selected balance sneet 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 ZUZL Depreciation Gain on sale of equipment Net income $ 72,000 315,000 (216,000) 106,000 17,500 60,000 18,500 142,000 ZUZU 71,000 22,500 66,000 $ 43,000 266,000 (186,000) 84,000 12,600 38,000 10,600 110,000 Selected Income Statement Information for the Year Ended December 31, 2021 Sales revenue $ 193,000 (Decrease) $29,000 49,000 30,000 22,000 4,900 22,000 7,900 32,000 Additional information: a. Accounts receivable relate to sales of merchandise. b. During 2021, equipment costing $78,000 was sold for cash. c. During 2021, bonds payable with a face value of $58,000 were issued in exchange for property, plant, and equipment. There was no amortization of bond discount or premium. Answer is complete but not entirely correct. Required: tems 1 through 5 represent activities that will be reported in Del Conte's statement of cash flows or the year ended December 31, 2021. The following two responses are required for each item: . Determine the amount that should be reported in Del Conte's 2021 statement of cash flows. . Select the category (i.e., O - Operating activity, I - Investing activity and F - Financing activity) in which the amount should be reported in the statement of cash flows.
selected balance sneet 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 ZUZL Depreciation Gain on sale of equipment Net income $ 72,000 315,000 (216,000) 106,000 17,500 60,000 18,500 142,000 ZUZU 71,000 22,500 66,000 $ 43,000 266,000 (186,000) 84,000 12,600 38,000 10,600 110,000 Selected Income Statement Information for the Year Ended December 31, 2021 Sales revenue $ 193,000 (Decrease) $29,000 49,000 30,000 22,000 4,900 22,000 7,900 32,000 Additional information: a. Accounts receivable relate to sales of merchandise. b. During 2021, equipment costing $78,000 was sold for cash. c. During 2021, bonds payable with a face value of $58,000 were issued in exchange for property, plant, and equipment. There was no amortization of bond discount or premium. Answer is complete but not entirely correct. Required: tems 1 through 5 represent activities that will be reported in Del Conte's statement of cash flows or the year ended December 31, 2021. The following two responses are required for each item: . Determine the amount that should be reported in Del Conte's 2021 statement of cash flows. . Select the category (i.e., O - Operating activity, I - Investing activity and F - Financing activity) in which the amount should be reported in the statement of cash flows.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Subject: acounting
Transcribed Image Text: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
selected balance sneet Accounts
N
1.
2.
34
Depreciation
Gain on sale of equipment
Net income
ZUZI
4.
5.
$ 72,000
315,000
(216,000)
106,000
17,500
60,000
18,500
142,000
Selected Income Statement Information for the Year Ended December 31, 2021
Sales revenue
$ 193,000
71,000
22,500
66,000
Cash collections from customers (direct method).
Payments for purchase of property, plant, and equipment.
Proceeds from sale of equipment.
Cash dividends paid.
Redemption of bonds payable.
2020
$ 43,000
266,000
(186,000)
84,000
12,600
38,000
10,600
110,000
Additional information:
a. Accounts receivable relate to sales of merchandise.
b. During 2021, equipment costing $78,000 was sold for cash.
c. During 2021, bonds payable with a face value of $58,000 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, 2021. The following two responses are required for each item:
a. Determine the amount that should be reported in Del Conte's 2021 statement of cash flows.
b. Select the category (i.e., O- Operating activity, I - Investing activity and F - Financing activity) in
which the amount should be reported in the statement of cash flows.
Answer is complete but not entirely correct.
$
$
$
Amount
$
164,000
$ 69,000
59,500
34,000
36,000
(Decrease)
$29,000
49,000
30,000
O
Category
1
1
22,000
4,900
F
F
22,000
7,900
32,000
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