Reporting Issuance and Retirement of Long-Term Debt
On the basis of the details of the following...
Reporting Issuance and Retirement of Long-Term Debt
On the basis of the details of the following bonds payable and
related discount accounts, indicate the items to be reported in the
Financing Activities section of the statement of cash flows,
assuming no gain or loss on retiring the bonds:
ACCOUNT Bonds
Payable
ACCOUNT NO.
Balance
Date
Item
Debit
Credit
Debit
Credit
Jan.
1
Balance
530,000
Jan.
2
Retire bonds
106,000
424,000
June
30
Issue bonds
318,000
742,000
ACCOUNT Discount on Bond...
eporting Issuance and Retirement of Long-Term Debt
On the basis of the details of the following...
eporting Issuance and Retirement of Long-Term Debt
On the basis of the details of the following bonds payable and
related discount accounts, indicate the items to be reported in the
Financing Activities section of the statement of cash flows,
assuming no gain or loss on retiring the bonds:
ACCOUNT Bonds
Payable
ACCOUNT NO.
Balance
Date
Item
Debit
Credit
Debit
Credit
Jan.
1
Balance
750,000
2
Retire bonds
150,000
600,000
June
30
Issue bonds
450,000
1,050,000
ACCOUNT Discount on Bonds
Payable...
Reporting Land Transactions on Statement of Cash Flows
On the basis of the details of the...
Reporting Land Transactions on Statement of Cash Flows
On the basis of the details of the following fixed asset
account, indicate the items to be reported on the statement of cash
flows:
ACCOUNT Land
ACCOUNT NO.
Balance
Date
Item
Debit
Credit
Debit
Credit
Jan.
1
Balance
1,218,000
Mar.
12
Purchased for cash
414,000
1,632,000
Oct.
4
Sold for $228,000
195,000
1,437,000
Item
Section of Statement of
Cash Flows
Added or Deducted
Amount
Mar. 12: Purchase of fixed asset
$
Oct....
ACCOUNT Paid-In Capital in Excess of
Par-Common Stock
ACCOUNT NO.
Balance
Date
Item
Debit
Credit
Debit...
ACCOUNT Paid-In Capital in Excess of
Par-Common Stock
ACCOUNT NO.
Balance
Date
Item
Debit
Credit
Debit
Credit
Jan.
1
Balance
150,000
Apr.
2
12,500 shares issued for cash
425,000
575,000
June
30
Stock dividend
30,000
605,000
ACCOUNT Retained
Earnings
ACCOUNT NO.
Balance
Date
Item
Debit
Credit
Debit
Credit
Jan.
1
Balance
830,000
June
30
Stock dividend
70,000
760,000
Dec.
30
Cash dividend
95,500
664,500
Dec.
31
Net income
597,600
1,262,100
If an amount is not reported on the statement of...
16-3 16-11
Reporting Land Transactions on Statement of Cash Flows
On the basis of the details...
16-3 16-11
Reporting Land Transactions on Statement of Cash Flows
On the basis of the details of the following fixed asset
account, indicate the items to be reported on the statement of cash
flows:
ACCOUNT Land
ACCOUNT NO.
Balance
Date
Item
Debit
Credit
Debit
Credit
Jan.
1
Balance
1,160,000
Mar.
12
Purchased for cash
371,000
1,531,000
Oct.
4
Sold for $203,000
174,000
1,357,000
Item
Section of Statement of
Cash Flows
Added or Deducted
Amount
Mar. 12: Purchase of fixed asset...
The comparative balance sheet of Whitman Co. at December 31,
20Y2 and 20Y1, is as follows:...
The comparative balance sheet of Whitman Co. at December 31,
20Y2 and 20Y1, is as follows: 1 Dec. 31, 20Y2 Dec. 31, 20Y1 2
Assets 3 Cash $918,000.00 $964,800.00 4 Accounts receivable (net)
828,900.00 761,940.00 5 Inventories 1,268,460.00 1,162,980.00 6
Prepaid expenses 29,340.00 35,100.00 7 Land 315,900.00 479,700.00 8
Buildings 1,462,500.00 900,900.00 9 Accumulated
depreciation-buildings (408,600.00) (382,320.00) 10 Equipment
512,280.00 454,680.00 11 Accumulated depreciation-equipment
(141,300.00) (158,760.00) 12 Total assets $4,785,480.00
$4,219,020.00 13 Liabilities and Stockholders’ Equity 14 Accounts
payable (merchandise...
Burns Corporation's net income last year was $99,200. Changes in
the company's balance sheet accounts for...
Burns Corporation's net income last year was $99,200. Changes in
the company's balance sheet accounts for the year appear below:
Increases
(Decreases)
Asset and Contra-Asset Accounts:
Cash and cash equivalents
$
20,700
Accounts receivable
$
13,300
Inventory
$
(16,300
)
Prepaid expenses
$
4,200
Long-term investments
$
11,000
Property, plant, and equipment
$
75,600
Accumulated depreciation
$
34,100
Liability and Equity Accounts:
Accounts payable
$
(19,600
)
Accrued liabilities
$
17,400
Income taxes payable
$
4,300
Bonds payable
$
(66,000...