securities on the market Cash received from customers Issuance of bonds payable Purchase...
Which of the following represents an inflow of cash and therefore would be reported on the...
Which of the following represents an inflow of cash and therefore would be reported on the statement of cash flows? Select one: a. acquiring of treasury stock b. issuing long-term debt c. declaring stock dividends d. retiring of bond payable A five-year bond was issued at par for $640,000 cash. This transaction should be shown on a statement of cash flows under Select one: a. noncash activities b. operating activities c. financing activities d. investing activities Which of the following...
Velo Company Comparative Balance Sheets December 31 Assets 2020 2019 Cash $72,800 $33,200 Accounts receivable 86,500...
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 of $45,500 were declared and paid.
3.
Bonds...
Velo Company Comparative Balance Sheets December 31 Assets 2020 2019 Cash $72,800 $33,200 Accounts receivable 86,500...
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 of $45,500 were declared and paid.
3.
Bonds...
Ch 16-3 Exercises and Problems eBook Show Me How Calculator Print Item Statement of Cash Flows-Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 2088, is as follows: Dec 31, 2049 Dec. 31, 2018 Assets Cash $237,780 Accounts receivable (net) Inventories 86,140 243,170 $224,000 80,450 238,190 92,280 Investments Land Equipment Accumulated depreciation-equipment 124,720 268,290 (62,810) $897,290 210,590 (56,790) $788,720 Total assets Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Dividends payable $162,410 16,150...
AP-1B LO 3 Indicate the section of the statement of cash flows where each item would be located (operating, investing or financing activities) using the indirect method. Also indicate whether the item would increase or decrease cash using the indirect method. Item Section Effect on Cash Decrease Investing Loss on sale of equipment Decrease in accounts payable Increase in food inventory Depreciation expense Gain on sale of investments Dividends paid Issuance of shares in the company Net income Decrease in...
A statement of cash flows, including footnotes typically would not include which item? Select one: a. Capital stock issued at an amount greater than par value b. Issuance of stock in exchange for new equipme c. Cash dividends declared d. A purchase of treasury stock e. A building purchase mortgage obtained from
For each of the following transactions, indicate whether it will result in an increase, decrease, or have no effect on cash flows: (a) Decrease Repayment of mortgage payable (b) Decrease Payment of interest on mortgage (c) No Effect Purchase of land in exchange for common shares (d) Increase Issue of preferred shares for cash X Payment for the purchase of a held for trading investment that is not a cash equivalent (e) No Effect Collection of accounts receivable (f) Increase...
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...
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 of $45,500 were declared and paid.
3.
Bonds...
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 of $45,500 were declared and paid.
3.
Bonds...
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