Homework i a. A building with a book value of $400,000 was sold for $500,000. b. Additional common stock was issued for $160,000. c. Dristell purchased its own common stock as treasury stock at a cost of $75,000. Saved d. Land was acquired by issuing a 6%, 10-year, $750,000 note payable to the seller. e. A dividend of $40,000 was paid to shareholders. Dristell Incorporated had the following activities during the year (all transactions are for cash unless stated otherwise): DRISTELL INCORPORATED Statement of Cash Flows (partial) For the Year Ended December 31, 2024 Required: Calculate net cash flows from financing activities. (Cash outflows should be indicated with a minus sign.) Cash flows from financing activities: f. An investment in Fleet Corporation's common stock was made for $120,000. g. New equipment was purchased for $65,000. h. A $90,000 note payable issued three years ago was paid in full. i. A loan for $100,000 was made to one of Dristell's suppliers. The supplier plans to repay Dristell this amount plus 10% interest within 18 months. < Prev Autumin Help 4 of 5 Save & Exit Submit Next > Check my work

Homework i a. A building with a book value of $400,000 was sold for $500,000. b. Additional common stock was issued for $160,000. c. Dristell purchased its own common stock as treasury stock at a cost of $75,000. Saved d. Land was acquired by issuing a 6%, 10-year, $750,000 note payable to the seller. e. A dividend of $40,000 was paid to shareholders. Dristell Incorporated had the following activities during the year (all transactions are for cash unless stated otherwise): DRISTELL INCORPORATED Statement of Cash Flows (partial) For the Year Ended December 31, 2024 Required: Calculate net cash flows from financing activities. (Cash outflows should be indicated with a minus sign.) Cash flows from financing activities: f. An investment in Fleet Corporation's common stock was made for $120,000. g. New equipment was purchased for $65,000. h. A $90,000 note payable issued three years ago was paid in full. i. A loan for $100,000 was made to one of Dristell's suppliers. The supplier plans to repay Dristell this amount plus 10% interest within 18 months. < Prev Autumin Help 4 of 5 Save & Exit Submit Next > Check my work

