12) JAE Corp.'s transactions for the year ended December 31, 20X8 included the following:Purchased real estate for $1,250,000 cash.Sold available-for-sale securities for $1,000,000.Paid dividends of $1,200,000.Issued 500 shares of common stock for $500,000.Purchased machinery and equipment for $250,000 cash.Received a $250,000 cash dividend from an equity investment.Paid $900,000 toward a bank loan.Reduced accounts receivable by $200,000.Increased accounts payable $400,000.JAE Corp's net cash used in INVESTING activities for 20X8 was:a) $250,000.b) $500,000.c) $750,000.d) $1,500,000.Use the following financial statement information for problem 13:Comparative Balance Sheet12/31/20X312/31/20X2Cash$ 408,000$ 192,000Accounts receivable360,000216.000480,000960,000InventoryProperty, plant, and equipmentAccumulated depreciation384.000608,000(320,000)$1,440,000(304,000)$1,544,000Total Assets$ 176,000Accounts payableIncome taxes payableBonds payable2$96,000352,000392.000360.000600,00Common stockRetained earnings216,000240,000$1,544,000216.000336.000Total Liabilities and Equity$1.440,000Income Statement for the Year ended Dec 31, 20X3Sales revenue$8,400,0007,152,0001,248,000Cost of salesGross profitDepreciation expenseOther operating expensesIncome from operationsInterest expenseIncome before taxes$ 80,000712,000792,000456,00072,000384,00096,000$ 288,000Income taxesNet incomeCash dividends for the year 20X3 were $192,000.During the year, equipment was sold for $240,000. This equipment cost $352,000 originally and had abook value of $288.000 at the time of sale.13) Based on the F/S above, net cash provided by OPERATING activities is:a) $408,000.b) $288,000.c) $240.000,d) $352,000.14) Interest payments to creditors are reported in a statement of cash flows as:a) An investing activity.b) A borrowing activity.c) A financing activity.d) An operating activity.

particulars amount purchased Real estate $1,250,000 less : available for sale securities…

2) JAE Corp.'s transactions for the year ended December 31, 20X8 included the fo • Purchased real estate for $1,250,000 cash. • Sold available-for-sale securities for $1,000,000. • Paid dividends of $1,200,000. Issued 500 shares of common stock for $500,000. Purchased machinery and equipment for $250,000 cash. Received a $250,000 cash dividend from an equity investment. Paid $900,000 toward a bank loan. • Reduced accounts receivable by $200,000. • Increased accounts payable $400,000. AE Corp's net cash used in INVESTING activities for 20X8 was: a) $250,000. b) $500,000. c) $750,000. d) $1,500,000.

2) JAE Corp.'s transactions for the year ended December 31, 20X8 included the fo • Purchased real estate for $1,250,000 cash. • Sold available-for-sale securities for $1,000,000. • Paid dividends of $1,200,000. Issued 500 shares of common stock for $500,000. Purchased machinery and equipment for $250,000 cash. Received a $250,000 cash dividend from an equity investment. Paid $900,000 toward a bank loan. • Reduced accounts receivable by $200,000. • Increased accounts payable $400,000. AE Corp's net cash used in INVESTING activities for 20X8 was: a) $250,000. b) $500,000. c) $750,000. d) $1,500,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Subject - account Please help me. Thankyou.
This year, Sigma Inc. generated $636,000 income from its routine business operations. In addition, the corporation sold the following assets, all of which were held for more than 12 months: Initial Basis Acc. Depr.* Sale Price Marketable securities $ 157,600 $0 $ 74,000 Production equipment 115,600 92,480 36,000 Business realty: Land 235,500 0 241,750 Building 263,000 78,900 218,000 *Through date of sale. Required: Compute Sigma's taxable income assuming that it used the straight-line method to calculate depreciation on the building and has no nonrecaptured Section 1231 losses. Recompute taxable income assuming that Sigma sold the securities for $174,000 rather than $74,000. Note: I have part B correct with $705,430. It's part A I am having trouble with
Please help me
12) JAE Corp.'s transactions for the year ended December 31, 20X8 included the following: Purchased real estate for $1,250,000 cash. Sold available-for-sale securities for $1,000,000. Paid dividends of $1,200,000. Issued 500 shares of common stock for $500,000. Purchased machinery and equipment for $250,000 cash. Received a $250,000 cash dividend from an equity investment. Paid $900,000 toward a bank loan. Reduced accounts receivable by $200,000. Increased accounts payable $400,000. JAE Corp's net cash used in INVESTING activities for 20X8 was: a) $250,000. b) $500,000. c) $750,000. d) $1,500,000.
am. 76.
e. Paid the cash dividends declared in (d). Description Debit Credit Cash Dividends Payable v 70,000 Cash v 300,150 X f. Purchased 4% bonds issued by Solstice Corp. as an available-for-sale investment for $300,150. Description Debit Credit Available-for-Sale Investments-Solstice Corp. Bonds 264,000 x Cash 264,000 x
i.3
The balance sheet data of Minx Company at the end of 20x7 and 20x6 follow: Land was acquired for $100,000 in exchange for ordinary shares, par $100,000, during the year; all equipment purchased was for cash. Equipment costing $10,000 was sold for $4,000; book value of the equipment was $8,000 and the loss was reported in net income. Cash dividends of $20,000 were charged to retained earnings and paid during the year; the transfer of net income to retained earnings was the only other entry in the Retained Earnings account. In the statement of cash flows for the year ended December 31, 20x7, for Minx Company: a The net cash provided by operating activities was $ Answer b The net cash provided (used) by investing activities was $ Answer c The net cash provided (used) by financing activities was $ Answer