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Mail - Rumbelow, Chp 5 Homework Sarasota Corp.rep... Get Homework Hel. Preparing Business...
Indirect Method - Preparing a statement of Cash Flows Kidman Corp. reported the following financial statements...
Indirect Method - Preparing a statement of Cash Flows Kidman Corp. reported the following financial statements for the year ended December 31, 2020. Balance Sheet, December 31 2019 2020 Difference Cash and cash out $72,000 $185,000 $114,000 Accounts receivable 57,000 45,000 (12,000) Merchandisinventory 93,000 177,000 B4,000 Land 60,000 12,000 (48,000) Equipment 144,000 216,000 72,000 Accumulated depreciation (36,000) 772,0001 (36,000) Total acts $390,000 $564,000 $174,000 Accounts payable $ 48,000 $54,000 $ 6,000 Notes payable, long-term 21,000 6,000 (15,000) Bonds payable 90,000...
The following information is available for Vaughn Manufacturing for the year ended December 31, 2022. Beginning...
The following information is available for Vaughn Manufacturing for the year ended December 31, 2022. Beginning cash balance $21,600 Accounts payable increase 5,130 Depreciation expense 36,900 Accounts receivable decrease 4,320 Inventory decrease 2,790 Net income 51,480 Cash received for sale of land at book value 93,600 Cash dividends paid 34,200 Income taxes payable decrease 3,510 Cash used to purchase land 72,900 Cash used to redeem bonds 59,400 Cash received from issuing stock 144,000 Vaughn Manufacturing Statement of Cash Flows-Indirect Method...
Below is selected information for Sarasota Inc. for December 31. During 2018, a new mortgage loan...
Below is selected information for Sarasota Inc. for December 31. During 2018, a new mortgage loan for $70,000 was received and principal payments of $6,000 were made throughout the year. Net income was $90,000 and dividends declared were fully paid in 2018. Mortgage payable Common Shares Retained Earnings 2018 $189,000 120,000 135,000 2017 $125,000 75,000 60,000 Prepare the financing activity section of the statement of cash flows for the year ended December 31, 2018. (Show amounts that decrease cash flow...
please show work Question 6 Not yet answered Marked out of 5.00 P Flag question Preparing...
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Question 6 Not yet answered Marked out of 5.00 P Flag question Preparing the Cash Flow from Financing Activities Section Gomez Corp. reported the following items for the year ended December 31, 2020. Item Dec 31, 2020 Purchased an investment in debt securities (long-term) for cash $ 54,000 Sold equipment for cash, previously used in operations 45,000 Paid cash for dividends 18,000 Issued common stock for cash 180,000 Retired a 10-year bond payable by repaying the face...
Both questions Question 4 Answer saved Marked out of 5.00 P Flag question Preparing the Cash...
Both questions
Question 4 Answer saved Marked out of 5.00 P Flag question Preparing the Cash Flow from Operating Activities Section Sarasota Corp. reported net income of $40,000, which included depreciation expense of $5,200. It also reported an increase in accounts receivable and salaries payable of $2,800 and $1,600, respectively. Further, it reported a decrease in inventory of $5,600 and a decrease in accounts payable of $3,840. Calculate its net cash provided by operating activities. $ O eBook Pri Question...
Question 5 Not yet answered Marked out of 5.00 P Flag question Preparing the Cash Flow...
Question 5 Not yet answered Marked out of 5.00 P Flag question Preparing the Cash Flow from Investing Activities Section Gomez Corp. reported the following items for the year ended December 31, 2020. Item Dec 31, 2020 Purchased an investment in debt securities (long-term) for cash $ 18,000 Sold equipment for cash, previously used in operations 15,000 Paid cash for dividends 6,000 Issued common stock for cash 60,000 Retired a 10-year bond payable by repaying the face value at maturity...
Question 3 View Policies Current Attempt in Progress The following information is available for Shamrock, Inc....
Question 3 View Policies Current Attempt in Progress The following information is available for Shamrock, Inc. for the year ended December 31, 2022. Beginning cash balance Accounts payable increase Depreciation expense Accounts receivable decrease Inventory decrease Net income Cash received for sale of land at book value Cash dividends paid Income taxes payable decrease Cash used to purchase land Cash used to redeem bonds Cash received from issuing stock $ 43,200 10,260 73.800 8,640 5,580 102,960 187,200 68,400 7,020 145,800...
Sarasota Corp. has decided to expand its operations. The bookkeeper recently completed the following statement of...
Sarasota Corp. has decided to expand its operations. The bookkeeper recently completed the following statement of financial position in order to obtain additional funds for expansion: SARASOTA CORP. Statement of Financial Position For the Year Ended December 31, 2020 Current assets Cash (net of bank overdraft of $50,000) $ 350,000 Accounts receivable (net) 397,000 Inventory at the lower of cost and net realizable value 461,000 FV-NI investments (at cost—fair value $140,000) 220,000 Property, plant, and equipment Buildings (net) 770,000 Equipment...
Exercise 12-5 Your answer is partially correct. Try again. The following information is available for Bridgeport...
Exercise 12-5 Your answer is partially correct. Try again. The following information is available for Bridgeport Corp. for the year ended December 31, 2017. Beginning cash balance Accounts payable decrease Depreciation expense Accounts receivable increase Inventory increase Net income Cash received for sale of land at book value Cash dividends paid Income taxes payable increase Cash used to purchase building Cash used to purchase treasury stock Cash received from issuing bonds $ 48,690 4,003 175,284 8,872 11,902 307,396 37,870 12,984...
