Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 16, Problem 1EA
Provide
A. Declared and paid to shareholders, a dividend of $24,000.
B. Issued common stock at par value for $12,000 cash.
C. Sold a tract of land that had cost $10,000, for $16,000.
D. Purchased a company truck, with a note payable of $38,000.
E. Collected $8,000 from customer
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Provide journal entries to record each of the following transactions andidentify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N).
a.Declared and paid to shareholders, a dividend of $24,000.
b.Issued common stock at par value for $12,000 cash.
c.Sold a tract of land that had cost $10,000, for $16,000.
d.Purchased a company truck, with a note payable of $38,000.
e.Collected $8,000 from customer accounts receivable.
Indicate the effect, if any, that each separate transaction has on financing cash flows. a. Notes payable with a carrying value of $15,000 are retired for $16,000 cash, resulting in a $1,000 gain. b. Paid cash dividends of $11,000 to common stockholders. c. Acquired $20,000 worth of machinery in exchange for common stock.
State the effect (cash receipt or payment and amount) of each of the following transactions, considered individually, on cash flows:
a. Retired $320,000 of bonds, on which there was $3,200 of unamortized discount, for $333,000.b. Sold 7,000 shares of $30 par common stock for $53 per share.c. Sold equipment with a book value of $59,700 for $86,000.d. Purchased land for $339,000 cash.e. Purchased a building by paying $64,000 cash and issuing a $90,000 mortgage note payable.f. Sold a new issue of $300,000 of bonds at 97.g. Purchased 3,600 shares of $20 par common stock as treasury stock at $37 per share.h. Paid dividends of $1.90 per share. There were 24,000 shares issued and 4,000 shares of treasury stock.
Chapter 16 Solutions
Principles of Accounting Volume 1
Ch. 16 - Which of the following statements is false? A....Ch. 16 - Which of these transactions would not be part of...Ch. 16 - Which is the proper order of the sections of the...Ch. 16 - Which of these transactions would be part of the...Ch. 16 - Which of these transactions would be part of the...Ch. 16 - Which of these transactions would be part of the...Ch. 16 - What is the effect on cash when current noncash...Ch. 16 - What is the effect on cash when current...Ch. 16 - What is the effect on cash when current noncash...Ch. 16 - What is the effect on cash when current...
Ch. 16 - Which of the following would trigger a subtraction...Ch. 16 - Which of the following represents a source of cash...Ch. 16 - Which of the following would be included in the...Ch. 16 - If beginning cash equaled $10,000 and ending cash...Ch. 16 - Which of the following is a stronger indicator of...Ch. 16 - What function does the statement of cash flows...Ch. 16 - Is it possible for a company to have significant...Ch. 16 - What categories of activities are reported on the...Ch. 16 - Describe three examples of operating activities,...Ch. 16 - Describe three examples of investing activities,...Ch. 16 - Describe three examples of financing activities,...Ch. 16 - Explain the difference between the two methods...Ch. 16 - Why is depreciation an addition in the operating...Ch. 16 - When preparing the operating section of the...Ch. 16 - If a company reports a gain/(loss) from the sale...Ch. 16 - Note payments reduce cash and are related to...Ch. 16 - Is there any significance that can be attributed...Ch. 16 - Would there ever be activities that relate to...Ch. 16 - What insight does the calculation of free cash...Ch. 16 - Why is using the direct method to prepare the...Ch. 16 - Provide journal entries to record each of the...Ch. 16 - In which section of the statement of cash flows...Ch. 16 - In which section of the statement of cash flows...Ch. 16 - Use the following information from Albuquerque...Ch. 16 - What adjustment(s) should be made to reconcile net...Ch. 16 - Use the following information from Birch Companys...Ch. 16 - Use the following information from Chocolate...Ch. 16 - Use the following information from Denmark...Ch. 16 - Use the following excerpts from Eagle Companys...Ch. 16 - Use the following excerpts from Fruitcake Companys...Ch. 16 - Use the following excerpts from Grenada Companys...Ch. 16 - Provide the missing piece of information for the...Ch. 16 - Provide the missing piece of information for the...Ch. 16 - Use the following excerpts from Kirsten Companys...Ch. 16 - Use the following excerpts from Franklin Companys...Ch. 16 - The following are excerpts from Hamburg Companys...Ch. 16 - Use the following excerpts from Algona Companys...Ch. 16 - Use the following excerpts from Huckleberry...Ch. 16 - Provide journal entries to record each of the...Ch. 16 - In which section of the statement of cash flows...Ch. 16 - In which section of the statement of cash flows...Ch. 16 - Use the following information from Hamlin Companys...Ch. 16 - What adjustment(s) should be made to reconcile net...Ch. 16 - Use the following excerpts from Indigo Companys...Ch. 16 - Use the following information from Jumper Companys...Ch. 16 - Use the following information from Kentucky...Ch. 16 - Use the following excerpts from Leopard Companys...Ch. 16 - Use the following information from Manuscript...Ch. 16 - Use the following excerpts from Nutmeg Companys...Ch. 16 - Provide the missing piece of information for the...Ch. 16 - Provide the missing piece of information for