McCorey Corporation recorded the following events last year: Repurchase by the company of its own common stock Sale of long-term investment Interest paid to lenders Dividends paid to the company's shareholders Collection by McCorey of a loan made to another company Payment of taxes to governmental bodies $ 27,000 $ 46,000 $ 8,500 $ 56,000 $ 32,000 $ 18,500 On the statement of cash flows, some of these events are classified as operating activities, some are classified as investing activities, and some are classified as financing activities. Based solely on the information above, the net cash provided by (used in) financing activities on the statement of cash flows would be:

McCorey Corporation recorded the following events last year: Repurchase by the company of its own common stock Sale of long-term investment Interest paid to lenders Dividends paid to the company's shareholders Collection by McCorey of a loan made to another company Payment of taxes to governmental bodies $ 27,000 $ 46,000 $ 8,500 $ 56,000 $ 32,000 $ 18,500 On the statement of cash flows, some of these events are classified as operating activities, some are classified as investing activities, and some are classified as financing activities. Based solely on the information above, the net cash provided by (used in) financing activities on the statement of cash flows would be:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Required information [The following information applies to the questions displayed below.] In preparation for developing its statement of cash flows for the year ended December 31, 2021, Rapid Pac, Inc., collected the following information: Fair value of shares issued in a stock dividend Payment for the early extinguishment of long-term bonds (book value: $93.0 million) Proceeds from the sale of treasury stock (cost: $29.0 million) Gain on sale of land. Proceeds from sale of land Purchase of Microsoft common stock Declaration of cash dividends. Distribution of cash dividends declared in 2020. Cash Flows From Investing Activities: Net cash inflows (outflows) from investing activities ($ in millions) $116.0 Required: 1. In Rapid Pac's statement of cash flows, what were net cash inflows (or outflows) from investing activities for 2021? (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered…
ORANGE Corporation reported net income of P 3,000,000 for 2021. Changes occurred in several balance sheet accounts during 2021 as follows: Investment in associate, carried at equity - P 400,000 increase; Premium on bonds payable - P 50,000 decrease; Accumulated depreciation caused by major repair of equipment - P 200,000 decrease; Deferred tax liability - P 150,000 increase. In its 2021 statement of cash flows, how much should be reported as net cash provided (used) by operating activities?
Statement of Cash FlowPresented below are the consolidated financial statements of The Mann Corporation as of year-end 2012 and 2013. THE MANN CORPORATIONConsolidated Balance Sheets As of Year-End ($ thousands) 2013 2012 Assets Current assets Cash $320,000 $200,000 Accounts receivable (net) 792,000 608,000 Inventory 568,000 320,000 Prepaid expenses 80,000 80,000 Total current assets 1,760,000 1,208,000 Investments in affiliate companies 80,000 - Property and equipment 1,048,000 640,000 Less: Accumulated depreciation (88,000) (64,000) Property & equipment (net) 960,000 576,000 Total assets $2,800,000 $1,784,000 Liabilities & Shareholders' Equity Current liabilities Accounts payable $456,000 $400,000 Accrued expenses payable 160,000 176,000 Dividends payable 56,000 - Total current liabilities 672,000 576,000 Note payable-due in ten years 400,000 - Total liabilities 1,072,000 576,000 Shareholders' equity Common stock, $5 par value…
Brandon Inc. reported the following items in its statement of financial position and statement of earnings: net income, $81,500; gain on disposal of equipment, $14,600; increase in accounts receivable, $17,400; decrease in accounts payable, $27,900, and increase in common shares, $50,000. Required: Compute the net cash flows from operating activities using the indirect method.
In preparing a company's statement of cash flows for the most recent year, Jeffers Corporation reported the following information: $ 107,000 62,000 Repayment of outstanding bonds Purchase of treasury stock Issuance of common stock Payment of cash dividends 46,000 15,000 Net cash flows from financing activities for the year were: Multiple Choice $230,000 of net cash used. IN
Tom Hanks Company had the following account activity Increase in income taxes payable $100,000 Increase in bonds payable 240,000 Sale of investments 130,000 Issuance of common stock 120,000 Payment of cash dividends 70,000 Purchased treasury stock 25,000 Net cash provided by financing activities is:
The accountant for Sysco Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available: Retained earnings balance at the beginning of the year $ 989,000 Net income for the year 315,000 Cash dividends declared for the year 59,000 Retained earnings balance at the end of the year 1,517,000 Cash dividends payable at the beginning of the year 13,400 Cash dividends payable at the end of the year 16,100 What is the amount of cash dividends paid that should be reported in the financing section of the statement of cash flows?
Use the following F/S information to answer problems 15 and 16. In its 20X1 annual report to shareholders, Heitzman & Co. provided the following Statement of Cash Flows: Years ended December 31 ($ in millions) 20X1 20X0 Operating Activities Cash Inflows: Cash received from customers $3,102 Progress payments Other collections $1.438 11,148 7,003 Proceeds from litigation settlement Interest received 220 17 17 Income tax refunds received 23 15 Other cash receipts Cash provided by operating activities Cash Outflows: 24 10 14,534 8,483 Cash paid to suppliers and employees Interest paid Income taxes paid Other cash payments Cash used in operating activities Net cash provided by operating activities 13.251 7,250 333 165 126 57 1 7,473 13,717 817 1,010 Investing Activities Payment for businesses purchased, net of cash acquired Additions to property, plant, and equipment (3,061) (393) (510) (274) Collection of note receivable 148 Proceeds from sale of property, plant, and equipment Proceeds…
Oriole Company provided the following information on selected transactions during 2021: Purchase of land by issuing bonds Proceeds from issuing bonds Purchases of inventory Purchases of treasury stock Loans made to affiliated corporations Dividends paid to preferred stockholders Proceeds from issuing preferred stock Proceeds from sale of equipment $1100000 2960000 3820000 603000 1370000 394000 1690000 293000 The net cash provided (used) by investing activities during 2021 is
During the current year, Royal Industries sold treasury stock for $32,000 cash. The treasury stock was purchased last year for $28,000. The company also issued bonds payable for $430,000 cash and declared and paid dividends of $40,000. What amount did Royal report on its statement of cash flows for cash provided by financing activities? O $390,000 O $394,000 O $422,000 O $434,000
Alvarez Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available: Retained earnings balance at the beginning of the year $ 233,000 Cash dividends declared for the year Proceeds from the sale of equipment Gain on the sale of equipment Cash dividends payable at the beginning of the year Cash dividends payable at the end of the year Net income for the year The ending balance in retained earnings is: 10 $343,000. $297,500. $301,000. $293,000. $213,000. 50,000 85,000 4,500 22,000 30,000 110,000
Review the statement of cash flows for Tesla Motors Inc. in ATC 14-1 on page 688. Discuss the cash position of the company by considering the following: How is Tesla repaying its debt?