Assets Cash Accounts receivable Inventory Land Equipment Accumulated Depreciation-Equipment Total Liabilities and Stockholders' Equity Accounts payable...
Assets Cash Accounts receivable Inventory Land Equipment Accumulated Depreciation-Equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total December 31 2020 2019 $ 72,730 $ 22,000 84,480 68,750 182,480 191,750 73,480 112,750 262,480 202,750 (71,480) (44,750) $604,170 $553,250 $36,480 150,000 214,000 203,690 $604,170 $ 49,750 200,000 164,000 139,500 $553,250 Additional information: 1. Net income for 2020 was $129,960. No gains or losses were recorded in 2020. Cash dividends of $65,770 were declared and...
Indirect Method - Preparing a statement of Cash Flows Kidman Corp. reported the following financial statements for the year ended December 31, 2020. Balance Sheet, December 31 2019 2020 Difference Cash and cash out $72,000 $185,000 $114,000 Accounts receivable 57,000 45,000 (12,000) Merchandisinventory 93,000 177,000 B4,000 Land 60,000 12,000 (48,000) Equipment 144,000 216,000 72,000 Accumulated depreciation (36,000) 772,0001 (36,000) Total acts $390,000 $564,000 $174,000 Accounts payable $ 48,000 $54,000 $ 6,000 Notes payable, long-term 21,000 6,000 (15,000) Bonds payable 90,000...
The following information is available for Vaughn Manufacturing for the year ended December 31, 2022. Beginning cash balance $21,600 Accounts payable increase 5,130 Depreciation expense 36,900 Accounts receivable decrease 4,320 Inventory decrease 2,790 Net income 51,480 Cash received for sale of land at book value 93,600 Cash dividends paid 34,200 Income taxes payable decrease 3,510 Cash used to purchase land 72,900 Cash used to redeem bonds 59,400 Cash received from issuing stock 144,000 Vaughn Manufacturing Statement of Cash Flows-Indirect Method...
Below is selected information for Sarasota Inc. for December 31. During 2018, a new mortgage loan for $70,000 was received and principal payments of $6,000 were made throughout the year. Net income was $90,000 and dividends declared were fully paid in 2018. Mortgage payable Common Shares Retained Earnings 2018 $189,000 120,000 135,000 2017 $125,000 75,000 60,000 Prepare the financing activity section of the statement of cash flows for the year ended December 31, 2018. (Show amounts that decrease cash flow...
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Question 6 Not yet answered Marked out of 5.00 P Flag question Preparing the Cash Flow from Financing Activities Section Gomez Corp. reported the following items for the year ended December 31, 2020. Item Dec 31, 2020 Purchased an investment in debt securities (long-term) for cash $ 54,000 Sold equipment for cash, previously used in operations 45,000 Paid cash for dividends 18,000 Issued common stock for cash 180,000 Retired a 10-year bond payable by repaying the face...
Both questions
Question 4 Answer saved Marked out of 5.00 P Flag question Preparing the Cash Flow from Operating Activities Section Sarasota Corp. reported net income of $40,000, which included depreciation expense of $5,200. It also reported an increase in accounts receivable and salaries payable of $2,800 and $1,600, respectively. Further, it reported a decrease in inventory of $5,600 and a decrease in accounts payable of $3,840. Calculate its net cash provided by operating activities. $ O eBook Pri Question...
Question 5 Not yet answered Marked out of 5.00 P Flag question Preparing the Cash Flow from Investing Activities Section Gomez Corp. reported the following items for the year ended December 31, 2020. Item Dec 31, 2020 Purchased an investment in debt securities (long-term) for cash $ 18,000 Sold equipment for cash, previously used in operations 15,000 Paid cash for dividends 6,000 Issued common stock for cash 60,000 Retired a 10-year bond payable by repaying the face value at maturity...
Question 3 View Policies Current Attempt in Progress The following information is available for Shamrock, Inc. for the year ended December 31, 2022. Beginning cash balance Accounts payable increase Depreciation expense Accounts receivable decrease Inventory decrease Net income Cash received for sale of land at book value Cash dividends paid Income taxes payable decrease Cash used to purchase land Cash used to redeem bonds Cash received from issuing stock $ 43,200 10,260 73.800 8,640 5,580 102,960 187,200 68,400 7,020 145,800...
Exercise 12-5 Your answer is partially correct. Try again. The following information is available for Bridgeport Corp. for the year ended December 31, 2017. Beginning cash balance Accounts payable decrease Depreciation expense Accounts receivable increase Inventory increase Net income Cash received for sale of land at book value Cash dividends paid Income taxes payable increase Cash used to purchase building Cash used to purchase treasury stock Cash received from issuing bonds $ 48,690 4,003 175,284 8,872 11,902 307,396 37,870 12,984...
Assets Cash Accounts receivable Inventory Land Equipment Accumulated Depreciation-Equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total December 31 2020 2019 $ 72,730 $ 22,000 84,480 68,750 182,480 191,750 73,480 112,750 262,480 202,750 (71,480) (44,750) $604,170 $553,250 $36,480 150,000 214,000 203,690 $604,170 $ 49,750 200,000 164,000 139,500 $553,250 Additional information: 1. Net income for 2020 was $129,960. No gains or losses were recorded in 2020. Cash dividends of $65,770 were declared and...
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