Additional information:
| 1. | Long-term investments were purchased during the year; none were sold. | ||
| 2. | Equipment was purchased during the year. In addition, equipment with a cost of $160 and a carrying amount of $40 was sold at a gain of $10. |
Prepare the investing activities section of Blossom’s statement of
cash flows for the year. (Show amounts that decrease
cash flow with either a - sign e.g. -15,000 or in parenthesis e.g.
(15,000).)
Homework Answers
Add Answer to:
Additional information:
1.
Long-term investments were purchased during the year; none were
sold.
2.
Equipment was...
Blossom Corporation reported the following information (in thousands) at December 31, 2018: 2018 2017 Long-term investments...
Blossom Corporation reported the following information (in thousands) at December 31, 2018: 2018 2017 Long-term investments $150 $100 290 Land 290 Buildings 330 330 Accumulated depreciation-buildings 80 Equipment 600 360 Accumulated depreciation-equipment 200 200 Additional information: 1. Long-term investments were purchased during the year; none were sold. 2. Equipment was purchased during the year. In addition, equipment with a cost of $130 and a carrying amount of $60 was sold at a gain of $20. Prepare the investing activities section...
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...
Here is selected financial statement data regarding a company's long-term investments. Balance Sheet: Investments, long-term Dec...
Here is selected financial statement data regarding a company's long-term investments. Balance Sheet: Investments, long-term Dec 31, 2018 $ 9,400,000 Dec 31, 2017 $ 9,700,000 2018 Income Statement: Loss on sale of long-term investments 109,000 During the year, the company purchased $1,053,000 of long-term investments. In the statement of cash flows, the investing activities section should show a cash receipt for "sale of long-term investments" for $
Additional data: 1. Equipment that cost $9,900 and was 60% depreciated was sold in 2020. 2....
Additional data:
1.
Equipment that cost $9,900 and was 60% depreciated was sold in
2020.
2.
Cash dividends were declared and paid during the year.
3.
Common stock was issued in exchange for land.
4.
Investments that cost $34,600 were sold during the year.
5.
There were no write-offs of uncollectible accounts during the
year.
Martinez’s 2020 income statement is as follows.
Sales revenue
$955,200
Less: Cost of goods sold
601,100
Gross profit
354,100
Less: Operating expenses (includes depreciation expense...
Blossom Company Statement of Cash Flows-Indirect Method For the Year Ended December 31, 2017 Cash flows...
Blossom Company Statement of Cash Flows-Indirect Method For the Year Ended December 31, 2017 Cash flows from operating activities Net income $86,081 Adjustments to reconcile net income to net cash provided by operating activities Depreciation expense Decrease in accounts receivable Increase in inventory Decrease in accounts payable Loss on disposal of plant assets $13,277 13,861 (7,295) (3,210) 4,815 21,448 Net cash provided by operating activities Cash flows from investing activities Sale of investments Purchase of equipment 107,529 4,523 35,308) Net...
Presented below is a condensed version of the comparative balance sheets for Bramble Corporation for the...
Presented below is a condensed version of the comparative balance sheets for Bramble Corporation for the last two years at December 31. 2017 2016 Cash $178,500 $49,000 Accounts receivable 115,900 76,800 Investments 68,900 98,300 Equipment Accumulated depreciation equipment Current liabilities 350,900 177,300 (95,100) (65,700) 135,300 91,900 142,500 62,500 333,700 173,700 Common stock Retained earnings Additional information: Investments were sold at a gain of $10,300; no investments were purchased; no equipment was sold; cash dividends paid were $43,500; and net income...
For the Year Ended December 31, 2017 Cash flows from operating activities $86,081 Net income Adjustments...
For the Year Ended December 31, 2017 Cash flows from operating activities $86,081 Net income Adjustments to reconcile net income to net cash provided by operating activities: $13,277 Depreciation expense Decrease in accounts receivable Increase in inventory Decrease in accounts payable Loss on disposal of plant assets 13,861 (7,295) (3,210) 4,815 21,448 107,529 Net cash provided by operating activities Cash flows from investing activities Sale of investments 4,523 Purchase of equipment (35,308) Net cash used by investing activities (30,785) Cash...
Additional information: 1. Net income for 2018 was $98,670. There were no gains or losses reported...
Additional information:
1.
Net income for 2018 was $98,670. There were no gains or losses
reported on the income statement.
2.
Cash dividends of $48,850 were declared and paid.
3.
Bonds payable amounting to $45,000 were redeemed for cash
$45,000. The bonds were originally issued at face value (no premium
or discount).
4.
Common shares were issued for $42,890 cash.
5.
No land was purchased during 2018.
6.
No equipment was disposed of during 2018.
Prepare a statement of cash...
Wildhorse Corporation, which uses IFRS, has contracted with you to prepare a statement of cash flows....
Wildhorse Corporation, which uses IFRS, has contracted with you to prepare a statement of cash flows. The controller has provided the following information: December 31 2017 2016 Cash Accounts receivable Inventory FV-NI Investments Land Buildings Equipment Patent $39,320 $13,000 11,150 9,450 11,100 9,870 -0-2,550 5,000 5,000 -0 27,700 35,500 13,500 14,000 14,000 $116,070 $95,070 Allowance for doubtful accounts $1,400 $1,500 Accumulated depreciation-equipment ,200 3,800 -0 5,700 9,000 7,750 4,400 3,800 -0 6,000 Notes payable, short-term (non-trade) 3,400 4,000 30,970 24,520...
