ConnectExercisesEXERCISE 14-1 Classifying Transactions LO14-1Below are certain events that took place at Hazzard, Inc., last year:Collected cash from customers.a.Paid cash to repurchase its own stock.Borrowed money from a creditor.Paid suppliers for inventory purchases.Repaid the principal amount of a debt.Paid interest to lenders.b.C.d.e.f.Paid a cash dividend to stockholders.g.h. Sold common stock.i.Loaned money to another entity.j.Paid taxes to the government.k.Paid wages and salaries to employees.1.Purchased equipment with cash.m. Paid bills to insurers and utility providers.Required:Prepare an answer sheet with the following headings:ActivityTransactionOperatingInvestingFinancinga.b.Etc.Enter the cash inflows and outflows above on your answer sheet and indicate how each of themwould be classified on a statement of cash flows. Place an X in the Operating, Investing, or Financ-ing column as appropriate.EXERCISE 14-2 Net Cash Provided by Operating Activities LO14-2For the just completed year, Hanna Company had net income of $35,000. Balances in the company's

Statement of cash flows: This statement reports all the cash transactions which are responsible for…

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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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Q4. Analysis of Financial StatementsThere was a bit of concern about one of Big Rock’s newer entities – Big Rock PavingCompany. Management wants you to review the two financial statements below and giveyour analysis of the company’s performance.Big Rock Paving CompanyAssets LiabilitiesCurrent Assets: Current Liabilities:Cash 200,000 Accounts Payable 700,000Accounts Receivable 300,000 Notes Payable 600,000Inventory 800,000Total Current Assets 1,300,000 Total Current Liabilities 1,300,000Fixed Assets: Owners’ Equity:Property, Plant & Equipment 2,200,000 Common Stock ($1 Par) 600,000Less: Accumulated Depreciation 600,000 Capital Surplus 100,000Net Fixed Assets 1,600,000 Retained Earnings 100,000Total Assets 2,900,000 Total Owners’ Equity 800,000Total Liabilities and Owners’Equity2,900,000Big Rock Paving CompanyIncome Statement for Year Ending December 31, 2021Sales 3,400,000Less: Cost of Goods Sold 2,700,000Less: Administrative Expenses 700,000Less Depreciation 682,000Earnings Before…
Problem 4-15 Lloyd Inc. has sales of $200,000, a net income of $15,000, and the following balance sheet: ASSETS Cash Receivables Inventories Total Current assets Net fixed assets Total assets AMOUNT LIABILITIES & EQUITY $10,000 Accounts Payables 50,000 Notes Payable to bank 150,000 Total current liabilities $210,000 Long-term debt 90,000 Common Equity $300,000 Total Liabilities and Equity AMOUNT $30,000 20,000 $50,000 50,000 200,000 $300,000 The new owner thinks that inventories are excessive and can be lowered to the point where the current ratio is equal to the industry average, 2.53, without affecting sales or net income. If inventories are sold and not replaced (thus reducing the current ratio to 2.53), if the funds generated are used to reduce common equity (stock can be repurchased at book value), and if no other changes occur, by how much will the ROE change? What will be the firm's new quick ratio? Problem 4-1 Baxley Brothers has a DSO of 23 days, and its annual sales are…
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QUESTION 13 Assets Liabilities Reserves $200 Deposits $800 Loans $ 700 Debt S100 Securities S 100 Capital $100 Refer to the same T-account. By how much do the assets need to cepreciate for the bank to go insolvent? a.more than 5%% b.more than 1OPE c.more than 8%6 d more tinan 26
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BUSINESS • ACCOUNTING Some transactions that don't increase or decrease cash must be reported inconjunction with a statement of cash flows. What activity of this type did Targetreport during each of the three years presented? What are two other such activitiesthat some companies might report?
LO 1, 3, 4 Problem 12-17B Preparing a statement of cash flows The following information can be obtained by examining a company's balance sheet and income statement information. a. Gains recognized on the sale of noncurrent assets. b. Cash outflows to pay dividends. c. Cash inflows from the issue of common stock. d. Cash inflows from the sale of noncurrent assets. e. Increases in current liability account balances. f. Cash inflows from the issue of noncurrent debt. g. Losses incurred from the sale of noncurrent assets. h. Decreases in noncash current asset account balances. i. Cash outflows to repay noncurrent debt. j. Increases in noncash current asset account balances. k. Cash outflows made to purchase noncurrent assets. 1. Decreases in current liability account balances. m. Noncash expenses (e.g., depreciation). n. Cash outflows to purchase treasury stock. Required Construct a table like the one shown below. For each item, indicate whether it would be used in the computation of net…
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Exercise 13 - 17A (Algo) Recording transactions in the general journal and T - accounts LO 13 - 1, 13-2 The following events apply to Montgomery Company for Year 1, its first year of operation: Received cash of $ 44,000 from the issue of common stock. Performed $63,000 of services on account. Incurred $9,500 of other operating expenses on account. Paid $36,000 cash for salaries expense. Collected $42,000 of accounts receivable. Paid a $4,500 dividend to the stockholders. Performed $11,000 of services for cash. Paid $7,000 of the accounts payable. Required a. Record the preceding transactions in general journal form. b. Post the entries to T - accounts and determine the ending balance in each account. c. & d. Determine the amount of total assets at the end of Year 1, and the amount of net income for Year 1.

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