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a. A building with a book value of $409,000 was sold for $509,000. b. Additional common stock was issued for $169,000. c. Dristell purchased its own common stock as treasury stock at a cost of $79,500. d. Land was acquired by issuing a 6%, 10-year, $759,000 note payable to the seller. e. A dividend of $49,000 was paid to shareholders. f. An investment in Fleet Corporation's common stock was made for $129,000. g. New equipment was purchased for $69,500. h. A $94,500 note payable issued three years ago was paid in full. i. A loan for $109.000 was made to one of Dristell's suppliers. The supplier plans to repay Dris

a. A building with a book value of $409,000 was sold for $509,000. b. Additional common stock was issued for $169,000. c. Dristell purchased its own common stock as treasury stock at a cost of $79,500. d. Land was acquired by issuing a 6%, 10-year, $759,000 note payable to the seller. e. A dividend of $49,000 was paid to shareholders. f. An investment in Fleet Corporation's common stock was made for $129,000. g. New equipment was purchased for $69,500. h. A $94,500 note payable issued three years ago was paid in full. i. A loan for $109.000 was made to one of Dristell's suppliers. The supplier plans to repay Dris

FINANCIAL ACCOUNTING
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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Dristell Incorporated had the following activities during the year (all transactions are for cash unless stated otherwise): a. A building with a book value of $409,000 was sold for $509,000. b. Additional common stock was issued for $169,000. c. Dristell purchased its own common stock as treasury stock at a cost of $79,500. d. Land was acquired by issuing a 6%, 10-year, $759,000 note payable to the seller. e. A dividend of $49,000 was paid to shareholders. f. An investment in Fleet Corporation's common stock was made for $129,000. g. New equipment was purchased for $69,500. h. A $94,500 note payable issued three years ago was paid in full. i. A loan for $109,000 was made to one of Dristell's suppliers. The supplier plans to repay Dristell this amount plus 10% interest within 18 months. Required: Calculate net cash flows from financing activities. (Cash outflows should be indicated with a minus sign.) DRISTELL INCORPORATED Statement of Cash Flows (partial) For the Year Ended December 31, 2024 Cash flows from financing activities: Net cash flows from financing activities Y $ 0
Transcribed Image Text:Dristell Incorporated had the following activities during the year (all transactions are for cash unless stated otherwise): a. A building with a book value of $409,000 was sold for $509,000. b. Additional common stock was issued for $169,000. c. Dristell purchased its own common stock as treasury stock at a cost of $79,500. d. Land was acquired by issuing a 6%, 10-year, $759,000 note payable to the seller. e. A dividend of $49,000 was paid to shareholders. f. An investment in Fleet Corporation's common stock was made for $129,000. g. New equipment was purchased for $69,500. h. A $94,500 note payable issued three years ago was paid in full. i. A loan for $109,000 was made to one of Dristell's suppliers. The supplier plans to repay Dristell this amount plus 10% interest within 18 months. Required: Calculate net cash flows from financing activities. (Cash outflows should be indicated with a minus sign.) DRISTELL INCORPORATED Statement of Cash Flows (partial) For the Year Ended December 31, 2024 Cash flows from financing activities: Net cash flows from financing activities Y $ 0
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