the...Ch. 16 - Use the following excerpts from Indira Companys...Ch. 16 - Use the following excerpts from Bolognese Companys...Ch. 16 - The following shows excerpts from Camole Companys...Ch. 16 - Use the following excerpts from Brownstone...Ch. 16 - Use the following excerpts from Jasper Companys...Ch. 16 - Provide journal entries to record each of the...Ch. 16 - Use the following information from Acorn Companys...Ch. 16 - Use the following information from Berlin Companys...Ch. 16 - Use the following information from Coconut...Ch. 16 - Use the following information from Dubuque...Ch. 16 - Use the following information from Eiffel Companys...Ch. 16 - Analysis of Forest Companys accounts revealed the...Ch. 16 - Use the following excerpts from Zowleski Companys...Ch. 16 - Use the following excerpts from Yardley Companys...Ch. 16 - Use the following excerpts from Wickham Companys...Ch. 16 - Use the following excerpts from Tungsten Companys...Ch. 16 - The following shows excerpts from financial...Ch. 16 - Use the following excerpts from Fromera Companys...Ch. 16 - Use the following excerpts from Victrolia Companys...Ch. 16 - Use the following cash transactions relating to...Ch. 16 - Provide journal entries to record each of the...Ch. 16 - Use the following information from Grenada...Ch. 16 - Use the following information from Honolulu...Ch. 16 - Use the following information from Isthmus...Ch. 16 - Use the following information from Juniper...Ch. 16 - Use the following excerpts from Kayak Companys...Ch. 16 - Analysis of Longmind Companys accounts revealed...Ch. 16 - Use the following excerpts from Stern Companys...Ch. 16 - Use the following excerpts from Unigen Companys...Ch. 16 - Use the following excerpts from Mountain Companys...Ch. 16 - Use the following excerpts from OpenAir Companys...Ch. 16 - The following shows excerpts from financial...Ch. 16 - Use the following excerpts from Swansea Companys...Ch. 16 - Use the following excerpts from Swahilia Companys...Ch. 16 - Use the following cash transactions relating to...Ch. 16 - Use a spreadsheet and the following financial...Ch. 16 - Consider the dilemma you might someday face if you...Ch. 16 - If you had $100,000 available for investing, which...
Additional Business Textbook Solutions
Find more solutions based on key concepts
Describe scientific management. How was scientific management different from management techniques that came be...
Principles of Management
Explain how to derive a total expenditures (TE) curve.
Macroeconomics
E5-20 Journalizing purchase transactions
Learning Objective 2 July 24 Kerch. Inv. $64 CR
(
Howie Jewelers had ...
Horngren's Accounting (12th Edition)
Discussion Questions 1. What characteristics of the product or manufacturing process would lead a company to us...
Managerial Accounting (5th Edition)
What are the key differences between financial accounting and managerial accounting?
Principles of Accounting Volume 2
Ravenna Candles recently purchased candleholders for resale in its shops. Which of the following costs would be...
Financial Accounting (12th Edition) (What's New in Accounting)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Provide journal entries to record each of the following transactions. For each, also identify: *the appropriate section of the statement of cash flows, and **whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. reacquired $30,000 treasury stock B. purchased inventory for $20,000 C. issued common stock of $40,000 at par D. purchased land for $25,000 E. collected $22,000 from customers for accounts receivable F. paid $33,000 principal payment toward note payable to bankarrow_forwardProvide journal entries to record each of the following transactions. For each, also identify *the appropriate section of the statement of cash flows, and s utility bill, $1,500arrow_forwardIn which section of the statement of cash flows would each of the following transactions be included? For each, identify the appropriate section of the statement of cash flows as operating (O), investing (I), financing (F), or none (N). (Note: some transactions might involve two sections.) A. borrowed from the bank for business loan B. declared dividends, to be paid next year C. purchased treasury stock D. purchased a two-year insurance policy E. purchased plant assetsarrow_forward
- In which section of the statement of cash flows would each of the following transactions be included? For each, identify the appropriate section of the statement of cash flows as operating (O), investing (I), financing (F), or none (N). (Note: some transactions might involve two sections.) A. collected accounts receivable from customers B. issued common stock for cash C. declared and paid dividends D. paid accounts payable balance E. sold a long-term asset for the same amount as purchasedarrow_forwardState the effect (cash receipt or payment and amount) of each of the following transactions, considered individually, on cash flows: a. Retired $290,000 of bonds, on which there was $2,900 of unamortized discount, for $302,000. b. Sold 12,000 shares of $25 par common stock for $57 per share. c. Sold equipment with a book value of $49,400 for $71,100. d. Purchased land for $327,000 cash. e. Purchased a building by paying $49,000 cash and issuing a $90,000 mortgage note payable. f. Sold a new issue of $260,000 of bonds at 98. g. Purchased 4,500 shares of $40 par common stock as treasury stock at $73 per share. h. Paid dividends of $1.90 per share. There