Homework Answers
| 1 | ||
| a | Increase in retained earnings | Operating |
| b | Increase in equipment | Investing |
| c | Increase in interest receivable | Operating |
| d | Decrease in bonds payable | Financing |
| e | Increase in unearned rent revenue | Operating |
| f | Decrease in prepaid insurance | Operating |
| g | Decrease in long-term investment | Investing |
| h | Increase in accounts payable | Operating |
| 2 | ||
| a | Increase in retained earnings | Cash increase |
| b | Increase in equipment | Cash decrease |
| c | Increase in interest receivable | Cash decrease |
| d | Decrease in bonds payable | Cash decrease |
| e | Increase in unearned rent revenue | Cash increase |
| f | Decrease in prepaid insurance | Cash increase |
| g | Decrease in long-term investment | Cash increase |
| h | Increase in accounts payable | Cash increase |
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a. Increase in retained earnings Investing X b. Increase in equipment Investing C. Increase in interest...
solve and expalin simple Brief Exercise 11-20 Analyzing Balance Sheet Accounts A review of the balance...
solve and expalin simple
Brief Exercise 11-20 Analyzing Balance Sheet Accounts A review of the balance sheet of Dixon Company revealed the following chanpes in the account balances Required: 1. Classify each change in the balance sheet account as a cash flow from operating activities, a cash flow from investing activities, a cash flow from financing activities, or a noncash investing and financing activity. a. Increase in retained earmings b. Increase in equipment c Increase in interest receivable d. Decrease...
Balance Sheet (B) or Income Statement (I) a. Equipment b. Fees Earned c. Retained Earnings d....
Balance Sheet (B) or Income Statement (I) a. Equipment b. Fees Earned c. Retained Earnings d. Wage Expense e. Patent f.Cost of Goods Sold g. Common Stock h. Dividend Payable i.Accumulated Depreciation Balance Sheet (B) or Income Statement (I) j. Prepaid Expense k. Gain on Sale of Short-term Investment 1. Rent Revenue m. Supplies Inventory n. Accounts Receivable o. Land p. Insurance Expense q. Interest Payable r. Deferred (Unearned) Revenue
P 10-2 Cash Flows Classification Operating Investing Financing Effect on Cash Activity Activity Activity Increase Decrease...
P 10-2 Cash Flows Classification Operating Investing Financing Effect on Cash Activity Activity Activity Increase Decrease Data a. Net income b. Paid cash dividend c. Increase in receivables d. Retirement of debt-paying cash Purchase of treasury stock Purchase of equipment e. f. Cash Flows Classification Operating Investing Financing Noncash Effect on Cash Trans- Decrease actions Data Activity Activity Activity Increase Sale of equipment Decrease in inventory Acquisition of land, using common stock Retired bonds, using common stock Decrease in accounts...
Cornerstone Exercise 11-18 Classification of Cash Flows A review of the statement of financial position of...
Cornerstone Exercise 11-18 Classification of Cash Flows A review of the statement of financial position of Petarch Company Ltd. revealed the following changes in the account balances: Required: Classify each change in the statement of financial position account as a cash flow from operating activities (indirect method), a cash flow from investing activities, a cash flow from financing activities, or a noncash investing and financing activity. a. Increase in long-term investment b. Increase in accounts receivable c. Increase in common...
Cornerstone Exercise 11-18 Classification of Cash Flows A review of the statement of financial position of...
Cornerstone Exercise 11-18 Classification of Cash Flows A review of the statement of financial position of Petarch Company Ltd. revealed the following changes in the account balances: Required: Classify each change in the statement of financial position account as a cash flow from operating activities (indirect method), a cash flow from investing activities, a cash flow from financing activities, or a noncash investing and financing activity. a. Increase in long-term investment b. Increase in accounts receivable c. Increase in common...
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...
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. Additional Information...
The income statement, balance sheets, and additional information
for Video Phones, Inc., are provided.
Additional Information for 2018:
1. Purchase investment in bonds for $100,000.
2. Sell land costing $25,000 for only $17,500, resulting in a
$7,500 loss on sale of land.
3. Purchase $55,000 in equipment by issuing a $55,000 long-term
note payable to the seller. No cash is exchanged in the
transaction.
4. Declare and pay a cash dividend of $22,500.
Required:
Prepare the statement of cash...
Problem 1-63A (Algorithmic) Income Statement, Retained Earnings Statement, and Balance Sheet The following information relates to...
