Homework Help is Here – Start Your Trial Now!
Business
Accounting
Following are selected balance sheet accounts of Del Conte Corporation at December 31, 2024 and 2023, and the Increases or decreases in each account from 2023 to 2024. Also presented is selected Income statement Information for the year ended December 31, 2024, and additional Information. Increase Assets Accounts receivable Selected Balance Sheet Accounts Property, plant, and equipment 2024 2023 (Decrease) $ 70,000 313,000 $ 42,000 265,000 $ 28,000 48,000 Accumulated depreciation Liabilities and stockholders' Equity Bonds payable Dividends payable Common stock, $1 par (214,000) (185,000) 29,000 103,000 82,000 21,000 17,000 12,200 4,800 58,000 37,000 21,000 Additional paid-in capital 18,000 10,200 7,800 Retained earnings 140,000 109,000 31,000 Selected Income Statement Information for the Year Ended December 31, 2024 Sales revenue $ 191,000 Depreciation 69,000 Gain on sale of equipment Net income 22,000 64,000 Additional Information: a. Accounts receivable relate to sales of merchandise. b. During 2024, equipment costing $76,000 was sold for cash. c. During 2024, bonds payable with a face value of $56,000 were Issued in exchange for property, plant, and equipment. There was no amortization of bond discount or premium. Required: Items 1 through 5 represent activities that will be reported in Del Conte's statement of cash flows for the year ended December 31, 2024. The following two responses are required for each item: a. Determine the amount that should be reported in Del Conte's 2024 statement of cash flows. b. Select the category (I.e., Operating activity, Investing activity and Financing activity) in which the amount should be reported in the statement of cash flows. 1. Cash collections from customers (direct method). 2. Payments for purchase of property, plant, and equipment. 3. Proceeds from sale of equipment. 4. Cash dividends paid. 5. Redemption of bonds payable. Amount Category

Following are selected balance sheet accounts of Del Conte Corporation at December 31, 2024 and 2023, and the Increases or decreases in each account from 2023 to 2024. Also presented is selected Income statement Information for the year ended December 31, 2024, and additional Information. Increase Assets Accounts receivable Selected Balance Sheet Accounts Property, plant, and equipment 2024 2023 (Decrease) $ 70,000 313,000 $ 42,000 265,000 $ 28,000 48,000 Accumulated depreciation Liabilities and stockholders' Equity Bonds payable Dividends payable Common stock, $1 par (214,000) (185,000) 29,000 103,000 82,000 21,000 17,000 12,200 4,800 58,000 37,000 21,000 Additional paid-in capital 18,000 10,200 7,800 Retained earnings 140,000 109,000 31,000 Selected Income Statement Information for the Year Ended December 31, 2024 Sales revenue $ 191,000 Depreciation 69,000 Gain on sale of equipment Net income 22,000 64,000 Additional Information: a. Accounts receivable relate to sales of merchandise. b. During 2024, equipment costing $76,000 was sold for cash. c. During 2024, bonds payable with a face value of $56,000 were Issued in exchange for property, plant, and equipment. There was no amortization of bond discount or premium. Required: Items 1 through 5 represent activities that will be reported in Del Conte's statement of cash flows for the year ended December 31, 2024. The following two responses are required for each item: a. Determine the amount that should be reported in Del Conte's 2024 statement of cash flows. b. Select the category (I.e., Operating activity, Investing activity and Financing activity) in which the amount should be reported in the statement of cash flows. 1. Cash collections from customers (direct method). 2. Payments for purchase of property, plant, and equipment. 3. Proceeds from sale of equipment. 4. Cash dividends paid. 5. Redemption of bonds payable. Amount Category

Intermediate Accounting: Reporting And Analysis
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
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 16E
See similar textbooks
icon
Related questions
Question
Following are selected balance sheet accounts of Del Conte Corporation at December 31, 2024 and 2023, and the Increases or decreases in each account from 2023 to 2024. Also presented is selected Income statement Information for the year ended December 31, 2024, and additional Information. Increase Assets Accounts receivable Selected Balance Sheet Accounts Property, plant, and equipment 2024 2023 (Decrease) $ 70,000 313,000 $ 42,000 265,000 $ 28,000 48,000 Accumulated depreciation Liabilities and stockholders' Equity Bonds payable Dividends payable Common stock, $1 par (214,000) (185,000) 29,000 103,000 82,000 21,000 17,000 12,200 4,800 58,000 37,000 21,000 Additional paid-in capital 18,000 10,200 7,800 Retained earnings 140,000 109,000 31,000 Selected Income Statement Information for the Year Ended December 31, 2024 Sales revenue $ 191,000 Depreciation 69,000 Gain on sale of equipment Net income 22,000 64,000 Additional Information: a. Accounts receivable relate to sales of merchandise. b. During 2024, equipment costing $76,000 was sold for cash. c. During 2024, bonds payable with a face value of $56,000 were Issued in exchange for property, plant, and equipment. There was no amortization of bond discount or premium. Required: Items 1 through 5 represent activities that will be reported in Del Conte's statement of cash flows for the year ended December 31, 2024. The following two responses are required for each item: a. Determine the amount that should be reported in Del Conte's 2024 statement of cash flows. b. Select the category (I.e., Operating activity, Investing activity and Financing activity) in which the amount should be reported in the statement of cash flows. 1. Cash collections from customers (direct method). 2. Payments for purchase of property, plant, and equipment. 3. Proceeds from sale of equipment. 4. Cash dividends paid. 5. Redemption of bonds payable. Amount Category
Transcribed Image Text:Following are selected balance sheet accounts of Del Conte Corporation at December 31, 2024 and 2023, and the Increases or decreases in each account from 2023 to 2024. Also presented is selected Income statement Information for the year ended December 31, 2024, and additional Information. Increase Assets Accounts receivable Selected Balance Sheet Accounts Property, plant, and equipment 2024 2023 (Decrease) $ 70,000 313,000 $ 42,000 265,000 $ 28,000 48,000 Accumulated depreciation Liabilities and stockholders' Equity Bonds payable Dividends payable Common stock, $1 par (214,000) (185,000) 29,000 103,000 82,000 21,000 17,000 12,200 4,800 58,000 37,000 21,000 Additional paid-in capital 18,000 10,200 7,800 Retained earnings 140,000 109,000 31,000 Selected Income Statement Information for the Year Ended December 31, 2024 Sales revenue $ 191,000 Depreciation 69,000 Gain on sale of equipment Net income 22,000 64,000 Additional Information: a. Accounts receivable relate to sales of merchandise. b. During 2024, equipment costing $76,000 was sold for cash. c. During 2024, bonds payable with a face value of $56,000 were Issued in exchange for property, plant, and equipment. There was no amortization of bond discount or premium. Required: Items 1 through 5 represent activities that will be reported in Del Conte's statement of cash flows for the year ended December 31, 2024. The following two responses are required for each item: a. Determine the amount that should be reported in Del Conte's 2024 statement of cash flows. b. Select the category (I.e., Operating activity, Investing activity and Financing activity) in which the amount should be reported in the statement of cash flows. 1. Cash collections from customers (direct method). 2. Payments for purchase of property, plant, and equipment. 3. Proceeds from sale of equipment. 4. Cash dividends paid. 5. Redemption of bonds payable. Amount Category
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Fundamentals Of Financial Management, Concise Edi…
Fundamentals Of Financial Management, Concise Edi…
Finance
ISBN:
9781337902571
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS