Tam Co. reported the following items in its year-end financial statements:Capital expendituresCapital lease paymentsIncome taxes paidDividends paidNet interest payments$1,000,000$1,870,000$1,125,000Ⓒ$745,000$545,000125,000325,000200,000220,000What amount should Tam report as supplemental disclosures in its Statement of Cash Flows prepared using the indirect method?

When indirect method is applied for calcuating cash flow from operating activities, a supplement…

ed the following items in its year-end financial statements: ditures ayments baid 3 ayments $1,000,000 000 000 125,000 325,000 200,000 220,000 hould Tam report as supplemental disclosures in its Statement:

ed the following items in its year-end financial statements: ditures ayments baid 3 ayments $1,000,000 000 000 125,000 325,000 200,000 220,000 hould Tam report as supplemental disclosures in its Statement:

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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E9-5B: (Statement of Financial Position – Current vs Non- current Classification) KIWI Corporation is in the process of preparing its December 31, 2014, statement of financial position. There are some questions as to the proper classification of the following items: a. P 50,000 in cash set aside in a savings account to pay bonds payable. The bonds mature in 2018. b. Prepaid rent of P24,000, covering the period January 1, 2015, through December 31, 2016. e. Note payable of P200,000. The note is payable in annual installments of P20,000 each, with the first instalment payable on March 1, 2015. d. Accrued interest payable of P12,000 related to the note payable. Investment in trading securities of other corporations, P60,000. Cone intends to sell one-half of the securities in с. е. 2015. Instruction: Determine the current and non-current components of the above selected transactions using the table below. ASSETS LIABILITIES Current Non-current Current Non-current A 12000 50000 B 12000 C…
Hancock Company reported the following account balancesat December 31, 2027:Sales revenue $97,000Dividends. $11,000Supplies 13,000Accounts payable 41,000Patent $59,000Building Common stock.. $27,000Insurance expense .... $31,000Notes payable .. $39,000Income tax expense $42,000Cash . . $19,000Repair expense ?Copyright $20,000Equipment $14,000Utilities payable. $22,000Inventory $64,000Retained earnings. .. $87,000 (at Jan. 1, 2027)Interest revenue $55,000Cost of goods sold ..... .. $37,000Accumulated depreciation .... $23,000 $34,000Accounts receivable ? Trademark. ... $51,000Calculate the total intangible assets reported in HancockCompany's December 31, 2027 balance sheet. The following additional information is available:1) The note payable listed above was a 4- year bank loan taken out on September 1, 2024.2) The total P - P - E at Dec. 31, 2027 was equal to 75% of the total current liabilities at Dec. 31, 2027. ՄԴ S
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Problem 1-10 (AICPA Adapted) Able Company had the following amounts of long-term debt outstanding on December 31, 2020: 14% note payable, due 2021 11% note payable, due 2023 8% note payable, due in 11 equal annual principal payments, plus interest beginning December 31, 2021 7% guaranteed debentures, due 2022 30,000 1,070,000 1,100,000 1,000,000 Total 3,200,000 The annual sinking fund requirement on the guaranteed debentures is P40,000 per year. What total amount should be reported as current liabilities on December 31, 2020? a. 40,000 b. 70,000 100,000 d. с. 130,000 Problem 1-11 (AICPA Adapted) Achilles Company reported the following liability balances on December 31, 2020: 12% note payable issued on March 1, 2019, maturing on March 1, 2021 10% note payable issued on October 1, 2019, maturing October 1, 2021 5,000,000 3,000,000 The 2020 financial statements were issued on March 31, 2021. On January 31, 2021, the entire P5,000,000 balance of the 12% note payable was refinanced through…
Particulars As on 31.3.2019(Rupees. In Lacs)As on 31.3.2020(Rupees. In Lacs)Investment in FinancialAssets- 100Equity Share Capital 150 160Long term Loans taken 100 200Dividend paid - 26Dividend received - 10Interest received - 15 Calculate the debt-equity ratio & comment
l-Itihad Corporation Balance SheetDecember 31, 2019AssetsLiability & EquityCurrent AssetsCurrent LiabilityCash$5,000Accounts payable22,000Short term securities10,000Accrual Account8,000Account Receivables30,000Short term debt6,000Inventory32,000Total Current Liability36,000Long-term debt40,000Total Current Assets77,000TotalLiability76,000Long term AssetsEquityNet Property & equipment70,000CommonStocks64,000Retained earnings17,000Total Equity81,000Total Liability and Equity157,000Other assts 10000Total Assets157,000Sur Corporation Income StatementDecember 31, 2019Other Financial information of Sur corporation December 31, 2019Net sales (revenue)$150,000· Average Number of Common shares outstanding 16,000 Shares· Market price of Common share $3.5Cost of goods sold80,000Gross profit70,000Operating expenses30,000EBIT- (Operating profit)40,000Interest expense10,000EBT- ( Earnings before taxes)30,000Income tax 10,000Net Income (net profit)20,000You have to find the following ratios…