1. Determine the ending cash balance for the year a. P 3,430,000b. P 3,280,000c. P 3,000,000d. Cannot be determined from the given data 2. Determine the net cash used in financing activities a. P 495,000b. P 375,000c. P 120,000d. Cannot be determined from the given data Alpha Corp. has the following activities during the year- Acquired 2,000 shares of Charlie Company for P 2,600,000- Sold an investment in Papa Motors for P 3,500,000 when the carryingvalue was P 3,300,000- Acquired a P 5,000,000, 4-year certificated of deposit from a bank.During the year, interest of P 375,000 was paid to Alpha- Paid dividends of P 120,000 for the year

1. Ending Cash Balance can't be determined with the data given. 2. Calculation of Cash used in…

1. Determine the ending cash balance for the year a. P 3,430,000 b. P 3,280,000 c. P 3,000,000 d. Cannot be determined from the given data 2. Determine the net cash used in financing activities a. P 495,000 b. P 375,000 c. P 120,000 d. Cannot be determined from the given data

1. Determine the ending cash balance for the year a. P 3,430,000 b. P 3,280,000 c. P 3,000,000 d. Cannot be determined from the given data 2. Determine the net cash used in financing activities a. P 495,000 b. P 375,000 c. P 120,000 d. Cannot be determined from the given data

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: 26) The statement of cash flows will not report the A) uses of cash in the current period. B) amount…

A: A cash flow statement is sometimes known as a cash flow statement or a statement of cash flows. It…

Q: o arrive at net cash provided by operating activities, it is necessary to report revenues and…

A: SOlution: To arrive at net cash provided by operating activities, it is necessary to report revenues…

Q: Need to compute cash flows from operating activities for each case using the direct method. I need…

A: working notes: Cash received from customer's= $74,000+1,000=75,000 64,000+4,900=68,900…

Q: Required information Use the following Information for the Problems below. (Algo) [The following…

A: The cash flow from operating activities can be calculated using different methods as direct and…

Q: PB12-2 (Algo) Computing Cash Flows from Operating Activities (Indirect Method) [LO 12-2] The income…

A: Cash flow statement :— It is one of the financial statements that shows change in cash and cash…

Q: On a statement of cash flows prepared using the indirect method, an increase in accounts payable…

A: Introduction:- The following adjustments to be made preparation of cash flow from operating…

Q: TB MC Qu. 12-114 (Static) In preparing a company's... In preparing a company's statement of cash…

A: CASH FLOW STATEMENTCash flow statement provides additional information to user of financial…

Q: (Algo) Assume that a company provided... Assume that a company provided the following statement of…

A: The cash flow statement is prepared to record the cash flow from various activities during the…

Q: What is the amount of cash to reconcile using the direct method on the Statement of Cash Flows?…

A: Solution: Amount of cash to reconcile using the direct method on the statement of cash flows =…

Q: The income statement shows depreciation expense of $25,000. How is the expense handled when…

A: The cash flow statement is prepared to record the cash flow from various activities during the…

Q: Indicate how each event affects the elements of the financial statements. Use the letter "I" to…

A: Given cash dividend $1.50 on 20000 shares Total dividend paid $30,000

Q: Required Information E12-4 (Algo) Understanding the Computation of Cash Flows from Operating…

A: Cash flow statement is one of financial statements includes three activities Cash flow from…

Q: Noncash Statement of Cash Flows Investing & Financing Activities Not Reported on Statement or in…

A: The cash flow statement is prepared to record cash flow from various activities during the period…

Q: If Lorraine Company has net income of 325, depreciation of 120 and changes in current assets and…

A: Cash flows from operations is one of the important section of cash flows statement. It shows all…

Q: Which of the following describes the operating activities section of the statement of cash flows? It…

A: The statement of cash flows is divided into three categories: Operating activities: related to core…

Q: this is an IFRS income statement; please identify all the errors inside the statement and explain…

A: Cash flow statement refers to the statement which states the inflow as well as outflow of the cash…

Q: Solutions to A and B are needed.

A: Attached the cash flow with indirect method

Q: Comparative financial statements for Weaver Company follow. Weaver Company Comparative Balance Sheet…

A: A Statement of cash flow is a financial statement that includes the inflow and outflow of cash…

Q: 1. Use the indirect method to determine the net cash provided by operating activities for the year.…

A: CASH FLOW STATEMENT Cash flow statement is additional information to user of financial statement.…

Q: Which of the following causes a change in cash? Utilities expense is accrued at year-end.…

A: Change in Cash: The cash would be changed by the amount of cash paid for expenses or cash received…

Q: State the section(s) of the statement of cash flows prepared by the indirect method (operating…

A: Dividend paid = Beginning Dividend payable + Dividend declared - Ending Dividend payable = $5,000 +…

Q: PA12-3 Preparing a Statement of Cash Flows (Indirect Method) [LO 12-2, LO 12-3, LO 12-4, LO 12-5] XS…

A: Cash flowThe term "cash flow" basically means the flow of money in and out of business. Cash flow…

Q: Dec. 31, Dec. 31, 20Y2 20Y1 Assets Cash $147 $49 Accounts receivable (net) 83 61 Inventories 52 33…

A: Cashflow statement is a statement of cash inflow and outflows where the activities are divided into…

Q: From the following list, identify whether the change in the account balance during the year would be…

A: Cash flows from operating activities: Cash flows from operating activities is a section of cash flow…

Q: Martin, Inc.'s, income statement is shown below. Based on this income statement and the other…

A: The cash flow statement is prepared to record the cash flow from various activities during the…

Q: The net income from operations was $80,000 and the only revenue or expense item not affecting cash…

