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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

FINANCIAL ACCOUNTING
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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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 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: 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. 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 Help 4 of 5 Save & Exit Submit Next > Admitar Check my work
Transcribed Image Text: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 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: 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. 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 Help 4 of 5 Save & Exit Submit Next > Admitar Check my work
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