10 points Net income $ 39,200 eBook Print References The following additional information is available for the year: • During the year, the company sold long-term investments for $26.500 that had been purchased for $29,000. * The company did not sell any property, plant, and equipment during the year or repurchase any of its own common stock. *All sales were on credit. *The company paid a cash dividend of $20,500. * The company paid cash to retire $15,600 of bonds payable. • Required: a. Using the indirect method, determine the net cash provided by (used in) operating activities. b. Using the direct method, determine the net cash provided by (used in) operating activities. c. Using the net cash provided by (used in) operating activities amount from either part a or b, prepare a statement of cash flows. Complete this question by entering your answers in the tabs below. Required A Required B Required C Using the indirect method, determine the net cash provided by (used in) operating activities. Net cash provided (used in) operating activities Required A Required B > A

10 points Net income $ 39,200 eBook Print References The following additional information is available for the year: • During the year, the company sold long-term investments for $26.500 that had been purchased for $29,000. * The company did not sell any property, plant, and equipment during the year or repurchase any of its own common stock. All sales were on credit. The company paid a cash dividend of $20,500. * The company paid cash to retire $15,600 of bonds payable. • Required: a. Using the indirect method, determine the net cash provided by (used in) operating activities. b. Using the direct method, determine the net cash provided by (used in) operating activities. c. Using the net cash provided by (used in) operating activities amount from either part a or b, prepare a statement of cash flows. Complete this question by entering your answers in the tabs below. Required A Required B Required C Using the indirect method, determine the net cash provided by (used in) operating activities. Net cash provided (used in) operating activities Required A Required B > A

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter14: Statement Of Cash Flows

Section: Chapter Questions

Problem 17BEA

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Gympa reported on its income statement a net income $647,000 for the year ended December 31 before considering the following: a. During the year, Gympa purchased trading securities b. At year-end , the fair value of the investment portfolio was $50,000 lesshan the cost c. The balance of Retained Earnings was $792,000 on January 1 d. Gympa paid $67,000 in cash dividends during the year. Using the above data, calculate the balance of Retained Earnings on Decemeber 31.
Current Attempt in Progress Kingbird Co. invested $990,000 in Oriole Co. for 25% of its outstanding stock. Oriole Co. pays out 40% of net income in dividends each year. Use the information in the following T-account for the investment in Oriole to answer the following questions. Investment in Oriole Co. 990,000 117,000 (a) How much was Kingbird Co.'s share of Oriole Co's net income for the year? Net income 46,800 (b) What was Oriole Co's total net income for the year? Total net income $ (c) What was Oriole Co's total dividends for the year? Total Dividends $ (d) How much was Kingbird Co's share of Oriole Co's dividends for the year? Dividends $
Additional information: * All purchases of inventories are on credit * The selling and administrative expenses include depreciation of R320 000 * Property, plant and equipment were purchased during the year but there were no disposals * The total dividends for the year ended 31 December 2021 amounted to R360 000 * The issued share capital consisted of 100 000 ordinary shares * The market price of the shares on 31 December 2021 was R35
A. Gympa reported on its income statement a net income $647,000 for the year ended December 31 before considering the following: During the year, Gympa purchased trading securities At year-end , the fair value of the investment portfolio was $50,000 lesshan the cost The balance of Retained Earnings was $792,000 on January 1 Gympa paid $67,000 in cash dividends during the year. Using the above data, calculate the balance of Retained Earnings on Decemeber 31. A. The Nile House of Fashion has Asset Turnover of 2.65X. What does it mean? That each dollar of Nile’s asset generates $2.25 in sales That each dollar of stockholders’ equity generates $2.25 of profit That Nile’s EPS is $2.25 That each dollar of Nile’s Equity generates a deficit of $2.25 None of the above.
The following data were taken from the financial statements of Woodwork Enterprises Inc. for the current fiscal year. Assuming that there are no intangible assets. Property, plant, and equipment (net) $ 5,000,000 Liabilities: Current liabilities $ 400,000 Mortgage note payable, 5%, ten-year note issued two years ago 3,600,000 Total liabilities $4,000,000 Stockholders' equity: Preferred $1 stock, $10 par (no change during year) $1,000,000 Common stock, $5 par (no change during year) 2,000,000 Retained earnings: Balance, beginning of year $8,000,000 Net income 500,000 $8,500,000 Preferred dividends $ 100,000 Common dividends 100,000 (200,000) Balance, end of year 8,300,000 Total stockholders' equity $11,300,000 Sales $ 6,250,000 Interest expense $ 180,000 Beginning-of-the-year amounts:…
Two Hump Camel Saddle Company, Inc.'s unappropriated retained earnings at the beginning of the year was $350,000. The Company reported the following transaction for the current year: Taxable Income $100,000 Federal Income Tax 21,000 200,000 275,000 Life insurance proceeds Cash dividends paid Municipal bond interest income Brokerage fees incurred to purchase the municipal bonds Short term capital loss MACRS depreciation Book depreciation 15,000 2,000 7,000 23,000 35,000 1,500 Meal costs deducted on Income Statement Officer's life insurance premium 1,000 Required: 1) Calculate net income per book and ending retained earnings.
Seven metrics The following data were taken from the financial statements of Woodwork Enterprises Inc. for the current fiscal year. Assuming that there are no intangible assets. Property, plant, and equipment (net) $1,680,000 Liabilities: Current liabilities $168,000 Mortgage note payable, 10%, ten-year note issued two years ago 840,000 Total liabilities $1,008,000 Stockholders' equity: Preferred $4 stock, $100 par (no change during year) $1,008,000 Common stock, $10 par (no change during year) 1,008,000 Retained earnings: Balance, beginning of year $1,076,000 Net income 385,000 $1,461,000 Preferred dividends $40,320 Common dividends 76,680 117,000 Balance, end of year 1,344,000 Total stockholders' equity $3,360,000 Sales $12,242,500 Interest expense $96,267 Beginning-of-the-year amounts:…
Statement of Cash Flows A list of Fischer Companys cash flow activities is presented here: a. Patent amortization expense, 3,500 b. Machinery was purchased for 39,500 c. At year-end, bonds payable with a face value of 20,000 were issued for 17,000 d. Net income, 47,200 k. Inventories increased by 15,400 e. Dividends paid, 16,000 f. Depreciation expense, 12,900 g. Preferred stock was issued for 13,600 h. Investments were acquired for 21,000 i. Accounts receivable increased by 4,300 j. Land was sold at cost, 11,000 k. Inventories increased by 15,400 l. Accounts payable increased by 2,700 m. Beginning cash balance, 19,400 Required: Prepare Fischers statement of cash flows.
Common stock transactions on the statement of cash flows Jones Industries received 600,000 from issuing shares of its common stock and 400,000 from issuing bonds. During the year, Jones Industries also paid dividends of 60,000. How are the effects of these transactions reported on the statement of cash flows?
Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.
An analysis of Karman Corporation's Investment in Marketable Securities account during Year 2 disclosed the following: Debit entries Credit entries Karman's Year 2 income statement included a $40,000 gain on sale of marketable securities and $30,000 dividend income from marketable securities. All payments and proceeds relating to marketable securities transactions were in cash. $ 160,000 240,000 The cash proceeds received by Karman Corporation in Year 2 for the sale of marketable securities was: Select one: a. $240,000. b. $280,000. c. $230,000. d. $160,000. $
Denna Company's working capital accounts at the beginning of the year follow: $ 50,000 $ 30,000 $ 200,000 Cash Marketable securities Accounts receivable, net Inventory Prepaid expenses Accounts payable Notes due within one year Accrued liabilities $ 210,000 $10,000 $ 150,000 $ 30,000 $ 20,000 During the year, Denna Company completed the following transactions: x. Paid a cash dividend previously declared, $12,000. a. Issued additional shares of common stock for cash, $100,000. b. Sold inventory costing $50,000 for $80,000, on account. c. Wrote off uncollectible accounts in the amount of $10,000, reducing the accounts receivable balance accordingly. d. Declared a cash dividend, $15,000. e. Paid accounts payable, $50,000. f. Borrowed cash on a short-term note with the bank, $35,000. g. Sold inventory costing $15,000 for $10,000 cash. h. Purchased inventory on account, $60,000. i. Paid off all short-term notes due, $30,000. j. Purchased equipment for cash, $15,000. k. Sold marketable…