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 Dell 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 Bands payable Dividends payable Common stock, $1 par Additional paid-in capital Retained earnings 2824 $ 74,000 317,000 2823 Increase (Decrease) $ 44,000 267,000 $ 30,000 50,000 (218,000) (187,000) 31,000 109,000 86,000 23,000 18,000 13,000 5,000 62,000 39,000 23,000 19.000 11,000 8,000 144,000 111,000 33,000 Selected Income Statement Information for the Year Ended December 31, 2024 Sales revenue Depreciation Gain on sale of equipment $ 195,000 73,000 23,000 68,000 Net income Additional information: 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. 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. Amount Category
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 Dell 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 Bands payable Dividends payable Common stock, $1 par Additional paid-in capital Retained earnings 2824 $ 74,000 317,000 2823 Increase (Decrease) $ 44,000 267,000 $ 30,000 50,000 (218,000) (187,000) 31,000 109,000 86,000 23,000 18,000 13,000 5,000 62,000 39,000 23,000 19.000 11,000 8,000 144,000 111,000 33,000 Selected Income Statement Information for the Year Ended December 31, 2024 Sales revenue Depreciation Gain on sale of equipment $ 195,000 73,000 23,000 68,000 Net income Additional information: 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. 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. Amount Category
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 Dell 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
Bands payable
Dividends payable
Common stock, $1 par
Additional paid-in capital
Retained earnings
2824
$ 74,000
317,000
2823
Increase
(Decrease)
$ 44,000
267,000
$ 30,000
50,000
(218,000)
(187,000)
31,000
109,000
86,000
23,000
18,000
13,000
5,000
62,000
39,000
23,000
19.000
11,000
8,000
144,000
111,000
33,000
Selected Income Statement Information for the Year Ended December 31, 2024
Sales revenue
Depreciation
Gain on sale of equipment
$ 195,000
73,000
23,000
68,000
Net income
Additional information:
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.
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.
Amount
Category](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F797201cc-59e6-4ccc-ba06-6fc5a24dcf0f%2Ff28b874f-6675-4d38-ae67-511005c7b0c4%2F5zslw9c_processed.jpeg&w=3840&q=75)
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 Dell 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
Bands payable
Dividends payable
Common stock, $1 par
Additional paid-in capital
Retained earnings
2824
$ 74,000
317,000
2823
Increase
(Decrease)
$ 44,000
267,000
$ 30,000
50,000
(218,000)
(187,000)
31,000
109,000
86,000
23,000
18,000
13,000
5,000
62,000
39,000
23,000
19.000
11,000
8,000
144,000
111,000
33,000
Selected Income Statement Information for the Year Ended December 31, 2024
Sales revenue
Depreciation
Gain on sale of equipment
$ 195,000
73,000
23,000
68,000
Net income
Additional information:
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.
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.
Amount
Category
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