Casio adheres to ASPE. Casio Corp.'s transactions for the year ended December 31, 2020 included the following:1. Purchased land for $275,000 cash.2. Borrowed $275,000 from the bank on a long-term note.3. Sold long-term investments for $250,000.4. Accounts receivable decreased by $50,000.5. Paid cash dividends of $300,000.6. Issued 1,000 common shares for $125,000.7. Purchased machinery and equipment for $62,500 cash.8. Accounts payable increased by $100,000.The cash used in investing activities for 2020 was$(337,500).$(25,000).O $(187,500).O s(87,500).

Cash flow statement is a financial statement and it was used to find the cash earned and spent on…

Answered: Casio adheres to ASPE. Casio Corp.'s…

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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Rainey Enterprises loaned $50,000 to Small Co. on June 1, Year 1, for one year at 6 percent interest. Required Show the effects of the following transactions in a horizontal statements. In the Cash Flow column, indicate whether the item is an operating activity (OA), an investing activity (IA), or a financing activity (FA). For any element not affected by the event, leave the cell blank. (Not every cell will require entry. Do not round intermediate calculations. Enter any decreases to account balances and cash outflows with a minus sign. Round your answers to the nearest whole dollar.) (1) The loan to Small Co. (2) The adjusting entry at December 31, Year 1. (3) The adjusting entry and collection of the note on June 1, Year 2. RAINEY ENTERPRISES Horizontal Statements Model Assets Equity Income Statement Date Statement of Cash Flow Liabilities Notes Receivable Interest Retained Earnings Cash Receivable Revenue Expense Net Income 1.6/1/Y1 2. 1201/Y1 a. 6/1/Y2 (Adjusting entry) 6/1/Y2…
Assuming a 360-day year, proceeds of $45,552 were received from discounting a $46,830, 90-day note at a bank. The discount rate used by the bank in computing the proceeds was а. 12.16% b. 12.67% C. 8.92% Od. 10.92%
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Riley Company borrowed $32,000 on April 1, Year 1 from Titan Bank. The note issued by Riley carried a one-year term and a 8% annual interest rate. Riley earned cash revenues of $980 during Year 1 and $1,300 during Year 2. Assume no other transactions. Based on this information alone, what are the amounts of total liabilities that would appear on Riley's December 31 balance sheets for Year 1 and Year 2, respectively? Multiple Choice ○ $32,000 and $0 ○ $1,920 and $660 $33,920 and $0 $33,920 and $34,580
On January 1, Jim Shorts Corporation issued bonds for $580 million. This bond issue was originally issued at premium. During the same year, $1,500,000 of the bond premium was amortized. On a statement of cash flows prepared using the indirect method, Jim Shorts Corporation should report: O that $1.5 million to be added to net income O An investing activity of $580 million. O A financing activity of $300 million. O that $1.5 million to be deducted from net income
Mission Corp. borrowed $25,000 cash on April 1, 2016, and signed a one-year 8%, interest-bearing note payable. The interest and principal are both due on March 31, 2017.What is the amount to be paid to the bank on March 31, 2017 for interest and principal (combined)?
Waterway Corporation factors $260,800 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis. Kathleen Battle Financing will collect the receivables. The receivables records are transferred to Kathleen Battle Financing on August 15, 2025. Kathleen Battle Financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustments. (b) Assume that the conditions are met for a transfer of receivables with recourse to be accounted for as a sale. Prepare the journal entry on August 15, 2025, for Waterway to record the sale of receivables, assuming the recourse obligation has a fair value of $5,000. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)
Record the Year 1 transactions in general journal form.
Moore Company is preparing its statement of cash flows for the current year. During the year, the company retired two issuances of debt and properly recorded the transactions. These transactions were as follows: Paid cash of $12,700 to retire bonds payable with a face value of $15,000 and a book value of $13,300. Paid cash of $48,000 to retire bonds payable with a face value of $45,000 and a book value of $47,000. Required: Record, in journal entry form, the entries that Moore would make for the preceding transactions on its spreadsheet to prepare its statement of cash flows. If an amount box does not require an entry, leave it blank.
Zirkle Company borrowed $129,000 from Plains Bank on July 31, Year 1. The note carried a 6% interest rate with a one-year term to maturity Required: a. Show the effects of borrowing the money and the December 31, Year 1 adjustment on the accounting equation. b. What is the amount of interest expense for Year 1? c. Prepare a statement of cash flows for the Zirkle Company for Year 1. Complete this question by entering your answers in the tabs below. Required A Required B Required C Show the effects of borrowing the money and the December 31, Year 1 adjustment on the accounting equation. Note: Enter any decreases to account balances with a minus sign. Leave cells blank if no input is needed. ZIRKLE COMPANY Effect of Adjustment on the Accounting Equation Event Year 1 July 31 December 31 December 31, Year 1 Assets Liabilities Stockholders' Equity Raquinad A Required B > 13

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