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Application Problem 1-5B Use the following abbreviations to answer this question: CA Current assets NCA Non-current...
Current Attempt in Progress Use the following abbreviations to answer this question: Operating activities item Investing...
Current Attempt in Progress Use the following abbreviations to answer this question: Operating activities item Investing activities item Financing activities item F Classify each of the following transactions according to whether they are operating, financing, or investing activities using direct method. (Select N/A for a non cash item.) v a. Proceeds from the sale of an investment in another company's shares b. Acquisition of a business c. Cash paid to suppliers of inventory d. Acquisition of a long-term bank loan...
Question 47 40 pts PROBLEM 2(40 Points The following items are listed alphabetically. Use the bolded...
Question 47 40 pts PROBLEM 2(40 Points The following items are listed alphabetically. Use the bolded abbreviations for your answers. Use Column 1 to indicate whether the item is found on the Balance Sheet (BS) or Income Statement (IS) For Balance Sheet items, use Column 2 to indicate the following: CA Current Asset, NCA Non Current Asset, PPE- Property, Plant & Equipment, IA-Intangible Asset CL Current Liability, NCL-Non Current Liability, or SE- Stockholders' Equity. Use Column 3 to indicate whether...
Use the following income statement and information about changes in non-cash current assets and current liabilities...
Use the following income statement and information about changes in non-cash current assets and current liabilities to present the cash flows from operating activities using the indirect method. (Indicate any loss, cash outflow or deduction in cash with a minus sign.) Kelly Gold Inc. Income Statement For Year Ended May 31, 2017 Sales Cost of goods sold $2,820 1,424 $1,396 Gross profit Operating expenses: Depreciation expense Other expenses $ 224 1,110 Total operating expenses Loss on sale of long-term investment...
Use the following abbreviations to answer this question: O Operating activities item I Investing activities item...
Use the following abbreviations to answer this question: O Operating activities item I Investing activities item F Financing activities item Classify each of the following transactions according to whether they are operating, financing, or investing activities: a. Payment of employee wages b. Cash collected from customers for sales c. Payment of dividends d. Purchase of land for an office building e. Repayment of debt owed to a financial institution f. Purchase of shares of another company g. Cash received as...
Use the following income statement and information about changes in non-cash current assets and current liabilities...
Use the following income statement and information about changes in non-cash current assets and current liabilities to present the cash flows from operating activities using the indirect method. (Indicate any loss, cash outflow or deduction in cash with a minus sign.) Kelly Gold Inc. Income Statement For Year Ended May 31, 2017 Sales Cost of goods sold $2,700 1,364 $1,336 Gross profit Operating expenses: Depreciation expense Other expenses $ 214 1,070 1,284 Total operating expenses Loss on sale of long-term...
Principal payments on non-current debis 50,000 Collections an accounts receivable287,500 Increase in accounts payable24,300 Acquisition of...
Principal payments on non-current debis 50,000 Collections an accounts receivable287,500 Increase in accounts payable24,300 Acquisition of equipment by issuing non-current note payable70,000 Depreciation expense71,300 Collection of loan principal58,000 Proceeds from sale of investments, not including $5,100 gain49,100 Increase in accounts receivable7,200 Cash payments to purchase capital assets62,000 Decrease in accrued liabilities 30,600 Payment of cash dividends 46,500 Income tax expense and payments 19,300 Proceeds from sale of capital assets, not including $7,400 loss 22,600 Net income147,100 Cash sales217,400 Proceeds from...
1. Use the following abbreviations to indicate on which statement you would find each item below....
1. Use the following abbreviations to indicate on which statement you would find each item below. Some items may appear on more than one statement. Include all abbreviations that would apply. • IS: Income statement • SRE: Statement of retained earnings • BS: Balance sheet Sales Cash Gain on sale of building Retained earnings Salary expense a b. c. d. e. 5. FINANCIAL ACCOUNTING f. h. Capital stock Dividends paid Loss on sale of investment Income tax expense Net income...
MNP Inc. have gathered together the following data from the accounting records: Payments of non-current debt$220,000...
MNP Inc. have gathered together the following data from the accounting records: Payments of non-current debt$220,000 Collections on accounts receivable215,600 Acquisition of equipment by issuing non-current y note payable90,000 interest revenue 15,600 Credit sales350,600 Loan collections48,200 Proceeds from sale of investments, not including $4,200 gain38,200 Salary expense 105,700 Cash payments to purchase capital assets72,000 Cost of goods sold425,000 Collection of interest revenue 15,500 Payment of cash dividends36,200 Income tax expense and payments41,500 Proceeds from sale of capital assets, not including...
The following items are available from records of Freescia Corporation at the end of the current...
The following items are available from records of Freescia Corporation at the end of the current year: Accounts payable $12,820 Notes payable $47,000 Accounts receivable 23,410 Office equipment 15,000 Advertising expense 2,480 Retained earnings, end of year 45,130 Buildings 88,500 Salary and wage expense 8,190 Capital stock 26,800 Sales revenue 14,660 Cash 4,840 Using the data given, prepare a balance sheet for Freescia Corporation at the end of the current year. Freescia Corporation Balance Sheet End of the Year Assets...
