Following are selected balance sheet accounts of Del Conte Corp. at December 31, 2021 and 2020, and the increases or decreases ineach account from 2020 to 2021. Also presented is selected income statement information for the year ended December 31, 2021,and additional information.Selected Balance Sheet AccountaIncrease20212020(Decrease)AssetsAccounts receivableProperty, plant, and equipmentAccumulated depreciationLiabilities and Stockholders' EquityBonds payableDividenda payableCommon stock, $1 parAdditional paid-in eapitalRetained earnings$ 60,000303,000(204,000)$ 37,000260,000(180,000)$23,00043,00024,00088,00014,50048,00015,500130,00072,00010, 20032,0008,200104,00016,0004,30016.0007,30026,000Selected Income Statement Information for the Year Ended Decenber 31, 2021Sales revenueDepreciationGain on sale oft equipnentNet income$ 181,00059,00019,50054,000Additional information:a. Accounts receivable relate to sales of merchandise.b. During 2021, equipment costing $66,000 was sold for cash.c. During 2021, bonds payable with a face value of $46,000 were issued in exchange for property, plant, and equipment. There wasno amortization of bond discount or premium,Required:Items 1 through 5 represent activities that will be reported in Del Conte's statement of cash flows for the year ended December 31,2021. The following two responses are required for each item: a. Accounts receivable relate to sales of merchandise.b. During 2021, equipment costing $66,000 was sold for cash.c. During 2021, bonds payable with a face value of $46,000 were issued in exchange for property, plant, and equipment. There wasno amortization of bond discount or premium.Required:Items 1 through 5 represent activities that will be reported in Del Conte's statement of cash flows for the year ended December 31,2021. The following two responses are required for each item:a. Determine the amount that should be reported in Del Conte's 2021 statement of cash flows.b. Select the categonry (Le., O- Operating activity, i - Investing activity and F - Financing activity) in which the amount should bereported in the statement of cash flows.Category1. Cash collections from customers (direct method).2. Payments for purchase of property, plant, and equipment,3. Proceeds from sale of equipment.4. Cash dividends paid.5. Redemption of bonds payable.

Name: Following are selected balance sheet accounts of Del Conte Corp. at D
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Description: Following are selected balance sheet accounts of Del Conte Corp. at December 31, 2021 and 2020, and the increases or decreases ineach account from 2020 to 2021. Also presented is selected income statement information for the year ended December 31,

Sno Amount Category 1 Cash Collected from customers $ 158,000 Cash inflow under…

Business

Accounting

2021. Also presented is selected income statement information for the year ended December 31 the increases or de and additional information. Selected Balance Sheet Accounta Inerease (Decrease) Assets 2021 2020 Accounts receivable Property, plant, and equipment Accumulated depreciation Liabilities and Stockholders Equity Bonda payable Dividenda payable Common stock, $1 par Additional paid-in eapital Retained earnings $60,000 303,000 (204,000) $ 37,000 260,000 (180,000) $23,000 43,000 24,000 88, 000 14,500 48,000 15,500 72,000 10,200 32,000 ,200 104,000 16,000 4,300 16,000 7,300 26,000 130,000 Selected Incone Statenent Infermation for the Tear Ended Decenber 31, 2021 Sales revenue $ 181,000

2021. Also presented is selected income statement information for the year ended December 31 the increases or de and additional information. Selected Balance Sheet Accounta Inerease (Decrease) Assets 2021 2020 Accounts receivable Property, plant, and equipment Accumulated depreciation Liabilities and Stockholders Equity Bonda payable Dividenda payable Common stock, $1 par Additional paid-in eapital Retained earnings $60,000 303,000 (204,000) $ 37,000 260,000 (180,000) $23,000 43,000 24,000 88, 000 14,500 48,000 15,500 72,000 10,200 32,000 ,200 104,000 16,000 4,300 16,000 7,300 26,000 130,000 Selected Incone Statenent Infermation for the Tear Ended Decenber 31, 2021 Sales revenue $ 181,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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