On January 1, 20x3 Daenerys Targaryen and Jon Snow formed Snow Dragon, Inc., a domestic corporation dedicated to the eradication of White Walkers from the lands of Westeros. The information below includes data from Snow Dragon's operations in 20x6. a. Snow Dragon's 20x6 net income was $480,000. b. Common stock issued for $78,000 cash. c. Snow Dragon's Board of Directors declared and paid cash dividend of $12,000. d. Paid $120,000 cash to settle a note payable at its $120,000 maturity value. e. Paid $118,000 cash to acquire its treasury stock. f. Snow Dragon purchased equipment for $94,000 cash. Use Snow Dragon's information provided above to determine cash flows from financing activities. (Amounts to be deducted should be indicated with a minus sign.) Snow Dragon, Inc. Statement of Cash Flows (partial) For the year ended December 31, 20x6 Cash flows from financing activities

On January 1, 20x3 Daenerys Targaryen and Jon Snow formed Snow Dragon, Inc., a domestic corporation dedicated to the eradication of White Walkers from the lands of Westeros. The information below includes data from Snow Dragon's operations in 20x6. a. Snow Dragon's 20x6 net income was $480,000. b. Common stock issued for $78,000 cash. c. Snow Dragon's Board of Directors declared and paid cash dividend of $12,000. d. Paid $120,000 cash to settle a note payable at its $120,000 maturity value. e. Paid $118,000 cash to acquire its treasury stock. f. Snow Dragon purchased equipment for $94,000 cash. Use Snow Dragon's information provided above to determine cash flows from financing activities. (Amounts to be deducted should be indicated with a minus sign.) Snow Dragon, Inc. Statement of Cash Flows (partial) For the year ended December 31, 20x6 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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Larry Nelson holds 1,000 shares of General Electric's (GE) common stock. The annual stockholder meeting is being held soon, but as a minor shareholder, Larry doesn't plan to attend. Larry did not sell his shares but gave his voting rights to the management group running General Electric (GE). Larry must have signed a that gives the management group control over his shares. Larry also holds 2,000 shares of common stock in a company that only has 20,000 shares outstanding. The company's stock currently is valued at $43.00 per share. The company needs to raise new capital to invest in production. The company is looking to issue 5,000 new shares at a price of $34.40 per share. Larry worries about the value of his investment. Larry's current investment in the company is If the company issues new shares and Larry makes no additional purchase, Larry's investment will be worth . Larry could be protected if the firm's corporate charter includes a This scenario is an example of provision. If…
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Holbrook, a calendar year S corporation, distributes $15,000 cash to its only shareholder, Cody, on December 31. Cody's basis in his stock is $20,000, Holbrook's AAA balance is $8,000, and Holbrook holds $2,500 AEP before the distribution. According to the distribution ordering rules, complete the chart below to indicate how much of the $15,000 is from AAA and AEP as well as how Cody's stock basis is affected. If an amount is zero, enter "0". Beginning stock basis From AAA account From AEP account From Cody's stock basis Ending stock basis Basis in Stock $20,000 8,000 2,500 X 4,500 5,000 X Distribution from Account -8,000 0 -4,500 X Effect on Stock Basis 0 0 X 7,500 X
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U-Pick Fruit Corp., a C Corporation, was formed many years ago as a "you pick" farm where customers can pick various types of fruits fresh from the source. Strawberry owned 500 out of 1,000 shares of common stock of U-Pick Fruit Corp. Her basis in the stock was $5,500,000. U-Pick Fruit Corp. liquidated, and in the process, after the corporation paid all of its debts, it distributed to Strawberry the following assets: • $11 million in cash, and • Berryacre, a parcel of real estate previously used in its trade or business (U-Pick Fruit's adjusted basis in Berryacre was $16,500,000 and the fair market value at date of distribution was $55,000,000). How much gain (loss) does Strawberry recognize due to these transactions? $38,500,000 O $44,000,000 $60,500,000 O $49,500,000