Vancouver Aquatic Ltd has the following data: Payments of non-current debt$ 130,000 Collections on accounts receivable114,200...
Vancouver Aquatic Ltd has the following data: Payments of non-current debt$ 130,000 Collections on accounts receivable114,200 Interest revenue6,600 Credit sales265,600 Loan collections 125,200 Salary expense140,700 Proceeds from sale of capital assets, not including $7,200 loss33,500 Cash receipt of dividend revenue20,200 Payment of salaries 99,600 Depreciation expense55,500 Cash sales 325,000 Proceeds from issuance of common shares450,000 Loan to another company60,000 Interest expense and payments 41,000 Bonds payable converted into common shares 140,000 Payments to suppliers 255,000 Cash payments to purchase capital...
Current Attempt in Progress Use the following abbreviations to answer this question: Operating activities item Investing activities item Financing activities item F Classify each of the following transactions according to whether they are operating, financing, or investing activities using direct method. (Select N/A for a non cash item.) v a. Proceeds from the sale of an investment in another company's shares b. Acquisition of a business c. Cash paid to suppliers of inventory d. Acquisition of a long-term bank loan...
Question 47 40 pts PROBLEM 2(40 Points The following items are listed alphabetically. Use the bolded abbreviations for your answers. Use Column 1 to indicate whether the item is found on the Balance Sheet (BS) or Income Statement (IS) For Balance Sheet items, use Column 2 to indicate the following: CA Current Asset, NCA Non Current Asset, PPE- Property, Plant & Equipment, IA-Intangible Asset CL Current Liability, NCL-Non Current Liability, or SE- Stockholders' Equity. Use Column 3 to indicate whether...
Use the following income statement and information about changes in non-cash current assets and current liabilities to present the cash flows from operating activities using the indirect method. (Indicate any loss, cash outflow or deduction in cash with a minus sign.) Kelly Gold Inc. Income Statement For Year Ended May 31, 2017 Sales Cost of goods sold $2,820 1,424 $1,396 Gross profit Operating expenses: Depreciation expense Other expenses $ 224 1,110 Total operating expenses Loss on sale of long-term investment...
Use the following income statement and information about changes in non-cash current assets and current liabilities to present the cash flows from operating activities using the indirect method. (Indicate any loss, cash outflow or deduction in cash with a minus sign.) Kelly Gold Inc. Income Statement For Year Ended May 31, 2017 Sales Cost of goods sold $2,700 1,364 $1,336 Gross profit Operating expenses: Depreciation expense Other expenses $ 214 1,070 1,284 Total operating expenses Loss on sale of long-term...
Principal payments on non-current debis 50,000 Collections an accounts receivable287,500 Increase in accounts payable24,300 Acquisition of equipment by issuing non-current note payable70,000 Depreciation expense71,300 Collection of loan principal58,000 Proceeds from sale of investments, not including $5,100 gain49,100 Increase in accounts receivable7,200 Cash payments to purchase capital assets62,000 Decrease in accrued liabilities 30,600 Payment of cash dividends 46,500 Income tax expense and payments 19,300 Proceeds from sale of capital assets, not including $7,400 loss 22,600 Net income147,100 Cash sales217,400 Proceeds from...
1. Use the following abbreviations to indicate on which statement you would find each item below. Some items may appear on more than one statement. Include all abbreviations that would apply. • IS: Income statement • SRE: Statement of retained earnings • BS: Balance sheet Sales Cash Gain on sale of building Retained earnings Salary expense a b. c. d. e. 5. FINANCIAL ACCOUNTING f. h. Capital stock Dividends paid Loss on sale of investment Income tax expense Net income...
MNP Inc. have gathered together the following data from the accounting records: Payments of non-current debt$220,000 Collections on accounts receivable215,600 Acquisition of equipment by issuing non-current y note payable90,000 interest revenue 15,600 Credit sales350,600 Loan collections48,200 Proceeds from sale of investments, not including $4,200 gain38,200 Salary expense 105,700 Cash payments to purchase capital assets72,000 Cost of goods sold425,000 Collection of interest revenue 15,500 Payment of cash dividends36,200 Income tax expense and payments41,500 Proceeds from sale of capital assets, not including...
Vancouver Aquatic Ltd has the following data: Payments of non-current debt$ 130,000 Collections on accounts receivable114,200 Interest revenue6,600 Credit sales265,600 Loan collections 125,200 Salary expense140,700 Proceeds from sale of capital assets, not including $7,200 loss33,500 Cash receipt of dividend revenue20,200 Payment of salaries 99,600 Depreciation expense55,500 Cash sales 325,000 Proceeds from issuance of common shares450,000 Loan to another company60,000 Interest expense and payments 41,000 Bonds payable converted into common shares 140,000 Payments to suppliers 255,000 Cash payments to purchase capital...
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