Homework Answers
| Issuance of stock | 12,000 |
| Borrowing from bank | 18,000 |
| Preparation services | 0 |
| Employee salaries | 0 |
| Payment of dividends | -1,300 |
| Total financing cash flows | 28,700 |
Preparation services and employee salaries are operating activities. Hence, it is not considered in financing cash flows calculation.
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Brief Exercise 4-17 Determine financing cash flows (LO4-7) Smith Law Firm specializes in the preparation of...
Smith Law Firm specializes in the preparation of wills for estate planning. On October 1, 2021,...
Smith Law Firm specializes in the preparation of wills for estate planning. On October 1, 2021, the company begins operations by issuing stock for $11,000 and obtaining a loan from a local bank for $32,000. By the end of 2021, the company provides will preparation services of $39,000 cash and pays employee salaries of $30,000. In addition, Smith pays $2,700 in cash dividends to stockholders on December 31, 2021. Determine the amount of financing cash flows Smith would report in...
Problem 4-4A Prepare the statement of cash flows (LO4-7) Below is a summary of all transactions...
Problem 4-4A Prepare the statement of cash flows (LO4-7) Below is a summary of all transactions of Pixar Toy Manufacturing for the month of August 2021. $ 92,300 34,800 24,800 Cash Transactions Canh collections from Customers Sale of unused warehouse Bank borrowing Cash payments for: Employee salaries Office rent Manufacturing equipment office utilities Dividends to stockholders Materials to make toys Noncash Transactions Sales to customers on account Purchase of materials on account Purchase equipment with promanory note to pay later...
Exercise 4-13 (Algo) Statement of cash flows preparation direct method [LO4-8) The following summary transactions occur...
Exercise 4-13 (Algo) Statement of cash flows preparation direct method [LO4-8) The following summary transactions occurred during 2021 for Bluebonnet Bakers Collection to cart Eratos Tele T o se puble The balance of cash and cash equivalents at the beginning of 2021 was $14,000. Required: Prepare a statement of cash flows for 2021 for Bluebonnet Bakers. Use the direct method for reporting operating activities. (Amounts to be deducted should be indicated with a minus sign.) BLUEBONNET BAKERS Statement of Cash...
Brief Exercise 4-16 Determine investing cash flows (LO4-7) On January 12, Ferrell Incorporated obtains a permit...
Brief Exercise 4-16 Determine investing cash flows (LO4-7) On January 12, Ferrell Incorporated obtains a permit to start a comedy club, which will operate only on Saturday nights. To prepare the club for the grand opening, Ferrell purchases tables and chairs for $11,600 on January 16. Ferrell also purchases cleaning supplies on account for an additional $3,800. Determine the amount of investing cash flows Ferrell would report in January. Total investing cash flows
Exercise 4-16A Calculate operating cash flows (LO4-7) Below are cash transactions for Goldman Incorporated, which provides...
Exercise 4-16A Calculate operating cash flows (LO4-7) Below are cash transactions for Goldman Incorporated, which provides consulting services related to mining of precious metals. a. Cash used for purchase of office supplies, $1,750. b. Cash provided from consulting to customers. $44,100. c. Cash used for purchase of mining equipment, $70,000. d. Cash provided from long-term borrowing, $57,000. e. Cash used for payment of employee salaries, $23,700. f. Cash used for payment of office rent, $11,700. g. Cash provided from sale...
Exercise 4-16A Calculate operating cash flows (LO4-7) Below are cash transactions for Goldman Incorporated, which provides...
Exercise 4-16A Calculate operating cash flows (LO4-7) Below are cash transactions for Goldman Incorporated, which provides consulting services related to mining of precious metals. a. Cash used for purchase of office supplies, $1,450. b. Cash provided from consulting to customers, $41,100. c. Cash used for purchase of mining equipment, $64,000. d. Cash provided from long-term borrowing, $51,000. e. Cash used for payment of employee salaries, $23,100. f. Cash used for payment of office rent, $11,100. g. Cash provided from sale...
Problem 4-4A Prepare the statement of cash flows (L04-7) Below is a summary of all transactions...
Problem 4-4A Prepare the statement of cash flows (L04-7) Below is a summary of all transactions of Pixar Toy Manufacturing for the month of August 2021. $ 91,900 34,400 24,480 Cash Transactions Cash collections from: Customers Sale of unused warehouse Bank borrowing Cash payments for: Employee salaries Office rent Manufacturing equipment Office utilities Dividends to stockholders Materials to make toys Noncash Transactions Sales to customers on account Purchase of materials on account Purchase equipment with promissory note to pay later...
Exercise 4-20 (Static) Statement of cash flows; indirect method [LO4-8] Presented below is the 2021 income...
Exercise 4-20 (Static) Statement of cash flows; indirect method [LO4-8] Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises. TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2021 ($ in thousands) Sales revenue $ 7,000 Operating expenses: Cost of goods sold $ 3,360 Depreciation expense 240 Insurance expense 100 General and administrative expense 1,800 Total operating expenses 5,500 Income before income taxes 1,500 Income tax expense (600 ) Net income $ 900...
Transaction Cash involved? (Yes or No) Type of CASH FLOW Operating, Investing, Financing, or None Use...
