Question

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? long-term note of $11,000 to Bank of Tallahassee. Issued new? long-term note of $19,000 to Bank of Trust.

?(Click the icon to view the? transactions.)

Identify any? non-cash transactions that occurred during the? year, and show how they would be reported in the? non-cash investing and financing activities section of the statement of cash flows. ?(If a box is not used in the? table, leave the box? empty; do not select a label or enter a? zero.)

Motor Sports, Inc.

Statement of Cash Flows (Partial)

Year Ended December 31, 2018

Non-cash Investing and Financing Activities:

Total Non-cash Investing and Financing Activities
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Motor Sports, Inc.
Statement of Cash Flows (Partial)
Year Ended December 31, 2018
Non-cash Investing and Financing Activities:
Issue of 5200 Shares of $6 par common stock for a building                93,000
Purchase new truck in exchage of Long term note                33,000
Retirement of short term notes by issue of 2500 Shares of $ 6 par common stock                19,000
Total Non-cash Investing and Financing Activities             1,45,000
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
Which of the following transactions would be shown in the non-cash investing and financing activities section...
Which of the following transactions would be shown in the non-cash investing and financing activities section of the statement of cash flows? settled a long-term Note Payable by issuing Common Stock sold equipment with book value of $6,500 in exchange for $6,500 cash purchased land for $30,000 cash issued 20,000 shares of stock at $4 per share
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...
Stock Issuance (Par, No-Par, and Stated Value) The following independent stock transactions occurred during January 20--...
Stock Issuance (Par, No-Par, and Stated Value) The following independent stock transactions occurred during January 20-- for Various Corporations: (a) Issued 6,300 shares of $10 par common stock for $63,000 cash. (b) Issued 3,700 shares of $10 par common stock for $50,600 cash. (c) Issued 5,300 shares of no-par common stock for $58,500 cash. (d) Issued 3,700 shares of no-par common stock for $38,900 cash. (e) Issued 6,300 shares of no-par common stock with a stated value of $8 per...
In preparation for developing its statement of cash flows for the year ended December 31, 2018,...
In preparation for developing its statement of cash flows for the year ended December 31, 2018, Rapid Pac, Inc., collected the following information: ($ 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...
1. The following transactions occurred last year at Jolly Corporation: Issuance of shares of the company's...
1. The following transactions occurred last year at Jolly Corporation: Issuance of shares of the company's own common stock $ 120,000 Dividends paid to the company's own shareholders $ 1,000 Sale of long-term investment $ 7,000 Interest paid to lenders $ 13,000 Retirement of the company's own bonds payable $ 60,000 Proceeds from sale of the company's used equipment $ 8,000 Purchase of property $ 170,000 Based solely on the above information, the net cash provided by (used in) financing...
Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were...
Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: Record on journal page 10: Jan. 3 Issued 15,000 shares of $20 par common stock at $30, receiving cash. Feb. 15 Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. May 1 Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. 16 Declared a dividend of $0.50 per share on common stock and $1.00 per...
Waterway’s Vegetable Market had the following transactions during 2017: 1. Issued $50000 of par value common...
Waterway’s Vegetable Market had the following transactions during 2017: 1. Issued $50000 of par value common stock for cash. 2. Repaid a 6 year note payable in the amount of $23400. 3. Acquired land by issuing common stock of par value $100000. 4. Declared and paid a cash dividend of $1500. 5. Sold a long-term investment (cost $2700) for cash of $7800. 6. Acquired an investment in IBM stock for cash of $15400. What is the net cash provided used...
FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash $ 58,900 $...
FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash $ 58,900 $ 79,500 Accounts receivable 74,830 56,625 Inventory 284,656 257,800 Prepaid expenses 1,270 2,015 Total current assets 419,656 395,940 Equipment 151,500 114,000 Accum. depreciation—Equipment (39,625 ) (49,000 ) Total assets $ 531,531 $ 460,940 Liabilities and Equity Accounts payable $ 59,141 $ 123,675 Short-term notes payable 11,800 7,200 Total current liabilities 70,941 130,875 Long-term notes payable 62,000 54,750 Total liabilities 132,941 185,625 Equity Common stock, $5...
MG Co. had the following transactions during 2018: 1.Issued $50,000 of par value common stock for...
MG Co. had the following transactions during 2018: 1.Issued $50,000 of par value common stock for cash. 2. Repaid a 4 year note payable in the amount of $22,000. 3. Acquired building by issuing common stock of par value $50,000. 4. Declared and paid a cash dividend of $7,000. 5. Sold a long-term investment (cost $3,000) for cash of $6,000. 6. Acquired an investment in IGG stock for cash of $10,000. What is the net cash provided by financing activities?...
Stock Transactions for Corporate Expansion On December 1 of the current year, the following accounts and...
Stock Transactions for Corporate Expansion On December 1 of the current year, the following accounts and their balances appear in the ledger of Latte Corp., a coffee processor: Preferred 3% Stock, $25 par (500,000 shares authorized, 100,000 shares issued) $2,500,000 Paid-In Capital in Excess of Par—Preferred Stock 400,000 Common Stock, $100 par (800,000 shares authorized, 230,000 shares issued) 23,000,000 Paid-In Capital in Excess of Par—Common Stock 1,840,000 Retained Earnings 46,000,000 At the annual stockholders' meeting on March 31, the board...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT