Record the preceding transactions in the horizontal statements model.
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- Provide journal entries to record each of the following transactions. For each, also identify *the appropriate section of the statement of cash flows, and s utility bill, $1,500Provide journal entries to record each of the following transactions. For each, also identify: *the appropriate section of the statement of cash flows, and **whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. reacquired $30,000 treasury stock B. purchased inventory for $20,000 C. issued common stock of $40,000 at par D. purchased land for $25,000 E. collected $22,000 from customers for accounts receivable F. paid $33,000 principal payment toward note payable to bankThe financial statements for Romeo and Company follow. Assume that the additional investment and the withdrawals were in the form of cash. Required Prepare a statement of cash flows for the year ended December 31, 2018. Check Figure Net cash flows from operating activities, 172,000
- Provide journal entries to record each of the following transactions. For each, identify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. Paid $22,000 cash on bonds payable. B. Collected $12,600 cash for a note receivable. C. Declared a dividend to shareholders for $16,000, to be paid in the future. D. Paid $26,500 to suppliers for purchases on account. E. Purchased treasury stock for $18,000 cash.In which section of the statement of cash flows would each of the following transactions be included? For each, identify the appropriate section of the statement of cash flows as operating (O), investing (I), financing (F), or none (N). (Note: some transactions might involve two sections.) A. borrowed from the bank for business loan B. declared dividends, to be paid next year C. purchased treasury stock D. purchased a two-year insurance policy E. purchased plant assetsFinancial data for Otto Company follow: a. Compute the ratio of cash to monthly cash expenses. b. Interpret the results computed in (a).
- Tifton Co. had the following cash transactions during the current year: Refer to the information in RE21-6. Prepare the financing activities section of Tifton Co.s statement of cash flows.Financial data for Bonita Company follow: For Year Ended December 31 $ 187,180 Cash on December 31 Cash flow from operations (458,400) a. Compute the ratio of cash to monthly cash expenses. b. Interpret the results computed in (a).Assume Cramer uses the direct method to prepare the statement of cash flows. Incometax payable was $6,500 at the end of the year, and $3,100 at the beginning of the year. Incometax expense for the year totaled $58,900. What amount of cash did the company pay for incometaxes during the year?a. $55,500b. $62,000c. $58,900d. $62,300