1. Modern Movables Corporation is a Virginia-based manufacturer of furniture. In a recent quarter, it reported the following activities:$ 4,235881Net incomePurchase of equipmentBorrowings under line of credit (bank)Proceeds from issuance of common stock1,42712Cash received from customers29,264Payments to reduce notes payable (long-term)Sale of investments47135Proceeds from sale of equipmentDividends paidInterest paid6,69427891Required:Based on this information, present the cash flows from investing and financing activities sections of the cash flow statement. (Amountsto be deducted should be indicated with a minus sign.)MODERN MOVABLES CORPORATIONStatement of Cash Flows (Partial)Cash Flows from Investing Activities:Cash Flows from Financing Activities:

Statement of cash flows: It is a financial statement that shows the increase or decrease in the cash…

Modern Movables Corporation is a Virginia-based manufacturer of furniture. In a recent quarter, it reported the following activities: Net income $ 4,235 Purchase of equipment Borrowings under line of credit (bank) Proceeds from issuance of common stock 881 1,427 12 Cash received from customers 29,264 47 Payments to reduce notes payable (long-term) Sale of investments Proceeds from sale of equipment Dividends paid Interest paid 135 6,694 278 91 Required: Based on this information, present the cash flows from investing and financing activities sections of the cash flow statement. (Amounts to be deducted should be indicated with a minus sign.) MODERN MOVABLES CORPORATION Statement of Cash Flows (Partial) Cash Flows from Investing Activities: Cash Flows from Financing Activities:

Modern Movables Corporation is a Virginia-based manufacturer of furniture. In a recent quarter, it reported the following activities: Net income $ 4,235 Purchase of equipment Borrowings under line of credit (bank) Proceeds from issuance of common stock 881 1,427 12 Cash received from customers 29,264 47 Payments to reduce notes payable (long-term) Sale of investments Proceeds from sale of equipment Dividends paid Interest paid 135 6,694 278 91 Required: Based on this information, present the cash flows from investing and financing activities sections of the cash flow statement. (Amounts to be deducted should be indicated with a minus sign.) MODERN MOVABLES CORPORATION Statement of Cash Flows (Partial) Cash Flows from Investing Activities: Cash Flows from Financing Activities:

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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Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

Question

Modern Movables Corporation is a Virginia-based manufacturer of furniture. In a recent quarter, it reported the following activities:
$ 4,235
881
Net income
Purchase of equipment
Borrowings under line of credit (bank)
Proceeds from issuance of common stock
1,427
12
Cash received from customers
29,264
Payments to reduce notes payable (long-term)
Sale of investments
47
135
Proceeds from sale of equipment
Dividends paid
Interest paid
6,694
278
91
Required:
Based on this information, present the cash flows from investing and financing activities sections of the cash flow statement. (Amounts
to be deducted should be indicated with a minus sign.)
MODERN MOVABLES CORPORATION
Statement of Cash Flows (Partial)
Cash Flows from Investing Activities:
Cash Flows from Financing Activities:

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