Required information [The following information applies to the questions displayed below] Doyle Company issued $340,000 of 10-year, 8 percent bonds on January 1, Year 2. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $52,000 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 2
Required information [The following information applies to the questions displayed below] Doyle Company issued $340,000 of 10-year, 8 percent bonds on January 1, Year 2. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $52,000 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 2
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 15MCQ
Related questions
Question
![Required information
[The following information applies to the questions displayed below]
Doyle Company issued $340,000 of 10-year, 8 percent bonds on January 1, Year 2. The bonds were issued at face value.
Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in
land. The land was leased for an annual $52,000 of cash revenue, which was collected on December 31 of each year,
beginning December 31, Year 2
b. Prepare the income statement, balance sheet, and statement of cash flows for Year 2 and Year 3.
Complete this question by entering your answers in the tabs below.
Req B Inc
Stmt
Req B Stmt
Cash Flows
Prepare the income statement for Year 2 and Year 3.
DOYLE COMPANY
Income Statements
For the Year Ended December 31
Year 2
Required information
Req B Inc.
Stmt
Req B Bal
Sheet
Assets
Total assets
Liabilities
Req B Stmt
Cash Flows
Prepare the balance sheet for Year 2 and Year 3.
Req B Bal
Sheet
Total liabilities
Stockholders' equity
Total stockholders' equity
Total liabilities and stockholders' equity
Required information
Req B Inc.
Stmt
Req B Bal
Sheet
DOYLE COMPANY
Balance Sheet
As of December 31
Req B Stmt
Cash Flows
Cash flows from operating activities
Ending cash balance
Year 3
Net cash flow from operating activities
Cash flows from investing activities
Net cash flows from investing activities
Cash flows from financing activities
DOYLE COMPANY
Statement of Cash Flows
For the Year Ended December 31
Year 2
Net cash flows from financing activities
Net change in cash
Year 2
Prepare the statement of cash flows for Year 2 and Year 3. (Amounts to be deducted and cash outflows should be indicated
with minus sign.)
< Req B Inc Stmt
Req B Bal Sheet >
Year 3
Req B Stmt Cash Flows >
Year 3](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F450cfc39-a0b3-41ad-b01f-57c67b514b9d%2F4ab1540d-e88f-488f-9ec8-27175c144f61%2Fb1mstol_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below]
Doyle Company issued $340,000 of 10-year, 8 percent bonds on January 1, Year 2. The bonds were issued at face value.
Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in
land. The land was leased for an annual $52,000 of cash revenue, which was collected on December 31 of each year,
beginning December 31, Year 2
b. Prepare the income statement, balance sheet, and statement of cash flows for Year 2 and Year 3.
Complete this question by entering your answers in the tabs below.
Req B Inc
Stmt
Req B Stmt
Cash Flows
Prepare the income statement for Year 2 and Year 3.
DOYLE COMPANY
Income Statements
For the Year Ended December 31
Year 2
Required information
Req B Inc.
Stmt
Req B Bal
Sheet
Assets
Total assets
Liabilities
Req B Stmt
Cash Flows
Prepare the balance sheet for Year 2 and Year 3.
Req B Bal
Sheet
Total liabilities
Stockholders' equity
Total stockholders' equity
Total liabilities and stockholders' equity
Required information
Req B Inc.
Stmt
Req B Bal
Sheet
DOYLE COMPANY
Balance Sheet
As of December 31
Req B Stmt
Cash Flows
Cash flows from operating activities
Ending cash balance
Year 3
Net cash flow from operating activities
Cash flows from investing activities
Net cash flows from investing activities
Cash flows from financing activities
DOYLE COMPANY
Statement of Cash Flows
For the Year Ended December 31
Year 2
Net cash flows from financing activities
Net change in cash
Year 2
Prepare the statement of cash flows for Year 2 and Year 3. (Amounts to be deducted and cash outflows should be indicated
with minus sign.)
< Req B Inc Stmt
Req B Bal Sheet >
Year 3
Req B Stmt Cash Flows >
Year 3
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