Homework Answers
Answer is A Financing activity
Explanation:
Sale or purchase of Treasury stock is classified as a part of financing activities.
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When treasury stock is sold at an amount less than its cost, the sale is classified...
A machine with a cost of $143,000 and accumulated depreciation of $91,500 is sold for $63,000...
A machine with a cost of $143,000 and accumulated depreciation of $91,500 is sold for $63,000 cash. The amount that should be reported in the operating activities section reported under the direct method is Multiple Choice $63,000. $11,500 $51,500 Zero. This is a financing activity Zero. This is an investing activity A machine with a cost of $137,000 and accumulated depreciation of $92,000 is sold for $53,500 cash. The amount that should be reported as a source of cash under...
Saved Help A machine with a cost of $150,000 and accumulated depreciation of $105.000 is sold...
Saved Help A machine with a cost of $150,000 and accumulated depreciation of $105.000 is sold for $60.000 cash. The amount that should be reported as a source of cash under cash flows from investing activities is Multiple Choice O $60,000 $45,000 Zero This is a financing activity Zero. This is an operating activity $15.000 < Prey 35 of 36 Next > O : e to search SAMSUNG
Flag question Question text When the purchase price of an asset is less than its sale...
Flag question Question text When the purchase price of an asset is less than its sale price, then there is a Select one: с a. capital loss. b. corporate income tax. c. budget deficit. d. capital gain. Clear my choice
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,...
Purchasing inventory on account would be classified as what type of activity on the Statement of...
Purchasing inventory on account would be classified as what type of activity on the Statement of Cash Flows? Would not be on the Statement of Cash Flows Operating Investing Financing Question 9 Beginning Inventory + Purchases Gross Margin Ending Inventory Cost of Goods Available for Sale Cost of Goods Sold Question 10 Calculate Gross Margin: Ending Inventory: $12,000 Sales Revenue: $86,000 Cost of Goods Available for Sale: $64,000 Selling. General and Administrative Expenses: $18,000 Cost of Goods Sold: $52,000 Interest...
1. When using the indirect method to determine operating cash flows, how is the amortization of...
1. When using the indirect method to determine operating cash flows, how is the amortization of bond discount shown on the Statement of Cash Flows? A. Operating activity as an addback item B. Operating activity as a subtract from item C. Investing activity D. Financing activity E. Not reported on statement of cash flows 2. When using the indirect method to determine operating cash flows, how is the equity method investment revenue in excess of dividends received shown on the...
McCorey Corporation recorded the following events last year: Repurchase by the company of its own common...
McCorey Corporation recorded the following events last year: Repurchase by the company of its own common stock $ 41,000 Sale of long-term investment $ 60,000 Interest paid to lenders $ 15,500 Dividends paid to the company's shareholders $ 70,000 Collection by McCorey of a loan made to another company $ 46,000 Payment of taxes to governmental bodies $ 25,500 On the statement of cash flows, some of these events are classified as operating activities, some are classified as investing activities,...
51–54 CFIFO will have the highest cost of goods sold. D) FIFO will have the highest...
51–54
CFIFO will have the highest cost of goods sold. D) FIFO will have the highest ending inventory 51. Marvin Services Corporation had the following accounts and balances: Accounts payable $18,000 Equipment $21,000 21,000 Accounts receivable Buildings Cash 3,000 Land ? Unearned service revenue. 9,000 Total stockholders' equity If total stockholder's equity was $$7,000, what would be the balance of the Buildngs Account? A) $87,000 B) $21,000 C) $27,000 D) $81,000 52. The Paid-in Capital in Excess of Par Value...
In December 2017, Rangers Inc. invested $100,000 of idle cash in U.S. Treasury notes. The notes...
In December 2017, Rangers Inc. invested $100,000 of idle cash in U.S. Treasury notes. The notes mature on October 1, 2018, at which time Rangers expects to redeem them at face value of $100,000. The treasurer believes that the notes should be classified as cash equivalents because of the plans to hold them to maturity and receive face value. He also wants to avoid presentation of the purchase as an investing activity because the company made sizable capital expenditures during...
how is the sale of equipment at an amount greater than its book value recorded? How would the answer change if the equip...
how is the sale of equipment at an amount greater than its book value recorded? How would the answer change if the equipment is sold at an amount less than its book value?
A machine with a cost of $143,000 and accumulated depreciation of $91,500 is sold for $63,000 cash. The amount that should be reported in the operating activities section reported under the direct method is Multiple Choice $63,000. $11,500 $51,500 Zero. This is a financing activity Zero. This is an investing activity A machine with a cost of $137,000 and accumulated depreciation of $92,000 is sold for $53,500 cash. The amount that should be reported as a source of cash under...
Saved Help A machine with a cost of $150,000 and accumulated depreciation of $105.000 is sold for $60.000 cash. The amount that should be reported as a source of cash under cash flows from investing activities is Multiple Choice O $60,000 $45,000 Zero This is a financing activity Zero. This is an operating activity $15.000 < Prey 35 of 36 Next > O : e to search SAMSUNG
Flag question Question text When the purchase price of an asset is less than its sale price, then there is a Select one: с a. capital loss. b. corporate income tax. c. budget deficit. d. capital gain. Clear my choice
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,...
Purchasing inventory on account would be classified as what type of activity on the Statement of Cash Flows? Would not be on the Statement of Cash Flows Operating Investing Financing Question 9 Beginning Inventory + Purchases Gross Margin Ending Inventory Cost of Goods Available for Sale Cost of Goods Sold Question 10 Calculate Gross Margin: Ending Inventory: $12,000 Sales Revenue: $86,000 Cost of Goods Available for Sale: $64,000 Selling. General and Administrative Expenses: $18,000 Cost of Goods Sold: $52,000 Interest...
51–54
CFIFO will have the highest cost of goods sold. D) FIFO will have the highest ending inventory 51. Marvin Services Corporation had the following accounts and balances: Accounts payable $18,000 Equipment $21,000 21,000 Accounts receivable Buildings Cash 3,000 Land ? Unearned service revenue. 9,000 Total stockholders' equity If total stockholder's equity was $$7,000, what would be the balance of the Buildngs Account? A) $87,000 B) $21,000 C) $27,000 D) $81,000 52. The Paid-in Capital in Excess of Par Value...
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