1- Edgar Inc. reported net income for calendar 2018 of $3,500,000. Additional information follows: Impairment of...
1-
Edgar Inc. reported net income for calendar 2018 of $3,500,000. Additional information follows:
Impairment of
goodwill................................................ $
30,000
Depreciation on plant assets.......................................
1,100,000
Long-term debt:
Bond premium amortized ............................................ 45,000
Interest expense ......................................................... 600,000
Bad debts expense ..................................................... 75,000
Based on the above information, the cash provided by operating
activities (indirect method) for calendar 2018 is
a) $4,750,000.
b) $4,730,000.
c) $4,715,000.
d) $4,660,000.
2- Edmund Corp. reported net income for calendar 2018 of $300,000. Additional information follows:
Depreciation on property, plant and equipment ..........$150,000
Bad debts expense..................................................... 55,000
Purchase of equipment............................................... 25,000
Interest paid on long-term bonds ................................15,000
Loss on sale of equipment..........................................85,000
Based on the above information, the cash provided by operating
activities (indirect method) for calendar 2018 is
a) $565,000.
b) $590,000.
c) $605,000.
d) $630,000.
3-
During calendar 2018, Marcellus Inc. sold equipment for $168,000. The equipment had cost $252,000 and had a book value of $144,000 at the time of sale. Accumulated Depreciation— Equipment was $688,000 at Dec 31, 2017 and $736,000 at Dec 31, 2018. Therefore, Depreciation Expense (Equipment) for 2018 was
a) $60,000.
b) $96,000.
c) $156,000.
d) $192,000.
Homework Answers
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1-
Edgar Inc. reported net income for calendar 2018 of $3,500,000.
Additional information follows:
Impairment of...
During calendar 2018, Marcellus Inc. sold equipment for $168,000. The equipment had cost $252,000 and had...
During calendar 2018, Marcellus Inc. sold equipment for $168,000. The equipment had cost $252,000 and had a book value of $144,000 at the time of sale. Accumulated Depreciation— Equipment was $688,000 at Dec 31, 2017 and $736,000 at Dec 31, 2018. Therefore, Depreciation Expense (Equipment) for 2018 was a) $60,000. b) $96,000. c) $156,000. d) $192,000.
1- Marcellus Corp. provided the following information for calendar 2018: Marcellus adheres to ASPE. Proceeds from...
1- Marcellus Corp. provided the following information for calendar 2018: Marcellus adheres to ASPE. Proceeds from issuing bonds......................................200,000 Purchase of inventories ..............................................380,000 Purchase of long-term investment ..............................280,000 Dividends paid to preferred shareholders ................... 40,000 Proceeds from issuing preferred shares ..................... 160,000 Proceeds from sale of equipment ...............................40,000 The cash provided by (used in) investing activities during 2018 is a) $40,000. b) $(240,000). c) $(400,000). d) $(440,000). 2. Selected information from Regan Ltd.'s 2018 accounting records is as follows: Proceeds from...
Petroni Company reported the following selected results for its calendar year 2018 Net income: $135,000 Depreciation...
Petroni Company reported the following selected results for its calendar year 2018 Net income: $135,000 Depreciation expense: $25,000 Gain on sale of assets: $5,000 Accounts receivable increase: $10,000 Accounts payable increase: $6,000 Prepaid expense decrease: $3,000 Wages payable decrease: $4,000 Prepare the operating section only of Petroni Company's statement of cash flows for 2018 under the indirect method of reporting. Please use Excel format.
please help The following financial statements and additional information are reported. 2018 IKIBAN INC. Comparative Balance...
please help
The following financial statements and additional information are reported. 2018 IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 87,500 Accounts receivable, net 65,000 Inventory 63,800 Prepaid expenses 4,400 Total current assets 220,700 Equipment 124,000 Accum. depreciation-Equipment (27,000) Total assets $317,700 Liabilities and Equity Accounts payable $ 25,000 Wages payable 6,000 Income taxes payable 3,400 Total current liabilities 34,400 Notes payable (long term) 30,000 Total liabilities 64,400 Equity Common stock, $5 par value...
Creble Company reported net income for 2018 in the amount of $40,000. The company's financial statements...
Creble Company reported net income for 2018 in the amount of $40,000. The company's financial statements also included the following: Increase in accounts receivable $ 4,000 Decrease in inventory 2,000 Depreciation expense 3,000 Gain on sale of equipment 5,000 In the statement of cash flows what is net cash provided by operating activities under the indirect method? Multiple Choice $36,000. $41,000. $40,000. $38,000.
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...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30,...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 $106,300 68,000 65,800 4,600 244,700 126,000 (28,000) $342,700 $ 46,000 53,000 89,500 5,800 194,300 117,000 (10,000) $301,300 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained...
Question 29 2pts Chapin Company reported net income of $410,000 for 2018. Balances of selected current...
Question 29 2pts Chapin Company reported net income of $410,000 for 2018. Balances of selected current asset and current liability accounts are as shown on the indicated dates: Jan.1, 2018 Dec. 31, 2018 Accounts receivable $60,000 $69,400 Inventory $130,000 $141,000 Accounts payable $54,000 $48,000 Depreciation expense for 2018 amounted to $65,000. Using only the above information, compute Chapin's net cash flow from operating activities (indirect method) for 2018. $470,600 $460,600 $467,400 $448,600
For the year ended Dec 31, 2018, Omni Company reported net income of $88,650; depreciation expense...
For the year ended Dec 31, 2018, Omni Company reported net income of $88,650; depreciation expense increased of $13,200, and recognized $9,600 loss on disposal of equipment. (Filling amount is 2points each; filing account is 1 point each) In addition, current operating assets and liabilities from the company’s comparative balance sheet were as follows: ______________________________Dec 31, 2018 Dec 31, 2017 Accounts Receivable $6,700 $4,900 Inventory $12,300 $4,500 Accounts Payable $7,700 $5,200 Based upon above information, please generate cash flows from...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30,...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 $ 106,300 68,000 65,800 4,600 244,700 126,000 (28,000) $342,700 $ 46,000 53,000 89,500 5,800 194,300 117,000 (10,000) $301,300 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value...
please help
The following financial statements and additional information are reported. 2018 IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 87,500 Accounts receivable, net 65,000 Inventory 63,800 Prepaid expenses 4,400 Total current assets 220,700 Equipment 124,000 Accum. depreciation-Equipment (27,000) Total assets $317,700 Liabilities and Equity Accounts payable $ 25,000 Wages payable 6,000 Income taxes payable 3,400 Total current liabilities 34,400 Notes payable (long term) 30,000 Total liabilities 64,400 Equity Common stock, $5 par value...
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...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 $106,300 68,000 65,800 4,600 244,700 126,000 (28,000) $342,700 $ 46,000 53,000 89,500 5,800 194,300 117,000 (10,000) $301,300 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained...
Question 29 2pts Chapin Company reported net income of $410,000 for 2018. Balances of selected current asset and current liability accounts are as shown on the indicated dates: Jan.1, 2018 Dec. 31, 2018 Accounts receivable $60,000 $69,400 Inventory $130,000 $141,000 Accounts payable $54,000 $48,000 Depreciation expense for 2018 amounted to $65,000. Using only the above information, compute Chapin's net cash flow from operating activities (indirect method) for 2018. $470,600 $460,600 $467,400 $448,600
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 $ 106,300 68,000 65,800 4,600 244,700 126,000 (28,000) $342,700 $ 46,000 53,000 89,500 5,800 194,300 117,000 (10,000) $301,300 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value...
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