Homework Answers
| Items | Activities | ||||||
| 1 | Purchase of patent | Investing activities | |||||
| 2 | Depreciation expense | Operating activities | |||||
| 3 | Decrease in accounts receivable | Operating activities | |||||
| 4 | Issuance of note payable | Financing activities | |||||
| 5 | Increase in inventory | Operating activities | |||||
| 6 | Collection of notes receivable | Investing activities | |||||
| 7 | Purchase of equipment | Investing activities | |||||
| 8 | Exchange of long-term assets | Non cash activities | |||||
| 9 | Decrease in accounts payable | Operating activities | |||||
| 10 | Payment of dividends | Financing activities | |||||
| I appreciate your ratings | |||||||
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Analysis of an income statement, balance sheet, and additional information from the accounting records of Gadgets,...
Required information Exercise 9-14A Record bonds issued at a discount and related annual interest (LO9-5) The...
Required information Exercise 9-14A Record bonds issued at a discount and related annual interest (LO9-5) The following information applies to the questions displayed below.] On January 1, 2021, White Water issues $540,000 of 7% bonds, due in 10 years, with interest payable annually on December 31 each year. Assuming the market interest rate on the issue date is 8%, the bonds will issue at $503,764. Exercise 11-3A Determine proper classification (LO11-1) Analysis of an income statement, balance sheet, and additional...
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...
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...
Statement of Cash Flows-Indirect Method The comparative balance sheet of Harris Industries Inc. at December 31,...
Statement of Cash Flows-Indirect Method The comparative balance sheet of Harris Industries Inc. at December 31, 2014 and 2043, is as follows: Dec. 31, Dec. 31, 2014 2013 Assets Cash Accounts receivable (net) Inventories Prepaid expenses $443,240 665,280 887,880 $360,920 592,200 1,022,560 31,640 25,200 Land 302,400 302,400 Buildings 1,713,600 (466,200) 1,134,000 (414,540) Accumulated depreciation-buildings Machinery and equipment Accumulated depreciation-machinery and equipment 781,200 (214,200) 106,960 $4,251,800 781,200 (191,520) 112,000 $3,724,420 Patents Total assets $837,480 32,760 Liabilities and Stockholders' Equity Accounts payable...
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...
The Income statement, balance sheets, and additional Information for Video Phones, Inc., are provided. $2.936,eee VIDEO...
The Income statement, balance sheets, and additional Information for Video Phones, Inc., are provided. $2.936,eee VIDEO PHONES, INC. Tincome statement For the Year Ended December 31, 2021 Nel sales Expenses Cost of goods Suid $1.ase,eee Operating expenses 838 Dee Depreciation expense 25.000 Loss on sale of land 7 Interest expense 14. Income tax expense 46.63 Total expenses Net Income 288.900 15529 VIDEO PHONES, INCI 2021 $ 193,480 78,888 145.600 10,320 $127,848 58.000 133,eee 5,160 Assets Current assets: Cash Accounts receivable...
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,...
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...
The income statement, balance sheets, and additional information for Virtual Gaming Systems are provided. $2,430,000 6,500...
The income statement, balance sheets, and additional information for Virtual Gaming Systems are provided. $2,430,000 6,500 2,436,500 VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 Net sales Gain on sale of land Total revenues Expenses: Cost of goods sold $1,565,000 Operating expenses 598,000 Depreciation expense 16,000 Interest expense 17,000 Income tax expense 63,000 Total expenses Net income 2,259,000 $ 177,500 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 $ $ 81,420 68,700 134,500 2,980 25,740...
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...
Required information Exercise 9-14A Record bonds issued at a discount and related annual interest (LO9-5) The following information applies to the questions displayed below.] On January 1, 2021, White Water issues $540,000 of 7% bonds, due in 10 years, with interest payable annually on December 31 each year. Assuming the market interest rate on the issue date is 8%, the bonds will issue at $503,764. Exercise 11-3A Determine proper classification (LO11-1) Analysis of an income statement, balance sheet, and additional...
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...
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...
Statement of Cash Flows-Indirect Method The comparative balance sheet of Harris Industries Inc. at December 31, 2014 and 2043, is as follows: Dec. 31, Dec. 31, 2014 2013 Assets Cash Accounts receivable (net) Inventories Prepaid expenses $443,240 665,280 887,880 $360,920 592,200 1,022,560 31,640 25,200 Land 302,400 302,400 Buildings 1,713,600 (466,200) 1,134,000 (414,540) Accumulated depreciation-buildings Machinery and equipment Accumulated depreciation-machinery and equipment 781,200 (214,200) 106,960 $4,251,800 781,200 (191,520) 112,000 $3,724,420 Patents Total assets $837,480 32,760 Liabilities and Stockholders' Equity Accounts payable...
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...
The Income statement, balance sheets, and additional Information for Video Phones, Inc., are provided. $2.936,eee VIDEO PHONES, INC. Tincome statement For the Year Ended December 31, 2021 Nel sales Expenses Cost of goods Suid $1.ase,eee Operating expenses 838 Dee Depreciation expense 25.000 Loss on sale of land 7 Interest expense 14. Income tax expense 46.63 Total expenses Net Income 288.900 15529 VIDEO PHONES, INCI 2021 $ 193,480 78,888 145.600 10,320 $127,848 58.000 133,eee 5,160 Assets Current assets: Cash Accounts receivable...
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,...
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...
The income statement, balance sheets, and additional information for Virtual Gaming Systems are provided. $2,430,000 6,500 2,436,500 VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 Net sales Gain on sale of land Total revenues Expenses: Cost of goods sold $1,565,000 Operating expenses 598,000 Depreciation expense 16,000 Interest expense 17,000 Income tax expense 63,000 Total expenses Net income 2,259,000 $ 177,500 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 $ $ 81,420 68,700 134,500 2,980 25,740...
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