An analysis of comparative balance sheets, the current year’s income statement, and the general ledger accounts...
An analysis of comparative balance sheets, the current year’s
income statement, and the general ledger accounts of Guillen Corp.
uncovered the following items. Assume all items involve cash unless
there is information to the contrary.
Indicate where each item should be reported in the statement of
cash flows (indirect method), using these categories: (1) operating
activity (added to net income), (2) operating activity (deducted
from net income), (3) investing activity, (4) financing activity,
(5) significant noncash investing and financing activity, or (6)
not separately reported in the statement of cash flows. More than
one number can be used per item.
Payment of interest on notes payable.
| Operating activity (added to net income) |
| Operating activity (deducted from net income) |
| Investing activity |
| Financing activity |
| Significant noncash investing and financing activity |
| Not separately reported in the statement of cash flows |
Sale of building for an amount greater than book value.
| Operating activity (added to net income) |
| Operating activity (deducted from net income) |
| Investing activity |
| Financing activity |
| Significant noncash investing and financing activity |
| Not separately reported in the statement of cash flows |
Receipt of dividends on investment in stock.
| Operating activity (added to net income) |
| Operating activity (deducted from net income) |
| Investing activity |
| Financing activity |
| Significant noncash investing and financing activity |
| Not separately reported in the statement of cash flows |
Sale of land for an amount less than cost.
| Operating activity (added to net income) |
| Operating activity (deducted from net income) |
| Investing activity |
| Financing activity |
| Significant noncash investing and financing activity |
| Not separately reported in the statement of cash flows |
Homework Answers
Answer-
| 1 | Payment of interest on notes payable | Not separately reported in the statement of cash flows | |
| 2 | Sale of building for an amount greater than book value. | Operating activity (deducted from net income) | Gain on sale of building |
| Sale of building for an amount greater than book value. | Investing activity | Sale value of building | |
| 3 | Receipt of dividends on investment in stock | Not separately reported in the statement of cash flows | |
| 4 | Sale of land for an amount less than cost. | Operating activity (added to net income) | Loss on sale of land |
| Sale of land for an amount less than cost. | Investing activity | Sale value of land |
Add Answer to:
An analysis of comparative balance sheets, the current year’s
income statement, and the general ledger accounts...
An analysis of comparative balance sheets, the current year’s income statement, and the general ledger accounts...
An analysis of comparative balance sheets, the current year’s
income statement, and the general ledger accounts of Wellman Corp.
uncovered the following items. Assume all items involve cash unless
there is information to the contrary.
Indicate how each item should be classified in the statement of
cash flows using these four major classifications: operating
activity (indirect method), investing activity, financing activity,
and significant noncash investing and financing activity.
please include all answers and calculations. thank you
(a) Payment of interest...
An analysis of comparative balance sheets, the current year's income statement, and the general ledger accounts of Hail...
An analysis of comparative balance sheets, the current year's income statement, and the general ledger accounts of Hailey Corp. uncovered the following items. Assume all items involve cash unless there is information to the contrary. Indicate where each item should be presented in the statement of cash flows (indirect method) using these four major classifications: operating activity (that is, the item would be listed among the adjustments to net income to determine net cash provided by operating activities under the...
Exercise 12-2 An analysis of comparative balance sheets, the current year's income statement, and the general...
Exercise 12-2 An analysis of comparative balance sheets, the current year's income statement, and the general ledger accounts of Wellman Corp. uncovered the following items. Assume all items involve cash unless there is information to the contrary. Indicate how each item should be classified in the statement of cash flows indirect method) using these four major classifications: operating activity (that is, the item would be listed among the adjustments to net income to determine net cash provided by operating activities...
BUS201-Financial Accounting Chapter 12 Class Exercises (J-Term) 1. An analysis of comparative balance sheets, the current...
BUS201-Financial Accounting Chapter 12 Class Exercises (J-Term) 1. An analysis of comparative balance sheets, the current year's income statement, and the general ledger accounts of Reggie's Corp. uncovered the following items. Assume all items involve cash unless there is information to the contrary (a) Payment of interest on notes payable. (g) Issuance of capital stock (b) Exchange of land for patent (c) Sale of building at book value. (d) Payment of dividends. (e) Conversion of bonds into common (h) Issuance...
Print by: Erica Burkett AC202:AC202DLU1A2020 Principles of Managerial Account in / AC202 - Chapter 12 Assignment...
Print by: Erica Burkett AC202:AC202DLU1A2020 Principles of Managerial Account in / AC202 - Chapter 12 Assignment Exercise 12-2 Your answer is partially correct. Try again. An analysis of comparative balance sheets, the current year's income statement, and the general ledger accounts of Hailey Corp, uncovered the following items. Assume all items involve cash unless there is information to the contrary. Indicate how each item should be classified in the statement of cash flows using these four major classifications: operating activity...
On the Statement of Cash Flows, cash receipts from the sale of common stock of your...
On the Statement of Cash Flows, cash receipts from the sale of common stock of your company to investors are reported in the operating activities section. O investing activities section. financing activities section. O schedule of noncash investing and financing activities. Question 29 (2 points) On the statement of cash flows using the indirect method, patent amortization expense will O be added to net income in the operating section. be deducted from net income in the operating section. appear as...
The following information can be obtained by examining a company's balance sheet and income statement information:...
The following information can be obtained by examining a company's balance sheet and income statement information: a. Increases in current asset account balances, other than cash. b. Decreases in current asset account balances, other than cash. c. Cash outflows to purchase long-term assets. d. Decreases in current liability account balances. e. Cash outflows to repay long-term debt. f. Gains recognized on the sale of long-term assets. g. Noncash expenses (e.g., depreciation). h. Cash outflows to purchase treasury stock. i. Increases...