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 32BE

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Tidwell Company experienced the following during 20X1: a. Sold preferred stock for 480,000. b. Declared dividends of 150,000 payable on March 1, 20X2. c. Borrowed 575,000 from a bank on a 2-year note. d. Purchased 80,000 of its own common stock to hold as treasury stock. e. Repaid 5-year bonds issued for 400,000 that mature and are due in December. Required: Prepare the net cash from financing activities section of the statement of cash flows.
Common stock transactions on the statement of cash flows Jones Industries received 600,000 from issuing shares of its common stock and 400,000 from issuing bonds. During the year, Jones Industries also paid dividends of 60,000. How are the effects of these transactions reported on the statement of cash flows?
Statement of Cash Flows The following are Mueller Companys cash flow activities: a. Net income, 68,000 b. Increase in accounts receivable, 4,400 c. Receipt from sale of common stock, 12,300 d. Depreciation expense, 11,300 e. Dividends paid, 24,500 f. Payment for purchase of building, 65,000 g. Bond discount amortization, 2,700 h. Receipt from sale of long-term investments at cost, 10,600 i. Payment for purchase of equipment, 8,000 j. Receipt from sale of preferred stock, 20,000 k. Increase in income taxes payable, 3,500 l. Payment for purchase of land, 9,700 m. Decrease in accounts payable, 2,900 n. Increase in inventories, 10,300 o. Beginning cash balance, 18,000 Required: Prepare Mueller Company's statement of cash flows.
Chasse Building Supply Inc. reported net cash provided by operating activities of $243,000, capital expenditures of $112,900, cash dividends of $35,800, and average maturities of long-term debt over the next 5 years of $122,300. What is Chasses free cash flow and cash flow adequacy ratio? a. $94,300 and 0.77, respectively c. $130,100 and 1.06, respectively b. $94,300 and 0.82, respectively d. $165,900 and 1.36, respectively
Minibikes, Inc. identified the following selected transactions that occurred during the year ended December 31, 2024 Identify any non-cash transactions that occurred during the year, and show how they would be reported in the non-cash investing and financing activities section of the statement of cash flows. a. Issued 900 shares of $4 par common stock for cash of $24,000. b. Issued 5,300 shares of $4 par common stock for a building with a fair market value of $95,000. c. Purchased new truck with a fair market value of $33,000.Financed it 100% with a long-term note. d. Retired short-term notes of $24,000 by issuing 2,500 shares of $4 par common stock. e. Paid long-term note of $12,000 to Bank of Tallahassee. Issued new long-term note of $22,000 to Bank of Trust
A company purchases equipment for $32,000 cash. This transaction should be shown on the statement of cash flows under a.financing activities. b.operating activities. c.noncash investing and financing activities. d.investing activities. On the first day of the fiscal year, a company issues a $980,000, 8%, 5-year bond that pays semiannual interest of $39,200 ($980,000 × 8% × 1/2), receiving cash of $884,177. Required: Journalize the entry to record the issuance of the bonds. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 113 Allowance for Doubtful Accounts 114 Notes Receivable 115 Interest Receivable 121 Merchandise Inventory 122 Supplies 131 Prepaid Insurance 140 Land 151 Building 152 Accumulated Depreciation-Building 153 Equipment 154 Accumulated Depreciation-Equipment LIABILITIES 210…
Assume the following excerpts from a company's balance sheet: Property, plant, and equipment Long-term investments Beginning Balance Ending Balance $ 3,500,000 $ 1,100,000 $ 3,750,000 $ 950,000 During the year, the company did not purchase any property, plant, and equipment. It sold equipment that had accumulated depreciation of $150,000 for a loss of $20,000. The company did not sell any long-term investments during the period. Based solely on the information provided, the company's net cash provided by (used in) investing activities would be:
The following is an extract from the financial statements of Pompeii at 31 October: 20X7 20X6 $00 $000 Equity and liabilities: Share capital 120 80 Share premium 60 40 Retained earnings 85 68 265 188 Non-current liabilities: Bank loan 100 150 365 338 What Pompeii's net cash inflow or outflow from financing activities to include in the statement of cash flows for the year ended 31 October 20X7?
Identify any non-cash transactions that occurred during the year, and show how they would be reported in the non-cash investing and financing activities section of the statement of cash flows. a. Issued 750shares of $3 par common stock for cash of $17,000. b. Issued 5,100 shares of $3 par common stock for a building with a fair market value of $96,000. c. Purchased new truck with a fair market value of $29,000. Financed it 100% with a long-term note. d. Retired short-term notes of $28,000 by issuing 1,900 shares of $3 par common stock. e. Paid long-term note of $10,500 to Bank of Tallahassee. Issued new long-term note of $23,000 to Bank of Trust. Dirtbikes, Inc. Statement of Cash Flows (Partial) Year Ended December 31, 2024 Non-cash Investing and Financing Activities: Total Non-cash Investing and Financing Activities
Citi Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available: Cash dividends declared for the year Cash dividends payable at the beginning of the year Cash dividends payable at the end of the year The amount of cash paid for dividends was: Multiple Choice O $40,000. O $57,000. O $44,000. O $53,000. $36,000. $ 40,000 17,000 13,000
Moore Company is preparing its statement of cash flows for the current year. During the year, the company retired two issuances of debt and properly recorded the transactions. These transactions were as follows: Paid cash of $12,700 to retire bonds payable with a face value of $15,000 and a book value of $13,300. Paid cash of $48,000 to retire bonds payable with a face value of $45,000 and a book value of $47,000. Required: Record, in journal entry form, the entries that Moore would make for the preceding transactions on its spreadsheet to prepare its statement of cash flows. If an amount box does not require an entry, leave it blank.
es Aim Limited has the following selected data ($ in millions): Cash balance, January 1 Financing cash flows Capital expenditures Investing cash flows Operating cash flows $ 180 1,090 (400) (500) (440) Required: 1. Calculate the balance of cash at the end of the fiscal year, December 31. 2. Calculate free cash flows. 3. Based on the pattern in cash flows, determine Aim's life cycle stage. Note: Amounts to be deducted should be indicated by a minus sign. 1. Cash balance, December 31 2. Free cash flows 3. Aim's probable life cycle stage