22.Following are selected balance sheet accounts of Oriole 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 2020 2019 Increase(Decrease)Accounts receivable $33,900 $23,900 $10,000 Property, plant, and equipment 278,300 246,200 32,100 Accumulated depreciation—plant assets (176,800) (168,300) (8,500) Liabilities and stockholders’ equity 2020 2019 IncreaseBonds payable $ 48,800 $46,500 $2,300 Dividends payable 8,000 4,900 3,100 Common stock, $1 par 22,000 19,100 2,900 Additional paid-in capital 9,100 3,000 6,100 Retained earnings 103,200 91,800 11,400 Selected income statement information for the year ended December 31, 2020:Sales revenue $155,200 Depreciation 37,800 Gain on sale of equipment 14,500 Net income 31,100 Additional information:1. During 2020, equipment costing $45,000 was sold for cash.2. Accounts receivable relate to sales of merchandise.3. During 2020, $20,100 of bonds payable were issued in exchange for property, plant, and equipment. There was no amortization of bond discount or premium.Determine the category (operating, investing, or financing) and the amount that should be reported in the statement of cash flows for the following items. Activity (a) Payments for purchase of property, plant, and equipment. select a kind of activity $enter a dollar amount (b) Proceeds from the sale of equipment. select a kind of activity $enter a dollar amount (c) Cash dividends paid. select a kind of activity $enter a dollar amount (d) Redemption of bonds payable. select a kind of activity $enter a dollar amount

Name: 22.Following are selected balance sheet accounts of Oriole Bros. Corp.
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Description: 22.Following are selected balance sheet accounts of Oriole 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 Decembe

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Answered: Following are selected balance sheet…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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22.

Following are selected balance sheet accounts of Oriole 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 income statement information for the year ended December 31, 2020:
Selected balance sheet accounts
Assets	2020		2019		Increase (Decrease)
Accounts receivable	$33,900			$23,900		$10,000
Property, plant, and equipment	278,300			246,200		32,100
Accumulated depreciation—plant assets	(176,800	)		(168,300	)	(8,500	)

Liabilities and stockholders’ equity	2020		2019		Increase
Bonds payable	$ 48,800			$46,500		$2,300
Dividends payable	8,000			4,900		3,100
Common stock, $1 par	22,000			19,100		2,900
Additional paid-in capital	9,100			3,000		6,100
Retained earnings	103,200			91,800		11,400

Sales revenue	$155,200
Depreciation	37,800
Gain on sale of equipment	14,500
Net income	31,100

Additional information:

1.		During 2020, equipment costing $45,000 was sold for cash.
2.		Accounts receivable relate to sales of merchandise.
3.		During 2020, $20,100 of bonds payable were issued in exchange for property, plant, and equipment. There was no amortization of bond discount or premium.

Determine the category (operating, investing, or financing) and the amount that should be reported in the statement of cash flows for the following items.

		Activity
(a)	Payments for purchase of property, plant, and equipment.	select a kind of activity	$enter a dollar amount
(b)	Proceeds from the sale of equipment.	select a kind of activity	$enter a dollar amount
(c)	Cash dividends paid.	select a kind of activity	$enter a dollar amount
(d)	Redemption of bonds payable.	select a kind of activity	$enter a dollar amount

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