were 20,000 shares issued and 3,000 shares of treasury stock. Effect Amount а. b. Cash payment C. $4 Cash receipt d. е. f. $ g. 2$ h. $4arrow_forwardState the effect (cash receipt or payment and amount) of each of the following transactions, considered individually, on cash flows:a. Retired $400,000 of bonds, on which there was $3,000 of unamortized discount, for $411,000.b. Sold 20,000 shares of $5 par common stock for $22 per share.c. Sold equipment with a book value of $55,800 for $60,000.d. Purchased land for $650,000 cash.e. Purchased a building by paying $50,000 cash and issuing a $450,000 mortgage note payable.f. Sold a new issue of $500,000 of bonds at 98.g. Purchased 10,000 shares of $40 par common stock as treasury stock at $50 per share.h. Paid dividends of $1.50 per share. There were 1,000,000 shares issued and 120,000 shares of treasury stock.arrow_forward
- Entities are required to issue general purpose financial statements at least a. Once a month b. Once a year c. Twice a year d. Once a quarter This statement shows the entity's assets, liabilities, and equity of a particular date a. Statement of profit or loss and other comprehensive income b. Statement of financial position c. Statement of cash flows d. Notes to financial statements In the Statement of cash flows, the most important source of cash that serves as barometer about the health of business cash flows, come from a. Cash flows from investing activities b. Cash flows from operating activities c. Cash flows from investing activities d. Cash flows from borrowing activitiesarrow_forwardDuring the current year, the following credit entries were posted to the paid-in capital accounts of Crawford Shipyards: Capital Stock . . . . . . . . . . . . . . . . . . . . . $12,000,000 Additional Paid-in Capital. . . . . . . . . . . . 43,500,000 Explain the type of cash transaction that probably caused these credit changes, and illustrate the presentation of this transaction in a statement of cash flows. At the beginning of the current year, Callifax Corporation had dividends payable of $1,500,000. During the current year, the company declared cash dividends of $4,300,000, of which $900,000 appeared as a liability at year-end. Determine the amount of cash dividends paid during this year. Prepare a statement of cash flows for the year 2012, following the proper format using following data:arrow_forwardIn the chapter of Statement of Cash Flows. There is a question asks for - "Identify how each transaction would be classified for purpose of creating a statement of cash flows." The Westside Deli has engaged in several transactions during the year as follows: 1. Purchased a delivery van for $15,000 and paid cash. 2. Sold 100 shares of capital stock with a $5 par value per share for $10 per share. 3. Borrowed $15,000 from the local savings and loan institution on a long-term basis. 4. Paid dividends of $10,000 during the year. 5. Sold investments, with book value of $8,000, for $6,000. 6. Purchased short-term investments (stock in a Fortune 500 company) for $4,500. 7. Repurchased fifty shares of its own capital stock for $300. Stock is to be held for pos-sible resale. 8. Paid $5,600 of long-term debt. 9. Exchanged 100 shares of capital stock for $1,000 of long-term debt owed to First Bank. 10. Purchased vacant land for $10,000 for potential expansion two years hence.arrow_forward
- Use the following information to determine cash flows from financing activities. a. Net income was $35,000. b. Issued common stock for $64,000 cash. c. Paid cash dividend of $14,600. d. Paid $50,000 cash to settle a note payable at its $50,000 maturity value. e. Paid $12,000 cash to acquire its treasury stock. f. Purchased equipment for $39,000 cash.arrow_forwardcompany purchases stock for $40,000 cash. This transaction should be shown on the statement of cash flows under Select one: a. Investing activities b. Noncash investing and financing activities c. Financing activities d. Operating activitiesarrow_forwardSelected transactions for the Hamilton Company are listed below. 1. Collected accounts receivable. _________ 2. Declared and paid dividends on common stock. __________ 3. Sold long-term investments for cash. __________ 4. Issued stock for equipment. __________ 5. Repaid five year note payable. __________ 6. Paid employee wages. __________ 7. Converted bonds payable to common stock. __________ 8. Acquired long-term investment with cash. __________ 9. Sold buildings and equipment for cash. __________ 10. Sold merchandise to customers. __________ Classify each transaction as either (a) an operating activity, (b) an investing activity, (c) a financing activity, or (d) a noncash investing and financing activity.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Financial Accounting: The Impact on Decision Make...AccountingISBN:9781305654174Author:Gary A. Porter, Curtis L. NortonPublisher:Cengage Learning
Managerial AccountingAccountingISBN:9781337912020Author:Carl Warren, Ph.d. Cma William B. TaylerPublisher:South-Western College Pub
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Financial Accounting: The Impact on Decision Make...
Accounting
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Cengage Learning
Managerial Accounting
Accounting
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:South-Western College Pub
The ACCOUNTING EQUATION For BEGINNERS; Author: Accounting Stuff;https://www.youtube.com/watch?v=56xscQ4viWE;License: Standard Youtube License