B#5 Following are selected balance sheet accounts of Skysong Bros. Corp. at December 31, 2020 and 2019, and the increases or decreasesin each account from 2019 to 2020. Also presented is selected income statement information for the year ended December 31, 2020,and additional information.Selected balance sheet accountsAssetsAccounts receivableProperty, plant, and equipmentAccumulated depreciation-plant assetsLiabilities and stockholders' equityBonds payableDividends payableCommon stock, $1 parAdditional paid-in capitalRetained earningsDepreciationGain on sale of equipmentNet incomeAdditional information:1.2.3.(a)(b)(c)(d)2020Selected income statement information for the year ended December 31, 2020:Sales revenue$155,40038,000$33,700276,400(177,600)Proceeds from the sale of equipment.2020$ 49,2008,10021,7009,100103,600Cash dividends paid.Redemption of bonds payable.14,40031,2002019$24,100248,700(168,000)2019$46,3005,10019,000Determine the category (operating, investing, or financing) and the amount that should be reported in the statement of cash flows forthe following items.Payments for purchase of property, plant, and equipment.3,00091,100Increase(Decrease)$9,60027,700(9,600)During 2020, equipment costing $45,400 was sold for cash.Accounts receivable relate to sales of merchandise.During 2020, $19,900 of bonds payable were issued in exchange for property, plant, and equipment. There was noamortization of bond discount or premium.Increase$2,9003,0002,7006,10012,500ActivityFinancingInvestingOperatingSASA$$SA$

PLant & eqipment is investing activitySTATEMENT OF CASH FLOW Property plant and equipment…

Following are selected balance sheet accounts of Skysong Bros. Corp. at December 31, 2020 and 2019, and the increases or decreases in each account from 2019 to 2020. Also presented is selected income statement information for the year ended December 31, 2020, and additional information. Selected balance sheet accounts Assets Accounts receivable Property, plant, and equipment Accumulated depreciation-plant assets Liabilities and stockholders' equity Bonds payable Dividends payable Common stock, $1 par Additional paid-in capital Retained earnings Depreciation Gain on sale of equipment Net income Additional information: 1. 2. 2020 3. $33,700 276,400 (177,600 ) 2020 $ 49,200 8,100 21,700 9,100 103,600 2019 $24,100 248,700 (168,000) 2019 $46,300 5,100 19,000 Selected income statement information for the year ended December 31, 2020: Sales revenue $155,400 38,000 14,400 31,200 3,000 91,100 Increase (Decrease) $9,600 27,700 (9,600 ) Increase $2,900 3,000 2,700 6,100 12,500 During 2020, equipment costing $45,400 was sold for cash. Accounts receivable relate to sales of merchandise. During 2020, $19,900 of bonds payable were issued in exchange for property, plant, and equipment. There was no

Following are selected balance sheet accounts of Skysong Bros. Corp. at December 31, 2020 and 2019, and the increases or decreases in each account from 2019 to 2020. Also presented is selected income statement information for the year ended December 31, 2020, and additional information. Selected balance sheet accounts Assets Accounts receivable Property, plant, and equipment Accumulated depreciation-plant assets Liabilities and stockholders' equity Bonds payable Dividends payable Common stock, $1 par Additional paid-in capital Retained earnings Depreciation Gain on sale of equipment Net income Additional information: 1. 2. 2020 3. $33,700 276,400 (177,600 ) 2020 $ 49,200 8,100 21,700 9,100 103,600 2019 $24,100 248,700 (168,000) 2019 $46,300 5,100 19,000 Selected income statement information for the year ended December 31, 2020: Sales revenue $155,400 38,000 14,400 31,200 3,000 91,100 Increase (Decrease) $9,600 27,700 (9,600 ) Increase $2,900 3,000 2,700 6,100 12,500 During 2020, equipment costing $45,400 was sold for cash. Accounts receivable relate to sales of merchandise. During 2020, $19,900 of bonds payable were issued in exchange for property, plant, and equipment. There was no

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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[sixth question]