P12-1B You are provided with the following transactions that took place during a recent fiscal year. Da do fir Cash Inflow, (LC Statement of Cash Flow Outflow, or No Effect? Transaction Activity Affected (a) Purchased shares of common treasury stock. (b) Paid a cash dividend to common stockholders. (c) Recorded cash sales. (d) Recorded sales on account. (e) Recorded prepayment insurance expense. (f) Purchased supplies on account. (g) Recorded amortization expense on a patent. (h) Recorded and received interest revenue. (i) Recorded cash proceeds from a sale of plant assets. (j) Acquired land by issuing a note payable. Instructions Complete the table indicating whether each item (1) affects operating (0) activities, invest- ing (I) activities, financing (F) activities, or is a noncash (NC) transaction reported in a separate schedule, and (2) represents a cash inflow or cash outflow or has no cash flow effect. Assume use of the indirect approach. P12-2B The following selected account balances relate to the plant asset accounts of Lazari Inc. at year-end. Determ of chan

P12-1B You are provided with the following transactions that took place during a recent fiscal year. Da do fir Cash Inflow, (LC Statement of Cash Flow Outflow, or No Effect? Transaction Activity Affected (a) Purchased shares of common treasury stock. (b) Paid a cash dividend to common stockholders. (c) Recorded cash sales. (d) Recorded sales on account. (e) Recorded prepayment insurance expense. (f) Purchased supplies on account. (g) Recorded amortization expense on a patent. (h) Recorded and received interest revenue. (i) Recorded cash proceeds from a sale of plant assets. (j) Acquired land by issuing a note payable. Instructions Complete the table indicating whether each item (1) affects operating (0) activities, invest- ing (I) activities, financing (F) activities, or is a noncash (NC) transaction reported in a separate schedule, and (2) represents a cash inflow or cash outflow or has no cash flow effect. Assume use of the indirect approach. P12-2B The following selected account balances relate to the plant asset accounts of Lazari Inc. at year-end. Determ of chan

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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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: Net income for the year Cash dividends declared for the year Cash dividends payable at the beginning of the year Cash dividends payable at the end of the year 325,000 61,000 13,800 16,700 What is the amount of cash dividends paid that should be reported in the financing section of the statement of cash flows? Multiple Choice $61000 $63,900
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P4-4A. Preparing the Financial Statements Listed below are items reported on the financial statements of the Huntington Company as of June 30: Prepare a classified balance sheet as of June 30 and statement of cash fows for the current year.
W BGP Electrical Supply is developing its annual financial statements at December 31, current year. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment. Less: Accumulated depreciation Accounts payable Accrued wages expense Note payable, long-term Common stock and additional paid-in capital. Retained earnings Income statement for current year Sales Cost of goods sold Other expenses Net income Additional Data: Current Year Prior Year $ 29,400 $ 37,300 32,700 28,900 38,300 100,800 (25,300) 42,000 121,500 (30,700) $ 202,800 $36,700 1,400 44,500 89,600 30,600 $ 202,800 Cash flows from operating activities: $ 123,000 73,000 38,100 $ 11,900 BGP ELECTRICAL SUPPLY Statement of Cash Flows For the Year Ended December 31, Current Year $ 172,100 a. Bought equipment for cash, $20,700. b. Paid $6,300 on the…
Dive In Company was started several years ago by two diving instructors. The company's comparative balance sheets and income statement, as well as additional information, are presented below. Balance Sheet at December 31 Cash Accounts Receivable. Prepaid Rent Total Assets Salaries and Wages Payable Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income Statement Service Revenue Salaries and Wages Expense Rent and Office Expenses Net In Current Year $ 3,340 1,100 110 $ 4,550 $ 400 1,300 2,850 $ 4,550 $ 35,050 31,000 3,700 $ 350 Previous Year Additional Data: a. Rent is paid in advance each month, and Office Expenses are paid in cash as incurred. b. An owner contributed capital by paying $250 cash in exchange for the company's stock. $ 4,145 550 55 $4,750 $ 1,200 1,050 2,500 $4,750