QUESTION 7 The appropriate section in the statement of cash flows for reporting the net income...
QUESTION 7 The appropriate section in the statement of cash flows for reporting the net income is: o Operating activities, O Financing activities. O Investing activities. O Schedule of noncash investing or financing activity O This is not reported on the statement of cash flows. QUESTION 8 The appropriate section in the statement of cash flows for reporting the issuance of common stock for cash is Operating activities. O Financing activities. O Investing activities. Schedule of noncash investing or financing...
Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given...
Comparative balance sheets for 2018 and 2017 and a statement of
income for 2018 are given below for Metagrobolize Industries.
Additional information from the accounting records of Metagrobolize
also is provided.
METAGROBOLIZE INDUSTRIES
Comparative Balance Sheets
December 31, 2018 and 2017
($ in 000s)
2018
2017
Assets
Cash
$
560
$
370
Accounts receivable
710
370
Inventory
860
440
Land
700
670
Building
900
900
Less: Accumulated depreciation
(200
)
(160
)
Equipment
3,400
3,230
Less: Accumulated depreciation
(343
)...
purposes of the Income Statement, the Balance Sheet and the Statement of Cash Flows. What information...
purposes of the Income Statement, the Balance Sheet and the Statement of Cash Flows. What information is shown on the Statement of Cash Flows that is not reported on either the Income Statement or the Balance Sheet? Describe some typical items shown in the operating section of a Statement of Cash Flows. Describe some typical items shown in the investing section of a Statement of Cash Flows. Describe some typical items shown in the financing section of a Statement of...
An analysis of comparative balance sheets, the current year’s
income statement, and the general ledger accounts of Wellman Corp.
uncovered the following items. Assume all items involve cash unless
there is information to the contrary.
Indicate how each item should be classified in the statement of
cash flows using these four major classifications: operating
activity (indirect method), investing activity, financing activity,
and significant noncash investing and financing activity.
please include all answers and calculations. thank you
(a) Payment of interest...
An analysis of comparative balance sheets, the current year's income statement, and the general ledger accounts of Hailey Corp. uncovered the following items. Assume all items involve cash unless there is information to the contrary. Indicate where each item should be presented in the statement of cash flows (indirect method) using these four major classifications: operating activity (that is, the item would be listed among the adjustments to net income to determine net cash provided by operating activities under the...
Exercise 12-2 An analysis of comparative balance sheets, the current year's income statement, and the general ledger accounts of Wellman Corp. uncovered the following items. Assume all items involve cash unless there is information to the contrary. Indicate how each item should be classified in the statement of cash flows indirect method) using these four major classifications: operating activity (that is, the item would be listed among the adjustments to net income to determine net cash provided by operating activities...
BUS201-Financial Accounting Chapter 12 Class Exercises (J-Term) 1. An analysis of comparative balance sheets, the current year's income statement, and the general ledger accounts of Reggie's Corp. uncovered the following items. Assume all items involve cash unless there is information to the contrary (a) Payment of interest on notes payable. (g) Issuance of capital stock (b) Exchange of land for patent (c) Sale of building at book value. (d) Payment of dividends. (e) Conversion of bonds into common (h) Issuance...
Print by: Erica Burkett AC202:AC202DLU1A2020 Principles of Managerial Account in / AC202 - Chapter 12 Assignment Exercise 12-2 Your answer is partially correct. Try again. An analysis of comparative balance sheets, the current year's income statement, and the general ledger accounts of Hailey Corp, uncovered the following items. Assume all items involve cash unless there is information to the contrary. Indicate how each item should be classified in the statement of cash flows using these four major classifications: operating activity...
On the Statement of Cash Flows, cash receipts from the sale of common stock of your company to investors are reported in the operating activities section. O investing activities section. financing activities section. O schedule of noncash investing and financing activities. Question 29 (2 points) On the statement of cash flows using the indirect method, patent amortization expense will O be added to net income in the operating section. be deducted from net income in the operating section. appear as...
The following information can be obtained by examining a company's balance sheet and income statement information: a. Increases in current asset account balances, other than cash. b. Decreases in current asset account balances, other than cash. c. Cash outflows to purchase long-term assets. d. Decreases in current liability account balances. e. Cash outflows to repay long-term debt. f. Gains recognized on the sale of long-term assets. g. Noncash expenses (e.g., depreciation). h. Cash outflows to purchase treasury stock. i. Increases...
QUESTION 7 The appropriate section in the statement of cash flows for reporting the net income is: o Operating activities, O Financing activities. O Investing activities. O Schedule of noncash investing or financing activity O This is not reported on the statement of cash flows. QUESTION 8 The appropriate section in the statement of cash flows for reporting the issuance of common stock for cash is Operating activities. O Financing activities. O Investing activities. Schedule of noncash investing or financing...
Comparative balance sheets for 2018 and 2017 and a statement of
income for 2018 are given below for Metagrobolize Industries.
Additional information from the accounting records of Metagrobolize
also is provided.
METAGROBOLIZE INDUSTRIES
Comparative Balance Sheets
December 31, 2018 and 2017
($ in 000s)
2018
2017
Assets
Cash
$
560
$
370
Accounts receivable
710
370
Inventory
860
440
Land
700
670
Building
900
900
Less: Accumulated depreciation
(200
)
(160
)
Equipment
3,400
3,230
Less: Accumulated depreciation
(343
)...
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