The following additional information is available for the year: *During the year, the company sold long-term investments for $26,500 that had been purchased for $29,000. *The company did not sell any property, plant, and equipment during the year or repurchase any of its own common stock. *All sales were on credit. *The company paid a cash dividend of $20,500. *The company paid cash to retire $15,600 of bonds payable. Required: a. Using the indirect method, determine the net cash provided by (used in) operating activities. b. Using the direct method, determine the net cash provided by (used in) operating activities. c. Using the net cash provided by (used in) operating activities amount from either part a or b, prepare a statement of cash flows. Complete this question by entering your answers in the tabs below. Required A Required B Required C Using the indirect method, determine the net cash provided by (used in) operating activities. Net cash provided (used in) operating activities

The following additional information is available for the year: During the year, the company sold long-term investments for $26,500 that had been purchased for $29,000. The company did not sell any property, plant, and equipment during the year or repurchase any of its own common stock. All sales were on credit. The company paid a cash dividend of $20,500. *The company paid cash to retire $15,600 of bonds payable. Required: a. Using the indirect method, determine the net cash provided by (used in) operating activities. b. Using the direct method, determine the net cash provided by (used in) operating activities. c. Using the net cash provided by (used in) operating activities amount from either part a or b, prepare a statement of cash flows. Complete this question by entering your answers in the tabs below. Required A Required B Required C Using the indirect method, determine the net cash provided by (used in) operating activities. Net cash provided (used in) operating activities

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 9RE: For the current year, Vidalia Company reported revenues of 250,000 and expenses of 225,000. At the...

