Question

Using the indirect method, categorize the following transaction to the appropriate activity for the year ended...

Using the indirect method, categorize the following transaction to the appropriate activity for the year ended 12/31/21 and indicate the cash effect if any. Issued 5,000 shares of common stock for $70,000

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Using the indirect method, categorize the following transaction to the appropriate activity for the year ended...
Using the indirect method, categorize the following transaction to the appropriate activity for the year ended 12/31/21 and indicate the cash effect if any.   Inventory at December 31, 2020 and 2021, was $200,000 and $250,000, respectively
Pepper Inc. had the following transactions for the year ended 2013. During the year, Pepper Inc....
Pepper Inc. had the following transactions for the year ended 2013. During the year, Pepper Inc. Had 3,000 shares of $1 par value common stock issued and outstanding and 2000 shares of 9% $100 par value preferred stock. Transactions during the year are listed below Date Transaction 3/1 Sold 5,000 shares of no par common stock for $20 per share. 4/20 Sold 2,000 shares of $10 par value preferred stock for $40 per share. 6/25 Reacquired 2000 shares of stock...
Prepare a Statement of Cash Flows for the year ended Dec. 31, 2019, using the indirect...
Prepare a Statement of Cash Flows for the year ended Dec. 31, 2019, using the indirect method. Cash balance at prior year-end              $41,000           Gain on sale of machinery                     $2,000 Increase in inventory                            $5,000             Cash received from sale of machinery   $8,500 Depreciation expense                           $4,000             Increase in accounts payable                $1,500 Cash received from issuing stock           $8,000             Net income                                          $23,000 Cash paid for dividends                              $1,000                 Decrease in accounts receivable            $3,000 We bought a car for $40,000, nothing down, and signed a 4 year note for $40,000 to pay for it. Be sure to include totals for cash from...
Entity A prepares its Statement of Cash Flows in accordance with US GAAP using the indirect...
Entity A prepares its Statement of Cash Flows in accordance with US GAAP using the indirect method. Indicate the reporting of the following transaction or event by the major categories on the statement: Entity A's income statement reveals depreciation expense of $10,000. Cash Flows From Operating Activities–Add to Net Income Cash Flows From Operating Activities–Deduct from Net Income Cash Flows From Investing Activities Cash Flows From Financing Activities Non-cash Entity A prepares its Statement of Cash Flows in accordance with...
13) When using the indirect method to prepare the operating section of a statement of cash...
13) When using the indirect method to prepare the operating section of a statement of cash flows, a gain on the sale of equipment and the amortization of bond discount would both be added back as an adjustment to net income. (answer True or False) 14) The following information on selected cash transactions for 2021 has been provided by York Company:           Proceeds from sale of land                     $290,000           Proceeds from long-term borrowings     480,000           Purchases of inventories                       1,020,000          ...
1- When preparing a statement of cash flows using the indirect method, each of the following...
1- When preparing a statement of cash flows using the indirect method, each of the following should be classified as an operating cash flow except: Multiple Choice An increase in accounts receivable. A decrease in accounts payable. Proceeds from the disposal of a long-term asset with no gain or loss. An increase in prepaid expenses. A decrease in accrued expenses payable. 2- Marshland Company is preparing the company's statement of cash flows for the fiscal year just ended. The following...
State the section(s) of the statement of cash flows prepared by the indirect method (operating activities,...
State the section(s) of the statement of cash flows prepared by the indirect method (operating activities, investing activities, financing activities, or not reported) and the amount that would be reported for each of the following transactions: Note: Only consider the cash component of each transaction. Use the minus sign to indicate amounts that are cash out flows, cash payments, decreases in cash, or any negative adjustments. If your answer is not reported in an amount box does not require an...
Hardaway Fixtures’ balance sheet at December 31, 2017, included the following: Shares issued and outstanding: Common...
Hardaway Fixtures’ balance sheet at December 31, 2017, included the following: Shares issued and outstanding: Common stock, $1 par $800,000 Nonconvertible preferred stock, $50 par 20,000 On July 21, 2018, Hardaway issued a 25% stock dividend on its common stock. On December 12, it paid $50,000 cash dividends on the preferred stock. Net income for the year ended December 31, 2018, was $2,000,000. Required: Compute Hardaway’s earnings per share for the year ended December 31, 2018.
Motor SportsMotor Sports?, Inc. identified the following selected transactions that occurred during the year ended December?...
Motor SportsMotor Sports?, Inc. identified the following selected transactions that occurred during the year ended December? 31,2018?: a.??Issued 900 shares of $6 par common stock for cash of $20,000. b.??Issued 5,200 shares of $6 par common stock for a building with a fair market value of $93,000. c.??Purchased new truck with a fair market value of $33,000. Financed it? 100% with a? long-term note. d. Retired? short-term notes of $19,000 by issuing 2,500 shares of $6 par common stock. e.??Paid?...
When preparing the Statement of Cash Flow using the indirect method for the current year, which...
When preparing the Statement of Cash Flow using the indirect method for the current year, which of the following statements would describe the proper presentation of a increase in the Common Stock account of $150,000 and an increase in the Paid-In Capital in Excess Par Common Stock of $25,000 for which cash of $175,000 was received for the issuance of additional common stock. Add the $175,000 as Cash received from the issuance of common stock in the Cash flow from...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT