AssetsCashAccounts receivableInventoryPrepaid expensesTotal current assetsComparative Balance Sheetat December 31Property, plant, and equipmentLess accumulated depreciationNet property, plant, and equipmentLong-term investmentsTotal assetsLiabilities and Stockholders' EquityAccounts payableAccrued liabilitiesIncome taxes payableTotal current liabilitiesBonds payableTotal liabilitiesCommon stockRetained earningsTotal stockholders' equityTotal liabilities and stockholders' equityWeaver CompanyIncome StatementFor This Year Ended December 31SalesCost of goods soldGross marginSelling and administrative expensesNet operating incomeNonoperating items:Gain on sale of investmentsLoss on sale of equipmentIncome before taxesIncome taxesNet income$6(2)This Year$152941528469513(80)43325$927$ 3027272446199645161121282$ 9277554473082228649024$ 66Last Year$ 122281955440434(72)36232$ 834$ 226776536817053820195296$ 834 During this year, Weaver sold some equipment for $18 that had cost $30 and on which there was accumulateddepreciation of $10. In addition, the company sold long-term investments for $13 that had cost $7 when purchased severalyears ago. Weaver paid a cash dividend this year and the company repurchased $40 of its own stock. This year Weaverdid not retire any bonds.Required:1. Using the indirect method, determine the net cash provided by/used in operating activities for this year. (List any deduction in cashand cash outflows as negative amounts.)Weaver CompanyStatement of Cash Flows-Indirect Method (partial)

A cash flow statement is a financial document that shows the inflow and outflow of cash for a…

During this year, Weaver sold some equipment for $18 that had cost $30 and on which there was accumulated depreciation of $10. In addition, the company sold long-term investments for $13 that had cost $7 when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased $40 of its own stock. This year Weaver did not retire any bonds. Required: 1. Using the indirect method, determine the net cash provided by/used in operating activities for this year. (List any deduction in cash and cash outflows as negative amounts.) Weaver Company Statement of Cash Flows-Indirect Method (partial)

During this year, Weaver sold some equipment for $18 that had cost $30 and on which there was accumulated depreciation of $10. In addition, the company sold long-term investments for $13 that had cost $7 when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased $40 of its own stock. This year Weaver did not retire any bonds. Required: 1. Using the indirect method, determine the net cash provided by/used in operating activities for this year. (List any deduction in cash and cash outflows as negative amounts.) Weaver Company Statement of Cash Flows-Indirect Method (partial)

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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Carter Containers sold marketable equity securities, land, and common stock for $30 million, $15 million, and $40 million, respectively. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. What amount should Carter report as net cash from investing activities?
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Swifty Corporation's transactions for the year ended December 31, 2021 included the following:• Purchased real estate for $1245000 cash which was borrowed from a bank.• Sold available-for-sale securities for $1080000.• Paid dividends of $1180000.• Issued 550 shares of common stock for $550000.• Purchased machinery and equipment for $250000 cash.• Paid $908000 toward a bank loan.• Reduced accounts receivable by $195000.• Increased accounts payable $396000.Swifty's net cash used in financing activities for 2021 was $843000. $445000. $908000. $293000.
Additional Information for 2021: Purchase investment in bonds for $115,000. Sell land costing $40,000 for only $31,000, resulting in a $9,000 loss on sale of land. Purchase $70,000 in equipment by issuing a $70,000 long-term note payable to the seller. No cash is exchanged in the transaction. Declare and pay a cash dividend of $30,000. Required: Prepare the statement of cash flows using the indirect method for December 31, 2021. Disclose any noncash transactions in an accompanying note. (List cash outflows and any decrease in cash as negative amounts.)
Ross Company is a C corporation providing property management services. Ross has used the cash method since inception because its gross receipts did not exceed $26,000,000. This year its average annual gross receipts for the prior three years crossed the $26,000,000 mark, requiring Ross to change from the cash method to the accrual method. At the end of its prior year, Ross had accounts receivable of $850,000 and accounts payable of $540,000. Compute and explain the adjustment to taxable income that Ross must make due to the change in accounting method. When must Ross include this adjustment in its income?
Changes in all balance sheet account balances of E during the current year, EXCEPT the change in E’s retained earnings account follow. Compute E’s net income (or net loss) for the current year assuming the only 2 entries E made to her retained earnings account during the current year were for a cash dividend declared and paid of $165,000 and her net income (or net loss) for the current year. (This is NOT a statement of cash flows problem – do NOT format it like a statement of cash flows problem.) Cash increased $ 56,000 Accounts receivable decreased $ 43,000 Inventory decreased $105,000 Fixed assets increased $262,000 Accumulated depreciation increased $ 88,000 Accounts payable increased $117,000 Salaries payable decreased $ 64,000 Unearned revenue increased $ 23,000 Notes payable decreased $100,000 Common stock increased $ 75,000
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Burgess also provided the following information: The company sold equipment that had an original cost of $13 million and accumulated depreciation of $8 million. The cash proceeds from the sale were $8 million. The gain on the sale was $3 million. The company did not issue any new bonds during the year. The company paid a cash dividend during the year. The company did not complete any common stock transactions during the year. Required: 1. Using the indirect method, prepare a statement of cash flows for the year. (Enter your answers in millions not in dollars. List any deduction in cash and cash outflows as negative amounts.)
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Short Answer Questions 1. ABC Corporation purchased land for $540,000. Later in the year, the company sold a different piece of land with a book value of $270,000 for $180,000. How are the effects of these transactions reported on the statement of cash flows? 2. Wright Inc. received $1,200,000 from issuing shares of its common stock. During the year, Wright Inc. paid $500,000 to retire bonds and paid dividends of $250,000. How are the effects of these transactions reported on the statement of cash flows?
IZ Corporation purchased land for $400,000. Later in the year, the company sold a different piece of land with a book value of $200,000 for $240,000. How are the effects of these transactions reported on the statement of cash flows?