1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 In its consolidated cash flow statement for the year ended December 31, 20X2, Durango Corporation reported operating cash inflows of $284,000, financing cash outflows of $230,000, investing cash $80,000, and an ending cash balance of $57,000. Durango purchased 70 percent of Steam Company's common stock on March 12, 20X1, at book value. Steam reported net income of $30,000, paid. $10,000 in 20X2, and is included in Durango's consolidated statements. Durango paid dividends of $45,000 in 20x2. The indirect method is used in computing cash flow from operations. Required: a. b. C. What was the consolidated cash balance at January 1, 20X2? Note: Use cell A2 from the given information to complete this question. Balance at December 31, 20X2 Decrease in cash balance during 20X2: Cash flows from operations Cash outflows for investment activities Cash outflow for financing activities Net cash outflow Cash balance at January 1, 20X2 57000 Dividends paid to plant shareholders Dividends paid to noncontrolling interest of Steam Company Total cash payments 284000 -80000 -230000 What amount was reported as dividends paid in the cash flow from financing activities section of the statement of cash flows? Note: Use cell A2 from the given information to complete this question. If the other adjustments to reconcile consolidated net income and cash provided by operations resulted in a $77,000 increase over net income, what amount was reported as consolidated net income for 20X2? Note: Use cell A2 from the given information to complete this question.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
A
Required:
a.
b.
C.
B
What was the consolidated cash balance at January 1, 20X2?
Note: Use cell A2 from the given information to complete this question.
Balance at December 31, 20X2
Decrease in cash balance during 20X2:
Cash flows from operations
Cash outflows for investment activities
In its consolidated cash flow statement for the year ended December 31, 20X2, Durango Corporation reported operating cash inflows of $284,000, financing cash outflows of $230,000, investing cash outflows of
$80,000, and an ending cash balance of $57,000. Durango purchased 70 percent of Steam Company's common stock on March 12, 20X1, at book value. Steam reported net income of $30,000, paid dividends of
$10,000 in 20X2, and is included in Durango's consolidated statements. Durango paid dividends of $45,000 in 20X2. The indirect method is used in computing cash flow from operations.
Cash outflow for financing activities
Net cash outflow
Cash balance at January 1, 20X2
Dividends paid to plant shareholders
Dividends paid to noncontrolling interest of Steam Company
Total cash payments
57000
D
284000
-80000
-230000
What amount was reported as dividends paid in the cash flow from financing activities section of the statement of cash flows?
Note: Use cell A2 from the given information to complete this question.
Cash flow from operations
Adjustments to reconcile consolidated net income and cash provided by operations
Consolidated net income
E
F
G
If the other adjustments to reconcile consolidated net income and cash provided by operations resulted in a $77,000 increase over net income, what amount was reported as
consolidated net income for 20X2?
Note: Use cell A2 from the given information to complete this question.
H
Transcribed Image Text:1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 A Required: a. b. C. B What was the consolidated cash balance at January 1, 20X2? Note: Use cell A2 from the given information to complete this question. Balance at December 31, 20X2 Decrease in cash balance during 20X2: Cash flows from operations Cash outflows for investment activities In its consolidated cash flow statement for the year ended December 31, 20X2, Durango Corporation reported operating cash inflows of $284,000, financing cash outflows of $230,000, investing cash outflows of $80,000, and an ending cash balance of $57,000. Durango purchased 70 percent of Steam Company's common stock on March 12, 20X1, at book value. Steam reported net income of $30,000, paid dividends of $10,000 in 20X2, and is included in Durango's consolidated statements. Durango paid dividends of $45,000 in 20X2. The indirect method is used in computing cash flow from operations. Cash outflow for financing activities Net cash outflow Cash balance at January 1, 20X2 Dividends paid to plant shareholders Dividends paid to noncontrolling interest of Steam Company Total cash payments 57000 D 284000 -80000 -230000 What amount was reported as dividends paid in the cash flow from financing activities section of the statement of cash flows? Note: Use cell A2 from the given information to complete this question. Cash flow from operations Adjustments to reconcile consolidated net income and cash provided by operations Consolidated net income E F G If the other adjustments to reconcile consolidated net income and cash provided by operations resulted in a $77,000 increase over net income, what amount was reported as consolidated net income for 20X2? Note: Use cell A2 from the given information to complete this question. H
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Knowledge Booster
Balance Sheet Analysis
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
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education