During 2023, Pacific Industries completed the following financing transactions: • • • Issued $750,000 in long-term bonds at 98 Repaid $125,000 of bonds at face value Paid interest of $65,000 Paid dividends of $40,000 Repurchased treasury stock for $35,000 Issued common stock for $120,000 Prepare the cash flows from the financing activities section of the statement of cash flows.

During 2023, Pacific Industries completed the following financing transactions: • • • Issued $750,000 in long-term bonds at 98 Repaid $125,000 of bonds at face value Paid interest of $65,000 Paid dividends of $40,000 Repurchased treasury stock for $35,000 Issued common stock for $120,000 Prepare the cash flows from the financing activities section of the statement of cash flows.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 14GI: Dunn Company recognized a 5,000 unrealized holding gain on investment in Starbuckss long-term bonds...

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Required information Skip to question [The following information applies to the questions displayed below.] In preparation for developing its statement of cash flows for the year ended December 31, 2024, Rapid Pac, Incorporated, collected the following information: ($ in millions) Fair value of shares issued in a stock dividend $ 104.0 Payment for the early extinguishment of long-term bonds (book value: $90.0 million) 95.0 Proceeds from the sale of treasury stock (cost: $26.0 million) 31.0 Gain on sale of land 3.5 Proceeds from sale of land 10.5 Purchase of Microsoft common stock 160.0 Declaration of cash dividends 60.0 Distribution of cash dividends declared in 2023 57.0 Required: 1. In Rapid Pac’s statement of cash flows, what were net cash inflows (or outflows) from investing activities for 2024? Note: Cash outflows should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as…
Required information Skip to question [The following information applies to the questions displayed below.] In preparation for developing its statement of cash flows for the year ended December 31, 2024, Rapid Pac, Incorporated, collected the following information: ($ in millions) Fair value of shares issued in a stock dividend $ 104.0 Payment for the early extinguishment of long-term bonds (book value: $90.0 million) 95.0 Proceeds from the sale of treasury stock (cost: $26.0 million) 31.0 Gain on sale of land 3.5 Proceeds from sale of land 10.5 Purchase of Microsoft common stock 160.0 Declaration of cash dividends 60.0 Distribution of cash dividends declared in 2023 57.0 2. In Rapid Pac’s statement of cash flows, what were net cash inflows (or outflows) from financing activities for 2024? Note: Cash outflows 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 as 5.5).
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In 2023, Chen Corporation purchased treasury stock with a cost of $47,000. During the year, the company declared and paid dividends of $14,000 and issued bonds payable for $1,100,000. Net cash provided by financing activities for 2023 is: A $1,086,000.B. $1,053,000.C. $1,039.000.D. $1,100,000.
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II. The following is a comparative balance sheet of ABC Co. for December 31, 2022 and 2021: Cash and cash equivalents Accounts receivable Inventories Investment in bonds at amortized cost Equipment Accumulated depreciation Total Assets Accounts payable Bonds payable, due 2025 Ordinary stock, P20 par Share premium Retained earnings Total Liabilities and Equity Additional information: . 2022 250,000 327,600 822,000 0 . 2,400,000 (700,000) 3,099,600 359,000 0 1,800,000 280,000 660,600 3,099,600 2021 220,000 356,000 780,000 200,000 2,040,000 (760,000) 2,836,000 • Net income for 2022, P545,600. Depreciation reported on income statement, P140,000. Fully depreciated equipment, no salvage value, was scrapped. Equipment was purchased for P560,000. Bonds of P400,000 were retired at their face value. 281,000 400,000 1,600,000 200,000 355,000 2,836,000 10,000 shares of ordinary stock were issued for cash of P28 per share. Cash dividends declared and paid, P240,000 Investment in bonds with carrying…
Coronary, Inc. had the following transactions during 2020: Purchased new fixed assets for $35,000 Converted $20,000 worth of preferred shares to common shares Received cash dividends of $11,000. Paid cash dividends of $20,000. • Repaid mortgage principal of $17,000 . . . Assuming Coronary follows U.S. GAAP, which of the following amounts represents Coronary's cash flows from investing and cash flows from financing in 2020? Investing: ($35,000); Financing: ($37,000) Investing: ($24,000); Financing: ($26,000) Investing: ($35,000): Financing: ($26,000)
A corporation issued $2000000 of 20-year bonds for cash at 98. How would the transaction be reported on the statement of cash flows?
In 2023, Chen Corporation purchased treasury stock with a cost of $54,000. During the year, the company declared and paid dividends of $12,000 and issued bonds payable for $900,000. Net cash provided by financing activities for 2023 is: A. $834,000. B. $900,000. C. $846,000. D. $888,000.
In preparation for developing its statement of cash flows for the year ended December 31, 2021, Rapid Pac, Inc., collected the following information: ($ in millions)Fair value of shares issued in a stock dividend $ 65Payment for the early extinguishment oflong-term bonds (book value: $97 million) 102Proceeds from the sale of treasury stock (cost: $17 million) 22Gain on sale of land 4Proceeds from sale of land 12Purchase of Microsoft common stock 160Declaration of cash dividends 44Distribution of cash dividends declared in 2020…
Swifty Corporation purchased treasury stock with a cost of $38500 during 2022. During the year, the company paid dividends of $14000 and issued bonds payable for proceeds of $613200. Cash flows from financing activities for 2022 total $637700 net cash inflow. $52500 net cash outflow. O $560700 net cash inflow. O $599200 net cash inflow.
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, 2024, Rapid Pac, Incorporated, collected the following information: Fair value of shares issued in a stock dividend Payment for the early extinguishment of long-term bonds (book value: $77.0 million) Proceeds from the sale of treasury stock (cost: $13.0 million) Gain on sale of land Proceeds from sale of land Purchase of Microsoft common stock Declaration of cash dividends Distribution of cash dividends declared in 2023 Cash Flows from Financing Activities: Net cash inflows (outflows) from financing activities GA 2. In Rapid Pac's statement of cash flows, what were net cash inflows (or outflows) from financing activities for 2024? Note: Cash outflows should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). ($ in millions) ($…