Problem 21-13 (Algo) Various cash flows [LO21-3, 21-4, 21-5, 21-6, 21-7, 21-8] Following are selected balance sheet accounts of Del Conte Corporation at December 31, 2024 and 2023, and the increases or decreases in each account from 2023 to 2024. Also presented is selected income statement information for the year ended December 31, 2024, and additional information. Selected Balance Sheet Accounts Assets Accounts receivable Property, plant, and equipment Accumulated depreciation Liabilities and Stockholders' Equity Bonds payable Dividends payable Common stock, $1 par Additional paid-in capital Retained earnings 2824 $ 74,000 317,000 (218,000) Depreciation Gain on sale of equipment Net income Additional information: 109,000 18,000 62,000 19,000 144,000 Selected Income Statement Information for the Year Ended December 31, 2824 Sales revenue $ 195,000 73,000 23,000 68,000 2823 $ 44,000 267,000 (187,000) 86,000 13,000 39,000 11,000 111,000 Increase (Decrease) $ 30,000 50,000 31,000 23,000 5,000 23,000 8,000 33,000 a. Accounts receivable relate to sales of merchandise. b. During 2024, equipment costing $80,000 was sold for cash. c. During 2024, bonds payable with a face value of $60,000 were issued in exchange for property, plant, and equipment. There was no amortization of bond discount or premium. Required: Items 1 through 5 represent activities that will be reported in Del Conte's statement of cash flows for the year ended December 31, 2024. The following two responses are required for each item: a. Determine the amount that should be reported in Del Conte's 2024 statement of cash flows. b. Select the category (ie, Operating activity, Investing activity and Financing activity) in which the amount should be reported in the statement of cash flows.

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Chapter1: Financial Statements And Business Decisions
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Problem 21-13 (Algo) Various cash flows [LO21-3, 21-4, 21-5, 21-6, 21-7, 21-8]
Following are selected balance sheet accounts of Del Conte Corporation at December 31, 2024 and 2023, and the increases or
decreases in each account from 2023 to 2024. Also presented is selected income statement information for the year ended
December 31, 2024, and additional information.
Selected Balance Sheet Accounts
Assets
Accounts receivable
Property, plant, and equipment
Accumulated depreciation
Liabilities and Stockholders' Equity
Bonds payable
Dividends payable
Common stock, $1 par
Additional paid-in capital
Retained earnings
Depreciation
Gain on sale of equipment
Net income
Additional information:
Selected Income Statement Information for the Year Ended December 31, 2024
Sales revenue
a. Accounts receivable relate to sales of merchandise.
b. During 2024, equipment costing $80,000 was sold for cash.
2824
$ 74,000
317,000
(218,000)
109,000
18,000
62,000
19,000
144,000
1. Cash collections from customers (direct method).
2. Payments for purchase of property, plant, and equipment.
3. Proceeds from sale of equipment.
4. Cash dividends paid.
5. Redemption of bonds payable.
$ 195,000
73,000
23,000
68,000
2823
Amount
$ 44,000
267,088
(187,000)
85,000
13,000
39,000
11,000
111,000
Increase
(Decrease)
$ 30,000
50,000
31,000
c. During 2024, bonds payable with a face value of $60,000 were issued in exchange for property, plant, and equipment. There was
no amortization of bond discount or premium.
23,000
5,000
23,080
Required:
Items 1 through 5 represent activities that will be reported in Del Conte's statement of cash flows for the year ended December 31,
2024. The following two responses are required for each item:
Category
8,000
33,000
a. Determine the amount that should be reported in Del Conte's 2024 statement of cash flows.
b. Select the category (i.e., Operating activity, Investing activity and Financing activity) in which the amount should be reported in the
statement of cash flows.
Transcribed Image Text:Problem 21-13 (Algo) Various cash flows [LO21-3, 21-4, 21-5, 21-6, 21-7, 21-8] Following are selected balance sheet accounts of Del Conte Corporation at December 31, 2024 and 2023, and the increases or decreases in each account from 2023 to 2024. Also presented is selected income statement information for the year ended December 31, 2024, and additional information. Selected Balance Sheet Accounts Assets Accounts receivable Property, plant, and equipment Accumulated depreciation Liabilities and Stockholders' Equity Bonds payable Dividends payable Common stock, $1 par Additional paid-in capital Retained earnings Depreciation Gain on sale of equipment Net income Additional information: Selected Income Statement Information for the Year Ended December 31, 2024 Sales revenue a. Accounts receivable relate to sales of merchandise. b. During 2024, equipment costing $80,000 was sold for cash. 2824 $ 74,000 317,000 (218,000) 109,000 18,000 62,000 19,000 144,000 1. Cash collections from customers (direct method). 2. Payments for purchase of property, plant, and equipment. 3. Proceeds from sale of equipment. 4. Cash dividends paid. 5. Redemption of bonds payable. $ 195,000 73,000 23,000 68,000 2823 Amount $ 44,000 267,088 (187,000) 85,000 13,000 39,000 11,000 111,000 Increase (Decrease) $ 30,000 50,000 31,000 c. During 2024, bonds payable with a face value of $60,000 were issued in exchange for property, plant, and equipment. There was no amortization of bond discount or premium. 23,000 5,000 23,080 Required: Items 1 through 5 represent activities that will be reported in Del Conte's statement of cash flows for the year ended December 31, 2024. The following two responses are required for each item: Category 8,000 33,000 a. Determine the amount that should be reported in Del Conte's 2024 statement of cash flows. b. Select the category (i.e., Operating activity, Investing activity and Financing activity) in which the amount should be reported in the statement of cash flows.
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