A: INTRODUCTION: Cash flow from operational activities also known as operating cash flow, free cash…

Q: Which of the following steps are taken to convert an accrual statement to a cash-basis presentation?…

A: Cash basis accounting and accrual basis accounting are two methods used to track a business's…

Q: 13. Using the indirect method to calculate net cash provided (or used) by operating activities,…

A: Statement of Cash Flows: Statement of Cash Flow is one of the main four financial statements,…

Q: what

A: In rectification of errors we have to pass rectifying entry to nullify…

Q: Which of the following statements correctly describes the reporting of cash? O Cash is listed first…

A: Cash is listed first in the current assets section.This statement is correct. In the balance sheet,…

Q: DRYEYE COMPANY Partial Statement of Cash Flows For the Year Ended October 31, 2021 | Cash Flows from…

A: Cash flow statement means the statement which shows the cash flow in or out of business enterprises…

Q: Which of the following statements regarding use of the direct and indirect methods of determining…

A: In the United States, the Financial Accounting Standards Board (FASB) is a private, independent…

Q: Sharp Screen Films, Incorporated, is developing its annual financial statements at December 31,…

A: A Cash Flow Statement is a financial report that offers a comprehensive overview of how a company's…

Q: When preparing a schedule for the calculation of cash generated from operating activities under the…

A: Cash flow statement provided information about the cash inflows and cash outflows of the…

Q: Which of the following statements correctly describes the reporting of cash? O Restricted cash funds…

A: Introduction: Cash is classified as a current asset on the balance sheet, so it is increased on the…

Q: When using the indirect method to prepare the operating section of a statement of cash flows, which…

A: Decrease in accounts receivable. Added to the net income Gain on sale of land. Deducted from the…

Q: B. TRUE OR FALSE. 1) T F 2) T F 3) T F 4) T F 5) 6) T F T F 7) T F Indicate whether each statement…

A: Step 1:Let's analyze each statement and determine whether it is true or false.1. **Cash equivalents…

Question

1. Determine the ending cash balance for the year

a. P 3,430,000

b. P 3,280,000

c. P 3,000,000

d. Cannot be determined from the given data

2. Determine the net cash used in financing activities

a. P 495,000

b. P 375,000

c. P 120,000

d. Cannot be determined from the given data

Alpha Corp. has the following activities during the year
- Acquired 2,000 shares of Charlie Company for P 2,600,000
- Sold an investment in Papa Motors for P 3,500,000 when the carrying
value was P 3,300,000
- Acquired a P 5,000,000, 4-year certificated of deposit from a bank.
During the year, interest of P 375,000 was paid to Alpha
- Paid dividends of P 120,000 for the year

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

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

Problem 11-1A (Static) Determine proper classification (LO11-1) Listed below are several transactions. For each transaction, indicate whether the cash effect of each transaction is reported in a statement of cash flows as an operating, investing, financing, or noncash activity. Also, indicate whether the transaction is a cash inflow or cash outflow, or has no effect on cash. The first answer is provided as an example. Transaction 1. Payment of employee salaries. 2. Sale of land for cash. 3. Purchase of rent in advance. 4. Collection of an account receivable. 5. Issuance of common stock. 6. Purchase of inventory. 7. Collection of notes receivable. 8. Payment of income taxes. 9. Sale of equipment for a note receivable. 10. Issuance of bonds. 11. Loan to another company. 12. Payment of a long-term note payable. 13. Purchase of treasury stock. 14. Payment of an account payable. 15. Sale of equipment for cash. Type of Activity Operating Cash Inflow or Outflow Cash outflow
Please do not give solution in image format thanku
Required: Categorize the following transactions to the appropriate activity for the year ended 12/31/24 and indicate the cash effect if any. Equipment was purchased for $50,000. O Increase cash from operating activities O Decrease cash from operating activities Increase cash from investing activities Decrease cash from investing activities Increase cash from financing activities O Decrease cash from financing activities O Significant non-cash transaction O none of the above.
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…
State the section(s) of the statement of cash flows prepared by the indirect method (operating activities, investing activities, financing activities, or not reported) and the amount that would be reported for each of the following transactions: Note: Only consider the cash component of each transaction. Use the minus sign to indicate amounts that are cash out flows, cash payments, decreases in cash, or any negative adjustments. If your answer is not reported in an amount box does not require an entry, leave it blank or enter "0". a. Received $120,000 from the sale of land costing $70,000. Investing activities $fill in the blank 2 Operating activities $fill in the blank 4 b. Purchased investments for $75,000. Investing activities $fill in the blank 6 c. Declared $35,000 cash dividends on stock. $5,000 dividends were payable at the beginning of the year, and $6,000 were payable at the end of the year. Financing activities $fill in the blank 8 d. Acquired equipment for…
7
Hamburger Heaven's income statement for the current year and selected balance sheet data for the current and prior years ended December 31 are presented below. Income Statement Sales Revenue $1,860 Expenses: Cost of Goods Sold 850 Depreciation Expense Salaries and Wages Expense Rent Expense 150 450 200 Insurance Expense 75 Interest Expense Utilities Expense 45 Net Income 35 Selected Balance Sheet Accounts Current Year Prior Year 72 Inventory Accounts Receivable 55 355 400 Accounts Payable Salaries/Wages Payable Utilities Payable Prepaid Rent Prepaid Insurance 225 260 39 25 25 10 14 TIP: Prepaid Rent decreased because the amount taken out of Prepaid Rent (and subtracted from net income as Rent Expense) was more than the amount paid for rent in cash during the current year. Required: Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)
Please do not give solution in image format ?
Please do not give solution in image format thanku
1401-42 Please make sure to use the account names from the attachement