Ben John Corporation provided the following information on selected transactions during 2021: Purchase of land by issuing bonds, P400,000; proceeds from issuing bonds, P800,000; purchases of inventories, P1,520,000; purchases of treasury shares, P240,000; loans made to affiliated corporations, P560,000; dividends paid to preference shareholders, P160,000; proceeds from issuing preference share, P640,000; and proceeds from sale of equipment, P80,000. How much would be the net cash provided by financing activities? Blank 1 Blank 1 Add your answer

Ben John Corporation provided the following information on selected transactions during 2021: Purchase of land by issuing bonds, P400,000; proceeds from issuing bonds, P800,000; purchases of inventories, P1,520,000; purchases of treasury shares, P240,000; loans made to affiliated corporations, P560,000; dividends paid to preference shareholders, P160,000; proceeds from issuing preference share, P640,000; and proceeds from sale of equipment, P80,000. How much would be the net cash provided by financing activities? Blank 1 Blank 1 Add your answer

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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BT21 Co. was incorporated on January 1, 2021. The following were the transactions during the year:• Total consideration from share issuances amounted to ₱4,000,000.• A land and building were acquired through a lump sum payment of ₱800,000. A mortgage amounting to ₱200,000 was assumed on the land and building. • Total payments of ₱160,000 were made during the year on the mortgage assumed on the land and building. The payments are inclusive of interest amounting to ₱20,000. • Additional capital of ₱400,000 was obtained through bank loans. None of the bank loans were paid during the year. Half of the bank loans required a secondary mortgage on the land and building. • There is no accrued interest as of year-end. • Dividends declared during the year but remained unpaid amounted to ₱120,000. • No other transactions during the year affected liabilities.• Retained earnings as of December 31, 2021 is ₱240,000.How much is the profit for the year?
Marcellus Corp. provided the following information for calendar 2018: Marcellus adheres to ASPE. Proceeds from issuing bonds. 200,000 Purchase of inventories .380,000 Purchase of long-term investment 280,000 Dividends paid to preferred shareholders . 40,000 Proceeds from issuing preferred shares 160,000 Proceeds from sale of equipment . 40,000 The cash provided by (used in) investing activities during 2018 is a) $40,000. b) S(240,000). c) $(400,000). d) S(440,000).
Required information [The following information applies to the questions displayed below.] In preparation for developing its statement of cash flows for the year ended December 31, 2021, Rapid Pac, Inc., collected the following information: Fair value of shares issued in a stock dividend Payment for the early extinguishment of long-term bonds (book value: $93.0 million) Proceeds from the sale of treasury stock (cost: $29.0 million) Gain on sale of land. Proceeds from sale of land Purchase of Microsoft common stock Declaration of cash dividends. Distribution of cash dividends declared in 2020. Cash Flows From Investing Activities: Net cash inflows (outflows) from investing activities ($ in millions) $116.0 Required: 1. In Rapid Pac's statement of cash flows, what were net cash inflows (or outflows) from investing activities for 2021? (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered…
BT21 Company was incorporated on January 1, 2021, with proceeds from the issuance of P7,500,000 in share capital and borrowed funds of P1,100,000. During the first year, revenue from sales and consulting amounted to P8,200,000 and operating costs and expenses totaled P6,400,000. On December 15, 2021 the entity declared a P300,000 dividend, payable to shareholders on January 15, 2022. No additional activities affected shareholder’s equity in 2021. The liabilities increased to P2,000,000 by December 31, 2021. On December 31, 2021, what amount should be reported as total assets?
The accumulated profits of CLA Corporation amounted to P250,000 at December 31, 2020. The following transactions affected accumulated profits during the year: Net income P125,000 Reversal of appropriation for contingency 60,000 Dividend declaration 10,000 Appropriation for treasury shares 12,000 Required: Compute accumulated profits at January 1, 2020.
Crane Company provided the following information on selected transactions during 2021: Purchase of land by issuing bonds Proceeds from issuing bonds Purchases of inventory Purchases of treasury stock Loans made to affiliated corporations Dividends paid to preferred stockholders Proceeds from issuing preferred stock Proceeds from sale of equipment $1100000 $4113000. $3625000. O $3222000. O $4422000. 3040000 3710000 602000 1480000 403000 1590000 301000 The net cash provided by financing activities during 2021 is
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14. A company has the following information during the year? Total consideration from share issuances amounted to P3,000,000. A land and building were acquired through a lump sum payment of P450,000. A mortgage amounting to P150,000 was assumed on the land and building. Total payments of P70,000 were made during the year on the mortgage assumed on the land and building, The payments are inclusive of interest amounting to P20,000. Additional capital of P220,000 was obtained through bank loans. None of the bank loans were paid during the year. Half of the bank loans required a secondary mortgage on the land and building. There is no accrued interest as of year-end. Dividends declared during the year but remained unpaid amounted to P63,000. No other transactions during the year affected liabilities. Retained earnings as of December 31, 20x1 is P130,000 How much is the profit for the year? 15. Using the information on the preceding number, how much is the total assets as of the end of the…
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Live Large Inc. had the following transactions involving non-strategic investments during 2023. 2023 Apr. 1 Paid $100,050 to buy a 90-day term deposit, $100,000 principal amount, 5.0 %, dated April 1. There was a $50 transaction fee included in the above-noted payment amount. June 12 Purchased 3,000 common shares of Blue Balloon Ltd. at $22.25. There was a $50 transaction fee included in the above-noted payment amount. 9 Purchased 1,800 common shares of Purple Car Corp. at $49.50. There was a $50 transaction fee included in the above-noted payment amount. 20 Purchased 700 common shares of Yellow Tech Ltd. at $15.75. There was a $50 transaction fee included in the above-noted payment amount. July 1 Purchased for $67,412 a 7.0%, $65,000 Space Explore Inc. bond that matures in eight years when the market interest rate was 6.4%. There was a $50 transaction fee included in the above-noted payment amount. Interest is paid semiannually beginning December 31, 2023. Live Large Inc. plans to…
Z Corporation has the following transactions relating to its investment during 2020: Jan 5 Acquired 16,000 shares of Y company for P1,500,000 paying an additional P10,000 for brokerage and P5,000 for commission. Feb 14 Received dividends from Y company declared January 10,2020 to the stockholders of records January 31,2020, P16,000. Required:prepare all the necessary entries assuming the investment is 1. Financial asset at Fair Value through profit and loss 2. Financial asset at Fair Value through other comprehensive income
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