Fact Pattern:
Selected financial information for Kristina Company for the year
just ended is shown below....
Fact Pattern:
Selected financial information for Kristina Company for the year
just ended is shown below.
Net income
$2,000,000
Increase in net accounts receivable
300,000
Decrease in inventory
100,000
Increase in accounts payable
200,000
Depreciation expense
400,000
Gain on the sale of available-for-sale securities
700,000
Cash receivable from the issue of common stock
800,000
Cash paid for dividends
80,000
Cash paid for the acquisition of land
1,500,000
Cash received from the sale of available-for-sale securities
2,800,000
Question
Kristina’s cash flow...
1. Hilton Company reported net income of $50,000 for the year.
During the year, accounts receivable...
1. Hilton Company reported net income of $50,000 for the year.
During the year, accounts receivable decreased by $15,000, accounts
payable decreased by $2,000 and depreciation expense for the year
of $9,000 was recorded.
Net cash provided by operating activities for the year is:
2. Land costing $75,000 was sold for $115,000 cash.
The gain on the sale was reported on the income statement as other
income.
In addition, a building worth $400,000 was acquired by borrowing
the money on a...
The accounting records of Swan Ltd recorded the following
information.
30-Jun-19
30-Jun-20
Accounts receivable
50,000
30,000...
The accounting records of Swan Ltd recorded the following
information.
30-Jun-19
30-Jun-20
Accounts receivable
50,000
30,000
Inventories
87,000
70,000
Prepaid expenses
40,000
30,000
Dividend receivable
21,000
23,000
Land
490,000
1,000,000
Property
4,000,000
4,000,000
Accounts payable for inventories purchased
70,000
80,000
Bills payable
40,000
44,000
Employee benefit liabilities
59,000
42,000
Provision for warranty
40,000
30,000
Debenture
100,000
400,000
Sales revenue
3,800,000
5,000,000
Dividend revenue
28,000
60,000
Depreciation expense
320,000
350,000
Cost of sales
3,900,000
3,500,000
Warranty expenses
80,000
100,000
Other operating...
please
47
In Polk Company, Treasury Stock increased $20,000 from a cash
purchase, and Retained Earnings...
please
47
In Polk Company, Treasury Stock increased $20,000 from a cash
purchase, and Retained Earnings increased $80,000 as a result of
net income of $120,000 and cash dividends paid of $40,000. Net cash
used by financing activities is:
Select one:
A. $20,000.
B. $40,000.
C. $120,000.
D. $60,000.
E. None of the above.
48.
The following data are available for Deli Corporation.
Net income
$200,000
Depreciation expense
60,000
Dividends paid
90,000
Loss on sale of land
15,000
Decrease in...
(18 of 42)
S Company reported net income for the year in the amount of
$400,000....
(18 of 42)
S Company reported net income for the year in the amount of
$400,000. The company's financial statements also included the
following:
Increase in accounts receivable
$
80,000
Decrease in inventory
60,000
Increase in accounts payable
200,000
Depreciation expense
104,000
Gain on sale of land
148,000
What is cash flow from operating activities?
$432,000.
$536,000.
$580,000.
$832,000.
The following information was drawn from the Year 1 accounting
records of Ozark Merchandisers:
Inventory that...
The following information was drawn from the Year 1 accounting
records of Ozark Merchandisers:
Inventory that had cost $25,800 was sold for $43,860 under
terms 2/20, net/30.
Customers returned merchandise to Ozark five days after the
purchase. The merchandise had been sold for a price of $1,848. The
merchandise had cost Ozark $1,120.
All customers paid their accounts within the discount
period.
Selling and administrative expenses amounted to $4,386.
Interest expense paid amounted to $390.
Land that had cost $7,800...
The following information was drawn from the Year 1 accounting
records of Ozark Merchandisers:
Inventory that...
The following information was drawn from the Year 1 accounting
records of Ozark Merchandisers:
Inventory that had cost $19,800 was sold for $33,660 under
terms 2/20, net/30.
Customers returned merchandise to Ozark five days after the
purchase. The merchandise had been sold for a price of $1,152. The
merchandise had cost Ozark $720.
All customers paid their accounts within the discount
period.
Selling and administrative expenses amounted to $3,366.
Interest expense paid amounted to $280.
Land that had cost $6,800...
A summary of cash flows for Ousel Travel Service for the year
ended November 30, 2016,...
A summary of cash flows for Ousel Travel Service for the year
ended November 30, 2016, follows. The cash balance as of December
1, 2015, was $87,800.
Cash Flows
Cash
receipts:
Cash received from customers
$721,000
Cash received from additional
investment of owner
33,000
Cash
payments:
Cash paid for operating
expenses
749,400
Cash paid for land
53,000
Cash paid to owner for personal
use
19,000
Prepare a statement of cash flows for Ousel Travel Service for
the year ended November...
A summarised comparative statement of financial position of
Kangaroo Ltd is presented below.
30-Jun-20
30-Jun-19
Cash...
A summarised comparative statement of financial position of
Kangaroo Ltd is presented below.
30-Jun-20
30-Jun-19
Cash
$80,000
$60,000
Accounts Receivable
$65,000
$90,000
Inventories
$58,000
$62,000
Prepayments
$10,000
$12,000
Land
$90,000
$90,000
Plant
$380,000
$300,000
Accumulated Depreciation
($70,000)
($57,000)
$621,000
$557,000
Accounts Payable
$45,000
$52,000
Long-term Borrowings
$170,000
$200,000
Share Capital
$280,000
$230,000
Retained Earnings
$126,000
$75,000
$621,000
$557,000
Additional information
There were no disposals of land or plant during the year.
A $30 ,000 borrowing was settled through the issue...
A summarised comparative statement of financial position of
Kangaroo Ltd is presented below.
30-Jun-20
30-Jun-19
Cash...
A summarised comparative statement of financial position of
Kangaroo Ltd is presented below.
30-Jun-20
30-Jun-19
Cash
$80,000
$60,000
Accounts Receivable
$65,000
$90,000
Inventories
$58,000
$62,000
Prepayments
$10,000
$12,000
Land
$90,000
$90,000
Plant
$380,000
$300,000
Accumulated Depreciation
($70,000)
($57,000)
$621,000
$557,000
Accounts Payable
$45,000
$52,000
Long-term Borrowings
$170,000
$200,000
Share Capital
$280,000
$230,000
Retained Earnings
$126,000
$75,000
$621,000
$557,000
Additional information
There were no disposals of land or plant during the year.
A $30 ,000 borrowing was settled through the issue...