The Balance Sheets for Bad News show the following information. Additional information concerning transactions and events...
The Balance Sheets for Bad News show the following information. Additional information concerning transactions and events during 2019 are presented below. Dwyer Company Balance Sheet Cash Accounts receivable (net) Inventory Long-term investments Property, plant & equipment (PP&E) ·Accumulated depreciation December 31 2019 2018 $35,900 $10,200 48,300 20,300 35,000 42,000 15,000 236,500 150,000 37,700> $25,000> $318.000 $212,500 Difference $25,700 28,000 7,000> <15,000> 86,500 12,700 Accounts payable Accrued liabilities (e.g. salaries payable) Long-term notes payable Common stock Retained earnings $19,000 19,000 70,000...
Blossom Corporation reported the following information (in thousands) at December 31, 2018: 2018 2017 Long-term investments $150 $100 290 Land 290 Buildings 330 330 Accumulated depreciation-buildings 80 Equipment 600 360 Accumulated depreciation-equipment 200 200 Additional information: 1. Long-term investments were purchased during the year; none were sold. 2. Equipment was purchased during the year. In addition, equipment with a cost of $130 and a carrying amount of $60 was sold at a gain of $20. Prepare the investing activities section...
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...
Here is selected financial statement data regarding a company's long-term investments. Balance Sheet: Investments, long-term Dec 31, 2018 $ 9,400,000 Dec 31, 2017 $ 9,700,000 2018 Income Statement: Loss on sale of long-term investments 109,000 During the year, the company purchased $1,053,000 of long-term investments. In the statement of cash flows, the investing activities section should show a cash receipt for "sale of long-term investments" for $
Additional data:
1.
Equipment that cost $9,900 and was 60% depreciated was sold in
2020.
2.
Cash dividends were declared and paid during the year.
3.
Common stock was issued in exchange for land.
4.
Investments that cost $34,600 were sold during the year.
5.
There were no write-offs of uncollectible accounts during the
year.
Martinez’s 2020 income statement is as follows.
Sales revenue
$955,200
Less: Cost of goods sold
601,100
Gross profit
354,100
Less: Operating expenses (includes depreciation expense...
Blossom Company Statement of Cash Flows-Indirect Method For the Year Ended December 31, 2017 Cash flows from operating activities Net income $86,081 Adjustments to reconcile net income to net cash provided by operating activities Depreciation expense Decrease in accounts receivable Increase in inventory Decrease in accounts payable Loss on disposal of plant assets $13,277 13,861 (7,295) (3,210) 4,815 21,448 Net cash provided by operating activities Cash flows from investing activities Sale of investments Purchase of equipment 107,529 4,523 35,308) Net...
Presented below is a condensed version of the comparative balance sheets for Bramble Corporation for the last two years at December 31. 2017 2016 Cash $178,500 $49,000 Accounts receivable 115,900 76,800 Investments 68,900 98,300 Equipment Accumulated depreciation equipment Current liabilities 350,900 177,300 (95,100) (65,700) 135,300 91,900 142,500 62,500 333,700 173,700 Common stock Retained earnings Additional information: Investments were sold at a gain of $10,300; no investments were purchased; no equipment was sold; cash dividends paid were $43,500; and net income...
For the Year Ended December 31, 2017 Cash flows from operating activities $86,081 Net income Adjustments to reconcile net income to net cash provided by operating activities: $13,277 Depreciation expense Decrease in accounts receivable Increase in inventory Decrease in accounts payable Loss on disposal of plant assets 13,861 (7,295) (3,210) 4,815 21,448 107,529 Net cash provided by operating activities Cash flows from investing activities Sale of investments 4,523 Purchase of equipment (35,308) Net cash used by investing activities (30,785) Cash...
Additional information:
1.
Net income for 2018 was $98,670. There were no gains or losses
reported on the income statement.
2.
Cash dividends of $48,850 were declared and paid.
3.
Bonds payable amounting to $45,000 were redeemed for cash
$45,000. The bonds were originally issued at face value (no premium
or discount).
4.
Common shares were issued for $42,890 cash.
5.
No land was purchased during 2018.
6.
No equipment was disposed of during 2018.
Prepare a statement of cash...
Wildhorse Corporation, which uses IFRS, has contracted with you to prepare a statement of cash flows. The controller has provided the following information: December 31 2017 2016 Cash Accounts receivable Inventory FV-NI Investments Land Buildings Equipment Patent $39,320 $13,000 11,150 9,450 11,100 9,870 -0-2,550 5,000 5,000 -0 27,700 35,500 13,500 14,000 14,000 $116,070 $95,070 Allowance for doubtful accounts $1,400 $1,500 Accumulated depreciation-equipment ,200 3,800 -0 5,700 9,000 7,750 4,400 3,800 -0 6,000 Notes payable, short-term (non-trade) 3,400 4,000 30,970 24,520...
The Balance Sheets for Bad News show the following information. Additional information concerning transactions and events during 2019 are presented below. Dwyer Company Balance Sheet Cash Accounts receivable (net) Inventory Long-term investments Property, plant & equipment (PP&E) ·Accumulated depreciation December 31 2019 2018 $35,900 $10,200 48,300 20,300 35,000 42,000 15,000 236,500 150,000 37,700> $25,000> $318.000 $212,500 Difference $25,700 28,000 7,000> <15,000> 86,500 12,700 Accounts payable Accrued liabilities (e.g. salaries payable) Long-term notes payable Common stock Retained earnings $19,000 19,000 70,000...
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