Cash flows from investing activities:
a.
Equipment with a book value of $79,000 and an original...
Cash flows from investing activities:
a.
Equipment with a book value of $79,000 and an original cost of
$166,000 was sold at a loss of $31,000.
b.
Paid $109,000 cash for a new truck.
c.
Sold land costing $320,000 for $415,000 cash, yielding a gain
of $95,000.
d.
Long-term investments in stock were sold for $97,700 cash,
yielding a gain of $16,250.
Use the above information to determine this company's cash flows
from investing activities. (Amounts to be deducted...
CP12-4 Preparing and Interpreting a Statement of Cash Flows
(Indirect Method) [LO 12-2, LO 12-3, LO...
CP12-4 Preparing and Interpreting a Statement of Cash Flows
(Indirect Method) [LO 12-2, LO 12-3, LO 12-4, LO 12-5]
Soft Touch Company was started several years ago by two golf
instructors. The company’s comparative balance sheets and income
statement are presented below, along with additional
information.
Current
Year
Previous Year
Balance Sheet at
December 31
Cash
$
14,340
$
9,500
Accounts Receivable
3,100
4,100
Equipment
11,000
10,000
Accumulated
Depreciation—Equipment
(3,660
)
(3,100
)
$
24,780
$
20,500
Accounts Payable
$...
Investing and Financing Cash Flows During the year, Paxon
Corporation's Long-Term Investments account (at cost) increased...
Investing and Financing Cash Flows During the year, Paxon
Corporation's Long-Term Investments account (at cost) increased
$15,000, the net result of purchasing stocks costing $80,000 and
selling stocks costing $65,000 at a $6,000 loss. Also, the Bonds
Payable account decreased by $40,000, the net result of issuing
$110,000 of bonds at 103 and retiring bonds with a face value (and
book value) of $150,000 at a $9,000 gain. What items and amounts
will appear in the
(a) cash flows from...
CP12-3 Preparing a Statement of Cash Flows (Indirect Method) [LO
12-2, LO 12-3, LO 12-4, LO...
CP12-3 Preparing a Statement of Cash Flows (Indirect Method) [LO
12-2, LO 12-3, LO 12-4, LO 12-5]
Hunter Company is developing its annual financial statements at
December 31, 2015. The statements are complete except for the
statement of cash flows. The completed comparative balance sheets
and income statement are summarized:
2015
2014
Balance Sheet at
December 31
Cash
$
55,900
$
23,000
Accounts Receivable
36,000
39,000
Inventory
39,000
46,000
Equipment
122,000
112,000
Accumulated
Depreciation—Equipment
(42,000
)
(35,000
)
$...
QS 12-19 Indirect: Preparing statement of cash flows LO P1, P2,
P3 MONTGOMERY INC. Comparative Balance...
QS 12-19 Indirect: Preparing statement of cash flows LO P1, P2,
P3 MONTGOMERY INC. Comparative Balance Sheets December 31, 2018 and
2017 2018 2017 Assets Cash $ 58,200 $ 58,100 Accounts receivable,
net 18,300 22,300 Inventory 164,100 128,800 Total current assets
240,600 209,200 Equipment 90,900 76,200 Accum.
depreciation—Equipment (41,000 ) (28,100 ) Total assets $ 290,500 $
257,300 Liabilities and Equity Accounts payable $ 43,600 $ 46,600
Salaries payable 900 1,100 Total current liabilities 44,500 47,700
Equity Common stock, no...
Required information
Exercise 21-13 (Algo) Identifying cash flows from investing
activities and financing activities [LO21-5, 21-6]...
Required information
Exercise 21-13 (Algo) Identifying cash flows from investing
activities and financing activities [LO21-5, 21-6]
[The following information applies to the questions
displayed below.]
In preparation for developing its statement of cash flows for
the year ended December 31, 2021, Rapid Pac, Inc., collected the
following information:
($ in millions)
Fair value of shares issued in a stock dividend
$
120.0
Payment for the early extinguishment of
long-term bonds (book value: $94.0 million)
99.0
Proceeds from the sale of...
In preparation for developing its statement of cash flows for
the year ended December 31, 2018,...
In preparation for developing its statement of cash flows for
the year ended December 31, 2018, Rapid Pac, Inc., collected the
following information:
($ in millions)
Fair value of shares issued in a stock dividend $ 60.0
Payment for the early extinguishment of
long-term bonds (book value: $79.0 million) 84.0
Proceeds from the sale of treasury stock (cost: $15.0million)
20.0
Gain on sale of land 2.4
Proceeds from sale of land 7.2
Purchase of Microsoft common stock 138.0
Declaration of...
Exercise 12-4 Indirect: Cash flows from operating activities LO
P2
The following income statement and information...
Exercise 12-4 Indirect: Cash flows from operating activities LO
P2
The following income statement and information about changes in
noncash current assets and current liabilities are
reported.
SONAD COMPANY
Income Statement
For Year Ended December 31, 2017
Sales
$
2,029,000
Cost of goods sold
994,210
Gross profit
1,034,790
Operating expenses
Salaries expense
$
277,973
Depreciation expense
48,696
Rent expense
54,783
Amortization
expenses–Patents
6,087
Utilities expense
22,319
409,858
624,932
Gain on sale of equipment
8,116
Net income
$
633,048
Changes in...
Exercise 12-4 Indirect: Cash flows from operating activities LO
P2
The following income statement and information...
Exercise 12-4 Indirect: Cash flows from operating activities LO
P2
The following income statement and information about changes in
noncash current assets and current liabilities are reported.
SONAD COMPANY
Income Statement
For Year Ended December 31, 2017
Sales
$
1,828,000
Cost of goods sold
991,000
Gross profit
837,000
Operating expenses
Salaries expense
$
245,535
Depreciation expense
44,200
Rent expense
49,600
Amortization
expenses–Patents
4,200
Utilities expense
18,125
361,660
475,340
Gain on sale of equipment
6,200
Net income
$
481,540
Changes in...
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...