Problem 84 (LAA)Summa Company revealed the following account balanceson December 31, 2020Accota payableAccounta receivable, net of allowance for doubtfulaccounts PS0.000Accrued taxesAecrued interest receivableAutherined sbare capital, 60,000 aharea. P100 parBuilding, net ofaccumulated depreciation of P500,000 3,000.000Cash on handCash in bankBond sinking fundFurniture and equipment, net ofaccumulateddepreciation of P900,000IaventoryInvestment propertyLandDeferred tax liabilityBonds payable due June 30, 2021Notes payableNotes reoeivablePatentOcher accrued liabilitiesPrepaid expensesShare premiumRetained earninge appropristed for contingenciesRetained eantingsShare ubecription receivableSubscribed share capital E000 sharesUnianoed share capital1000,00050.00030,0005,000.00050.000650.0002000.0001,500,0001,200,000700.0001,000,000650.0002.000.000850.000200,000370,000150,000100,000300,000200,0002.700,000500,000L000,0002.000,000Required:Prepare a statement of financial position, presented andelassified according to generally accepted acountingPrinciples with appropriate notes

Financial statement: Financial information shows the position of an organization at a particular…

Cash on hand Cash in bank Bond sinking fund Purniture and equipme depreciaticn of isoc aventery nvestment property Land Deferred tax liahlity Bends payable due June Notespayable Notes receivable Patent Dher accrued liabliies

Cash on hand Cash in bank Bond sinking fund Purniture and equipme depreciaticn of isoc aventery nvestment property Land Deferred tax liahlity Bends payable due June Notespayable Notes receivable Patent Dher accrued liabliies

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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The purchase of equipment financed by a long-term notes payable is an example of ________. A non-cash investing and financing activity B investing activity C operating activity D financing activity
Manitoba Exporters Inc. (MEI) sells Inuit carvings to countries throughout the world. On December 1, Year 5, MEI sold 13,000 carvings to a wholesaler in a foreign country at a selling price of 650,000 foreign currency units (FCs) when the spot rate was FC1 = $0.758. The invoice required the foreign wholesaler to remit by April 1, Year 6. On December 3, Year 5, MEI entered into a forward contract with the Royal Bank at the 120-day forward rate of FC1 = $0.798 and the spot rate was still FC1 = $0.758. The fiscal year-end of MEI is December 31, and on this date the spot rate was FC1 = $0.774 and the forward rate was FC1 = $0.810. The payment from the foreign customer was received on April 1, Year 6, when the spot rate was FC1 = $0.819. Assume that MEI uses hedge accounting. Also, assume that the forward element and spot elements on the forward contract are accounted for separately. Required: (a) Prepare the journal entries for the below items assuming that MEI designates the forward…
Statement of Cash Flows The following is a list of the items for Lombardo Company's 2019 statement of cash flows: a. depreciation expense, $4,300 b. proceeds from sale of land, $5,500 c. payment of dividends, $5,000 d. net income, $8,000 e. conversion of bonds to common stock, $7,000 f. increase in accounts payable, $3,000 Required: Prepare the statement of cash flows. Use a minus sign to indicate cash outflows, a decrease in cash or cash payments. LOMBARDO COMPANY Statement of Cash Flows For Year Ended December 31, 2019 Operating Activities: Net income Adjustment for noncash income items: Add: Depreciation expense Less: Gain on sale of land Adjustments for cash flow effects from working capital items: g. proceeds from issuance of note, $6,100 h. gain on sale of land, $1,900 i. payment for purchase of building, $13,000 j. increase in accounts receivable, $2,800 k. ending cash balance, $14,000 Tunne 8,000 4,300 -1,900 0.000 ✓
eek 1 Statement Matching Amortization JORN BART Accounts Payable R Cash Receipts Land Net Cash Depreciation Expense Net Income Purchased Office Equipment Cash Payments Equipment Cost of Goods Sold Dividends Paid Current Assets Interest Expense Cash From Investing Activities Balance of Retained Earnings Allowance for Doubtful Accounts Cash & Cash Equivalents Accounts Receivable Current Liabilities ㅂㅇㄹ F6 A F7 & J 2⁰ Balance Sheet 8 F8 * Income Statement F9 prt sc F10 C Cash Flow Statement home F11 ㅅ end Retained Earnings Statement F12 (4) J insert
Classify each as an asset, liability, cash inflow, or cash outflow:
3 ook rences Exercise 16-21B (Algo) Direct: Preparing statement of cash flows and supporting note LO P5 Cash and cash equivalents, December 31 prior year-end Cash and cash equivalents, December 31 current year-end Cash received as interest Cash paid for salaries Bonds payable retired by issuing common stock (no gain or loss on retirement) Cash paid to retire long-term notes payable Cash received from sale of equipment Land purchased by issuing long-term notes payable Cash paid for store equipment Cash dividends paid Cash paid for other expenses Cash received from customers Cash paid for inventory FERRON COMPANY Statement of Cash Flows For Year Ended December 31 Use the above information about Ferron Company to prepare a complete statement of cash flows (direct method) for the current year ended December 31. Use a note disclosure for any noncash investing and financing activities. Note: Amounts to be deducted should be indicated with a minus sign. Cash flows from operating activities $…
Determine if an asset, liability, cash inflow, or cash outflow:
Assets Current assets Cash and cash equivalents Accounts receivable, net Supplies Other current assets Total current assets Property and equipment Accumulated depreciation Net property and equipment Goodwill Deferred charges Other Total assets Liabilities and equity Current liabilities Accounts payable Accrued liabilities Current maturities of long-term debt Total current liabilities Operating lease liabilities non-current Long-term debt Other non-current liabilities Total liabilities Total liabilities Common stock Cummulative dividends Retained earnings Other Total equity Total liabilities and equities Revenue, net Operating charges Salaries, wages, and benefits Other operating expenses Supplies expense Depreciation and amortization Lease and rental expense Total operating charges Income from operations Interest expense, net Other (income) expense, net Income before income taxes Provision for income taxes Net income $61,268 1,560,847 Cost of debt (%) Cost of equity (%) Weighted…
Statement of Cash Flows The following is a list of the items for Lombardo Company's 2019 statement of cash flows: a. depreciation expense, $4,300 b. proceeds from sale of land, $5,500 c. payment of dividends, $5,000 d. net income, $8,000 e. conversion of bonds to common stock, $7,000 k. ending cash balance, $14,000 f. increase in accounts payable, $3,000 Required: Prepare the statement of cash flows. Use a minus sign to indicate cash outflows, a decrease in cash or cash payments. LOMBARDO COMPANY Statement of Cash Flows For Year Ended December 31, 2019 Operating Activities: Net income Adjustment for noncash income items: Add: Depreciation expense g. proceeds from issuance of note, $6,100 h. gain on sale of land, $1,900 i. payment for purchase of building, $13,000 j. increase in accounts receivable, $2,800 Adjustments for cash flow effects from working capital items:
Governmental funds report. Multiple select question. liabilities that will be settled with current financial resources assets to be converted to cash in the normal course of operations long-term assets that will not be sold during the current year long-term liabilities cash
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