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Marigold Corporation purchased 420 shares of Nolan Inc. common stock for $14,200 (Marigold does not have significant influence). During the year, Nolan paid a cash dividend of $3.25 per share. At year-end, Nolan stock was selling for $35.00 per share. (a) Prepare Marigold's journal entry to record the purchase of the investment. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit
Dristell Incorporated had the following activities during the year (all transactions are for cash unless stated otherwise): a. A building with a book value of $420,000 was sold for $520,000. b. Additional common stock was issued for $180,000. c. Dristell purchased its own common stock as treasury stock at a cost of $85,000. d. Land was acquired by issuing a 6%, 10-year, $770,000 note payable to the seller. e. A dividend of $60,000 was paid to shareholders. f. An investment in Fleet Corporation's common stock was made for $140,000. g. New equipment was purchased for $75,000. h. A $100,000 note payable issued three years ago was paid in full. i. A loan for $120,000 was made to one of Dristell's suppliers. The supplier plans to repay Dristell this amount plus 10% interest within 18 months. Required: Calculate net cash flows from investing activities. (Cash outflows should be indicated with a minus sign.) DRISTELL INCORPORATED Statement of Cash Flows (partial) For the Year Ended December…
Seamus Industries Inc. buys and sells investments as part of its ongoing cash management. The following investment transactions were completed during the year: Dec. 31. At the end of the accounting period, the fair value of the remaining 600 shares of Tetts Co.'s stock was $85.35 per share. The fair value of the remaining 1,750 shares for Issaxson Co.'s stock was equal to its cost of 436.04 per share. Journalize the entry for this transactions.
Dristell Incorporated had the following activities during the year (all transactions are for cash unless stated otherwise); a. A building with a book value of $400,000 was sold for $500,000. b. Additional common stock was issued for $160,000. c. Dristell purchased its own common stock as treasury stock at a cost of $75,000. d. Land was acquired by issuing a 6%, 10-year, $750,000 note payable to the seller. e. A dividend of $40,000 was paid to shareholders. f. An investment in Fleet Corporation's common stock was made for $120,000. g. New equipment was purchased for $65,000. h. A $90,000 note payable issued three years ago was paid in full. 1. A loan for $100,000 was made to one of Dristell's suppliers. The supplier plans to repay Dristell this amount plus 10% interest within 18 months. Required: Calculate net cash flows from investing activities. (Cash outflows should be indicated with a minus sign.)
Burgess also provided the following information: The company sold equipment that had an original cost of $13 million and accumulated depreciation of $8 million. The cash proceeds from the sale were $8 million. The gain on the sale was $3 million. The company did not issue any new bonds during the year. The company paid a cash dividend during the year. The company did not complete any common stock transactions during the year. Required: 1. Using the indirect method, prepare a statement of cash flows for the year. (Enter your answers in millions not in dollars. List any deduction in cash and cash outflows as negative amounts.)
In the past year, Blossom Corporation reported assets of $230229000. Liabilities reported on the balance sheet on the same date were reported at $69091655. Blossom issued a new note payable for cash during the year. The 8%, 5-year note was issued at a face value of $5008000. What is the company's debt to asset ratio after the refinance? O 29.37% 31.50% 32.18% O 30.01%
Dristell Incorporated had the following activities during the year (all transactions are for cash unless stated otherwise): a. A building with a book value of $419,000 was sold for $519,000. b. Additional common stock was issued for $179,000. c. Dristell purchased its own common stock as treasury stock at a cost of $84,500. d. Land was acquired by issuing a 6%, 10-year, $769,000 note payable to the seller. e. A dividend of $59,000 was paid to shareholders. f. An investment in Fleet Corporation's common stock was made for $139,000. g. New equipment was purchased for $74,500. h. A $99,500 note payable issued three years ago was paid in full. i. A loan for $119,000 was made to one of Dristell's suppliers. The supplier plans to repay Dristell this amount plus 10% interest within 18 months. Required: Calculate net cash flows from financing activities. (Cash outflows should be indicated with a minus sign.) DRISTELL INCORPORATED Statement of Cash Flows (partial) For the Year Ended December…
Dristell Inc. had the following activities during the year (all transactions are for cash unless stated otherwise): a. A building with a book value of $400,000 was sold for $500,000. b. Additional common stock was issued for $160,000. c. Dristell purchased its own common stock as treasury stock at a cost of $75,000. d. Land was acquired by issuing a 6%, 10-year, $750,000 note payable to the seller. e. A dividend of $40,000 was paid to shareholders. f. An investment in Fleet Corp.'s common stock was made for $120,000. g. New equipment was purchased for $65,000. h. A $90,000 note payable issued three years ago was paid in full. i. A loan for $100,000 was made to one of Dristell's suppliers. The supplier plans to repay Dristell this amount plus 10% interest within 18 months. Required: Calculate net cash flows from investing activities. (List cash outflows and any decrease in cash as negative amounts.) Net cash flows
Dristell Inc. had the following activities during the year (all transactions are for cash unless stated otherwise): a. A building with a book value of $400,000 was sold for $500,000. b. Additional common stock was issued for $160,000. c. Dristell purchased its own common stock as treasury stock at a cost of $75,000. d. Land was acquired by issuing a 6%, 10-year, $750,000 note payable to the seller. e. A dividend of $40,000 was paid to shareholders. f. An investment in Fleet Corp.'s common stock was made for $120,000. g. New equipment was purchased for $65,000. h. A $90,000 note payable issued three years ago was paid in full. i. A loan for $100,000 was made to one of Dristell's suppliers. The supplier plans to repay Dristell this amount plus 10% interest within 18 months. Required: Calculate net cash flows from financing activities. (Cash outflows should be indicated with a minus sign.) Net cash flows
Dristell Inc. had the following activities during the year (all transactions are for cash unless stated otherwise):a. A building with a book value of $400,000 was sold for $500,000.b. Additional common stock was issued for $160,000.c. Dristell purchased its own common stock as treasury stock at a cost of $75,000.d. Land was acquired by issuing a 6%, 10-year, $750,000 note payable to the seller.e. A dividend of $40,000 was paid to shareholders.f. An investment in Fleet Corp.’s common stock was made for $120,000.g. New equipment was purchased for $65,000.h. A $90,000 note payable issued three years ago was paid in full.i. A loan for $100,000 was made to one of Dristell’s suppliers. The supplier plans to repay Dristell this amount plus 10% interest within 18 months.Required: Calculate net cash flows from investing activities.
Dristell Incorporated had the following activities during the year (all transactions are for cash unless stated otherwise): a. A building with a book value of $405,000 was sold for $505,000. b. Additional common stock was issued for $165,000. c. Dristell purchased its own common stock as treasury stock at a cost of $77,500. d. Land was acquired by issuing a 6%, 10-year, $755,000 note payable to the seller. e. A dividend of $45,000 was paid to shareholders. f. An investment in Fleet Corporation's common stock was made for $125,000. g. New equipment was purchased for $67,500. h. A $92,500 note payable issued three years ago was paid in full. i. A loan for $105,000 was made to one of Dristell's suppliers. The supplier plans to repay Dristell this amount plus 10% interest within 18 months. Required: Calculate net cash flows from financing activities. (Cash outflows should be indicated with a minus sign.)
Yankton Company began the year without an investment portfolio. During the year, it purchased investments classified as trading securities at a cost of $13,000. At the end of the year, the market value of the securities was $11,000. Yankton Company's financial statements for the current year should show Ca. no loss on the income statement, net trading securities of $11,000, and an unrealized loss of $2,000 as a stockholders' equity adjustment on the balance sheet b. no loss on the income statement and net trading securities of $13,000 on the balance sheet Cc. a loss of $2,000 on the income statement and net trading securities of $13,000 on the balance sheet Od. a loss of $2,000 on the income statement and temporary investments of $11,000 on the balance sheet