Problem 1-63A (Algorithmic) Income Statement, Retained Earnings Statement, and Balance Sheet The following information relates to Ashton Appliances for 2019. Accounts payable $16,800 Accounts receivable 70,300 Accumulated depreciation (building) 106,200 Accumulated depreciation (furniture) 27,600 Bonds payable (due in 7 years) 192,000 Building 300,000 Cash 41,450 Common stock 115,620 Cost of goods sold 511,350 Depreciation expense (building) 11,050 Depreciation expense (furniture) 12,000 Furniture 130,000 Income taxes expense 16,650 Income taxes payable 11,400 Insurance expense 36,610 Interest expense 15,500 Inventory 59,850 Other...
Prepare a retained earnings statement for the year ended December 31, 2022. (List items that increase...
Prepare a retained earnings statement for the year ended December 31, 2022. (List items that increase retained earnings first.) CULLUMBER COMPANY Retained Earnings Statement $ < $ These items are taken from the financial statements of Cullumber Company for 2022. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Supplies Debt investment (long-term) Trademarks Service revenue Prepaid insurance Maintenance and repairs expense Depreciation expense Accounts receivable Insurance expense Salaries and wages...
18) The premium on bonds payable: a) represents the increase in interest expense over the life of the bonds b) represents a decrease in interest expense over the life of the bonds c) decreases int...
18) The premium on bonds payable: a) represents the increase in interest expense over the life of the bonds b) represents a decrease in interest expense over the life of the bonds c) decreases interest expense to the effective interest rate d) both (b) and (c) are correct e) none of the above. 19) Interest received on investment is classified on Statement of Cash Flows as: a. Financing activity b Operating activity c investing activity d. Non-cash investing and Financing...
solve and expalin simple
Brief Exercise 11-20 Analyzing Balance Sheet Accounts A review of the balance sheet of Dixon Company revealed the following chanpes in the account balances Required: 1. Classify each change in the balance sheet account as a cash flow from operating activities, a cash flow from investing activities, a cash flow from financing activities, or a noncash investing and financing activity. a. Increase in retained earmings b. Increase in equipment c Increase in interest receivable d. Decrease...
Balance Sheet (B) or Income Statement (I) a. Equipment b. Fees Earned c. Retained Earnings d. Wage Expense e. Patent f.Cost of Goods Sold g. Common Stock h. Dividend Payable i.Accumulated Depreciation Balance Sheet (B) or Income Statement (I) j. Prepaid Expense k. Gain on Sale of Short-term Investment 1. Rent Revenue m. Supplies Inventory n. Accounts Receivable o. Land p. Insurance Expense q. Interest Payable r. Deferred (Unearned) Revenue
P 10-2 Cash Flows Classification Operating Investing Financing Effect on Cash Activity Activity Activity Increase Decrease Data a. Net income b. Paid cash dividend c. Increase in receivables d. Retirement of debt-paying cash Purchase of treasury stock Purchase of equipment e. f. Cash Flows Classification Operating Investing Financing Noncash Effect on Cash Trans- Decrease actions Data Activity Activity Activity Increase Sale of equipment Decrease in inventory Acquisition of land, using common stock Retired bonds, using common stock Decrease in accounts...
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...
The income statement, balance sheets, and additional information
for Video Phones, Inc., are provided.
Additional Information for 2018:
1. Purchase investment in bonds for $100,000.
2. Sell land costing $25,000 for only $17,500, resulting in a
$7,500 loss on sale of land.
3. Purchase $55,000 in equipment by issuing a $55,000 long-term
note payable to the seller. No cash is exchanged in the
transaction.
4. Declare and pay a cash dividend of $22,500.
Required:
Prepare the statement of cash...
Prepare a retained earnings statement for the year ended December 31, 2022. (List items that increase retained earnings first.) CULLUMBER COMPANY Retained Earnings Statement $ < $ These items are taken from the financial statements of Cullumber Company for 2022. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Supplies Debt investment (long-term) Trademarks Service revenue Prepaid insurance Maintenance and repairs expense Depreciation expense Accounts receivable Insurance expense Salaries and wages...
18) The premium on bonds payable: a) represents the increase in interest expense over the life of the bonds b) represents a decrease in interest expense over the life of the bonds c) decreases interest expense to the effective interest rate d) both (b) and (c) are correct e) none of the above. 19) Interest received on investment is classified on Statement of Cash Flows as: a. Financing activity b Operating activity c investing activity d. Non-cash investing and Financing...
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