Transaction Cash involved? (Yes or No) Type of CASH FLOW Operating, Investing, Financing, or None Use the first letter (O, I, F, N) 12. Paid dividends to stockholders 13. Paid interest on the loan 14. Provided services to customers on account 15. Paid for equipment purchased for the company Use the following to answer questions 16-20 Following are the transaction of TAR Inc., which provides consulting services related to mining of precious metals. Transaction Amount of Transaction $345,000 Cash used...
Problem 4-2 Preparation of a statement of cash flows and a balance sheet (L04-1, LO4-5, LO4-7)...
Problem 4-2 Preparation of a statement of cash flows and a balance sheet (L04-1, LO4-5, LO4-7) Kay Wing, Inc. prepared the following balance sheet at December 31, 20X0. Kay Wing, Inc. Balance Sheet as of December 31, 2exe Cash Accounts receivable Inventory Long-term investments Land Plant and equipment (net) Total assets Accounts payable Taxes payable Bonds payable Capital stock Retained earnings Total liabilities and stockholders' equity $ 65,000 37,eee 79. eae 20, eee 39,800 199,000 $340, eee $ 33,00 4,00...
Problem 4-4A Prepare the statement of cash flows (LO4-7) Below is a summary of all transactions of Pixar Toy Manufacturing for the month of August 2021. $ 92,300 34,800 24,800 Cash Transactions Canh collections from Customers Sale of unused warehouse Bank borrowing Cash payments for: Employee salaries Office rent Manufacturing equipment office utilities Dividends to stockholders Materials to make toys Noncash Transactions Sales to customers on account Purchase of materials on account Purchase equipment with promanory note to pay later...
Exercise 4-13 (Algo) Statement of cash flows preparation direct method [LO4-8) The following summary transactions occurred during 2021 for Bluebonnet Bakers Collection to cart Eratos Tele T o se puble The balance of cash and cash equivalents at the beginning of 2021 was $14,000. Required: Prepare a statement of cash flows for 2021 for Bluebonnet Bakers. Use the direct method for reporting operating activities. (Amounts to be deducted should be indicated with a minus sign.) BLUEBONNET BAKERS Statement of Cash...
Brief Exercise 4-16 Determine investing cash flows (LO4-7) On January 12, Ferrell Incorporated obtains a permit to start a comedy club, which will operate only on Saturday nights. To prepare the club for the grand opening, Ferrell purchases tables and chairs for $11,600 on January 16. Ferrell also purchases cleaning supplies on account for an additional $3,800. Determine the amount of investing cash flows Ferrell would report in January. Total investing cash flows
Exercise 4-16A Calculate operating cash flows (LO4-7) Below are cash transactions for Goldman Incorporated, which provides consulting services related to mining of precious metals. a. Cash used for purchase of office supplies, $1,750. b. Cash provided from consulting to customers. $44,100. c. Cash used for purchase of mining equipment, $70,000. d. Cash provided from long-term borrowing, $57,000. e. Cash used for payment of employee salaries, $23,700. f. Cash used for payment of office rent, $11,700. g. Cash provided from sale...
Exercise 4-16A Calculate operating cash flows (LO4-7) Below are cash transactions for Goldman Incorporated, which provides consulting services related to mining of precious metals. a. Cash used for purchase of office supplies, $1,450. b. Cash provided from consulting to customers, $41,100. c. Cash used for purchase of mining equipment, $64,000. d. Cash provided from long-term borrowing, $51,000. e. Cash used for payment of employee salaries, $23,100. f. Cash used for payment of office rent, $11,100. g. Cash provided from sale...
Problem 4-4A Prepare the statement of cash flows (L04-7) Below is a summary of all transactions of Pixar Toy Manufacturing for the month of August 2021. $ 91,900 34,400 24,480 Cash Transactions Cash collections from: Customers Sale of unused warehouse Bank borrowing Cash payments for: Employee salaries Office rent Manufacturing equipment Office utilities Dividends to stockholders Materials to make toys Noncash Transactions Sales to customers on account Purchase of materials on account Purchase equipment with promissory note to pay later...
Transaction Cash involved? (Yes or No) Type of CASH FLOW Operating, Investing, Financing, or None Use the first letter (O, I, F, N) 12. Paid dividends to stockholders 13. Paid interest on the loan 14. Provided services to customers on account 15. Paid for equipment purchased for the company Use the following to answer questions 16-20 Following are the transaction of TAR Inc., which provides consulting services related to mining of precious metals. Transaction Amount of Transaction $345,000 Cash used...
Problem 4-2 Preparation of a statement of cash flows and a balance sheet (L04-1, LO4-5, LO4-7) Kay Wing, Inc. prepared the following balance sheet at December 31, 20X0. Kay Wing, Inc. Balance Sheet as of December 31, 2exe Cash Accounts receivable Inventory Long-term investments Land Plant and equipment (net) Total assets Accounts payable Taxes payable Bonds payable Capital stock Retained earnings Total liabilities and stockholders' equity $ 65,000 37,eee 79. eae 20, eee 39,800 199,000 $340, eee $ 33,00 4,00...
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