1.
Selected balances for Tyner Company are as follows:
2017; 2016
Equipment 100,000; 40,000
Accumulated Depreciation...
1.
Selected balances for Tyner Company are as follows:
2017; 2016
Equipment 100,000; 40,000
Accumulated Depreciation (30,000); (10,000)
A. Tyner sold equipment that originally cost $50,000 at a gain
of $4,000
B. Depreciaton expense for the year was $60,000
C. Tyner had an equipment purchase for cash during the year
Prepare the investing section of hte cash flow statement for
Tyner.
2.
Selected balances for Cole Company are as follows:
2017; 2016
Long-Term Notes Payable 100,000; 150,000
Common Stock 150,000;...
ABC Co. Sales were $210,000 before a $10,000 return. COGS were
$150,000. Salary Expense was $10,000....
ABC Co. Sales were $210,000 before a $10,000 return. COGS were
$150,000. Salary Expense was $10,000. Depreciation Expense was
$5,000. Bad Debt Expense was $3,000. Interest expense was $1,000.
Tax Expense was a $1,000. Retained earnings had a beginning of the
year balance of $25,000. Dividends paid were $5,000. The end of
year (final) balances are as follows: Cash $50,000; Accounts
Receivable had an ending $80,000 balance; Accumulated depreciation
had a $60,000 balance; allowance for doubtful accounts had a
$20,000...
Kinkaid Co. was incorporated at the beginning of this year and
had a number of transactions....
Kinkaid Co. was incorporated at the beginning of this year and
had a number of transactions. The following journal entries
impacted its stockholders’ equity during its first year of
operations.
General Journal
Debit
Credit
a.
Cash
300,000
Common Stock, $25 Par Value
240,000
Paid-In Capital in Excess of Par Value, Common Stock
60,000
b.
Organization Expenses
180,000
Common Stock, $25 Par Value
125,000
Paid-In Capital in Excess of Par Value, Common Stock
55,000
c.
Cash
45,000
Accounts Receivable
18,500
Building...
XYZ Corporation is authorized to issue 100,000 shares $ 3 stated
value common stock and 50,000...
XYZ Corporation is authorized to issue 100,000 shares $ 3 stated
value common stock and 50,000 shares of $ 5 par value preferred
stock.
XYZ Corporation issued 10,000 shares common stock for $
50,000.00. cash. XYZ Corporation issued 5,000 shares preferred
stock for $ 55,000.00 cash.
XYZ Corporation issued 5000 shares of common stock to its
attorneys in payment of $ 25,000 legal fees in helping to organize
the corporation.
XYZ Corporation issued 15,000 shares of common stock for land,...
Bobcat Coffee had sales of goods totaling $200,000,
receiving $150,000 in cash and $50,000 on account....
Bobcat Coffee had sales of goods totaling $200,000,
receiving $150,000 in cash and $50,000 on account. The cost of the
goods sold were $60,000.
Bobcat Coffee purchased $80,000 of inventory. All
purchases were on account.
Bobcat Coffee paid salaries of $50,000. This was payment
for salaries of $35,000 and $15,000 that was payable from last
year.
Bobcat Coffee purchased $7,000 of supplies. All of these
purchases were on account.
Bobcat Coffee received $40,000 cash from customers who
had been granted...
Smith and Associates had $65,000 in cash at year-end 2012 and
$35,000 in cash at year-end...
Smith and Associates had $65,000 in cash at year-end 2012 and
$35,000 in cash at year-end 2013. Cash flow from long-term
investing activities totaled $–290,000, and cash flow from
financing activities totaled $170,000. What was the cash flow from
operating activities?
a) $150,000
b) $90,000
c) $-150,000
d) $-20,000
e) $-90,000
In 2012, Hoosier Sports Co. had net income of $–40,000. If
accruals increased by $30,000, receivables and inventories rose by
$150,000, and depreciation and amortization totaled $10,000, what
was...
P1. XYZ Company had the following transactions related to ABC
Company over a two-year period: Year...
P1. XYZ Company had the following transactions related to ABC
Company over a two-year period: Year 1 1. On January 1, XYZ
purchased 35% ownership of ABC Company for $700,000 cash. 2. ABC
Company had net income of $70,000 for the year. 3. At year-end, ABC
Company paid its shareholders dividends of $60,000. Year 2 1. XYZ
Company purchased on January 1 an additional 5% of ABC Company’s
stock for $75,000 cash 2. ABC Company had net income of $150,000...
Castaway Co.
Balance Sheet
Assets:
20X1
20X2
Cash
100,000
100,000
Accounts Receivable
48,000
30,000
Inventory
65,000...
Castaway Co.
Balance Sheet
Assets:
20X1
20X2
Cash
100,000
100,000
Accounts Receivable
48,000
30,000
Inventory
65,000
50,000
Prepaid Rent
6,000
12,000
Equipment
125,000
300,000
Accumulated Dep
25,000
35,000
BV of Equipment
100,000
265,000
Land
50,000
20,000
Total Assets
$ 369,000
$ 477,000
Castaway Co.
Income Statement
for 20X2
Revenues
$ 200,000
COGS
75,000
Gross Profit
125,000
Insurance Expense
5,000
Rent Expense
6,000
Supplies Expense
5,000
Depreciation Expense
10,000
Interest Expense
8,000
Net Income
$ 91,000
What is cash paid for...
11. During 2008, Bakery Company paid out $50,000 of common
dividends. It ended the year with...
11. During 2008, Bakery Company paid out $50,000 of common
dividends. It ended the year with $200,000 of retained earnings
versus the prior year’s retained earnings of $150,000. How much net
income did the firm earn during the year? *
$ 250,000
$ 500,000
$ 400,000
$ 100,000
None of the above
12. For the year ended December 31, 2008, a corporation had cash
flow from operating activities of $10,000, cash flow from investing
activities of $10,000, and cash flow...
ACT506 Portfolio Project Option#2 Push Corporation and
Subsidiaries Consolidated Statement of Cash Flows For the Year...
ACT506 Portfolio Project Option#2 Push Corporation and
Subsidiaries Consolidated Statement of Cash Flows For the Year
Ended December 31, 20x7 (Indirect Method) Additional Information
Information for Cash Flow Statement completion A. Push Corporation
has 100% control of Summer Corporation on 01/02/20x7. Push
Consolidated Income Statement B. Push Corporation has $195,000
Consolidated Income for 20x7. 12/31/20x7 12/31/20x7 C. Push
Corporation pays a $10,000 Dividend to stockholders. D. Summer
Corporation reports income of $100,000 and pays Dividend of $50,000
in 20x7. Revenue...