Question

The following information is for question 10-13. During the month of February, Fadness Company had the...

The following information is for question 10-13.

During the month of February, Fadness Company had the following transactions:

* Revenues of $225,000 were earned and received in cash.
* Bank loans of $18,000 were paid off.
* New bank loans of $15,000 were incurred.
* Equipment of $40,000 was purchased with cash.
* Equipment was sold for its book value of $36,000. Cash was received.
* Expenses of $171,400 were paid in cash.
* Stockholders purchased additional shares for $50,000 cash.

10.

Refer to the information above. A statement of cash flows for February, would report net cash flows from operating activities of:  

A.

$4,000.

B.

$35,600.

C.

$53,600.

D.

$96,600.

11.

Refer to the information above. A statement of cash flows for February, would report net cash flows from financing activities of:  

A.

$4,000.

B.

$47,000.

C.

$83,000.

D.

$96,600.
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Answer-10)- A statement of cash flows for February, would report net cash flows from operating activities of = $53600 (Option C).

Explanation- Net cash flows from operating activities of = Cash revenues received – cash paid for expenses

= $225000-$171400

= $53600

11)- A statement of cash flows for February, would report net cash flows from financing activities of= $47000 (Option B).

Explanation- Net cash flows from financing activities= Additional shares issued for cash+ Bank loans taken-Old bank loans paid

= $50000+$15000-$18000

= $47000

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
Bowling Corporation had the following transactions occur during February: a. Bowling purchased $450,000 in inventory on...
Bowling Corporation had the following transactions occur during February: a. Bowling purchased $450,000 in inventory on credit. b. Bowling received $13,000 in cash from customers for subscriptions that will not begin until the following month. c. Bowling signed a note from Midwest Bank for $67,000. d. Bowling sold all the inventory purchased in (a) above for $700,000 on account. e. Bowling paid employees $120,000 for services performed during January. f. Bowling purchased land for $56,000 in cash. g. Bowling received...
Preparing a Statement of Cash Flows (Direct Method) Use the following information about the 2016 cash...
Preparing a Statement of Cash Flows (Direct Method) Use the following information about the 2016 cash flows of Mason Corporation to prepare a statement of cash flows under the direct method. Refer to Exhibit 4.3 for the appropriate format. Cash balance, end of 2016 $12,000 Cash paid to employees and suppliers 148,000 Cash received from sale of land 40,000 Cash paid to acquire treasury stock 10,000 Cash balance, beginning of 2016 16,000 Cash received as interest 6,000 Cash paid as...
A company had the following transactions during the year: Paid rent for the next two years,...
A company had the following transactions during the year: Paid rent for the next two years, $8,500. Purchased office supplies on account, $2,700. Purchased equipment, paying $14,000 cash and issuing a note payable for $7,000. Borrowed from the bank, $7,000. Paid employee salaries, $7,900. Paid $1,500 on account related to transaction 2 above. Paid dividends to stockholders, $3,000. Sold land for $10,900 that was purchased in a prior year for $7,700. Collected cash from customers for services provided, $25,800. Calculate...
Required information Skip to question [The following information applies to the questions displayed below.] On October...
Required information Skip to question [The following information applies to the questions displayed below.] On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,850 in assets in exchange for its common stock to launch the business. On October 31, the company’s records show the following items and amounts. Retained earnings, October 1 as $0. Cash $ 11,580 Cash dividends $ 1,890 Accounts receivable 13,860 Consulting revenue 13,860 Office supplies 3,140 Rent expense 3,390 Land 46,000...
During 20X1, Craig Company had the following transactions: A. Purchased $200,500 of 10-year bonds issued by...
During 20X1, Craig Company had the following transactions: A. Purchased $200,500 of 10-year bonds issued by Makenzie Inc. B. Acquired land valued at $69,200 in exchange for machinery. C. Sold equipment with original cost of $539,700 for $330,100; accumulated depreciation taken on the equipment to the point of sale was $179,700. D. Purchased new machinery for $120,300. E. Purchased common stock in Lemmons Company for $55,800. Required: 1. Prepare the net cash from investing activities section of the statement of...
During 2015, Shorts Company had the following transactions: A. Purchased $200,700 of 10-year bonds issued by...
During 2015, Shorts Company had the following transactions: A. Purchased $200,700 of 10-year bonds issued by Makenzie Inc. B. Acquired land valued at $69,200 in exchange for machinery. C. Sold equipment with original cost of $539,600 for $330,500; accumulated depreciation taken on the equipment to the point of sale was $179,900. D. Purchased new machinery for $120,500. E. Purchased common stock in Lemmons Company for $56,000. Required: 1. Prepare the net cash from investing activities section of the statement of...
Selected information from Jimmy Corporation’s accounting records and financial statements for 2006 is as follows (amounts...
Selected information from Jimmy Corporation’s accounting records and financial statements for 2006 is as follows (amounts in millions): Cash paid to acquire equipment.              $18 Treasury stock purchased for cash.            25 Proceeds from sale of land and buildings.  45 Gain from the sale of land and buildings.   26 Investment revenue received.                     33 Cash paid to acquire office equipment.      40 On its statement of cash flows, Jimmy should report net cash outflows from investing activities of: $13 Million $23 Million $38 Million $39 Million
Funnel Manufacturing Company has provided the follwoing information: Month Budgeted Sales January $ 76,000 February 85,000...
Funnel Manufacturing Company has provided the follwoing information: Month Budgeted Sales January $ 76,000 February 85,000 March 92,000 April 79,000 Budgeted Selling and Administrative Expenses Per Month are as follows: Wages, $15,000 Advertising, $12,000 Depreciation, $3,000 Other, 4 percent of Sales Cost of Goods Sold is 60% of Sales. All inventory is purchased in the month it is sold. Inventory purchases are paid 2/3 in the month of purchase, the remaining 1/3 paid in the following month.   How much cash...
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...
Statement of Cash Flows Amount OA, IA, or FA (for extra credit only) Accounts payable increase...
Statement of Cash Flows Amount OA, IA, or FA (for extra credit only) Accounts payable increase $ 9,000 Accounts receivable increase     4,000 Salaries payable decrease     3,000 Amortization expense     6,000 Cash balance, January 1    22,000 Cash balance, December 31    15,000 Cash paid as dividends    29,000 Cash paid to purchase land    90,000 Cash paid to retire bonds payable at par    60,000 Cash received from issuance of common stock    35,000 Cash received from sale...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT