Assuming the company reports under ASPE and all dividends have been paid, prepare the financing activities section of the cash flow statement. (Show amounts that decrease cash flow with either a -sign e.g. -15,000 or in parenthesis e.g. (15,000).) Wildhorse Select Corporation Cash Flow Statement (Partial) For the Year Ended December 31, 2024 Financing Activities Sale of Common Shares Repayment of Mortgage Notes Payable Payment of Cash Dividends Net Cash Used by Financing Activities Note X: During the year, the company acquired a building with a cost of $ by paying $ cash and incurring a mortgage note payable of $ Selected information follows for Wildhorse Select Corporation at December 31: 2024 2023 Bonds payable $1,014,900 $1,014,900 Mortgage notes payable 484,500 204,000 Common shares 56,100 45,900 Retained earnings 168,300 86,700 Additional information: 1. Principal payments on the mortgage payable were $25,500. 2. A building was purchased for $510,000 by paying $204,000 cash and signing a mortgage note payable for the balance. 3. Profit for the year was $147,900.

Assuming the company reports under ASPE and all dividends have been paid, prepare the financing activities section of the cash flow statement. (Show amounts that decrease cash flow with either a -sign e.g. -15,000 or in parenthesis e.g. (15,000).) Wildhorse Select Corporation Cash Flow Statement (Partial) For the Year Ended December 31, 2024 Financing Activities Sale of Common Shares Repayment of Mortgage Notes Payable Payment of Cash Dividends Net Cash Used by Financing Activities Note X: During the year, the company acquired a building with a cost of $ by paying $ cash and incurring a mortgage note payable of $ Selected information follows for Wildhorse Select Corporation at December 31: 2024 2023 Bonds payable $1,014,900 $1,014,900 Mortgage notes payable 484,500 204,000 Common shares 56,100 45,900 Retained earnings 168,300 86,700 Additional information: 1. Principal payments on the mortgage payable were $25,500. 2. A building was purchased for $510,000 by paying $204,000 cash and signing a mortgage note payable for the balance. 3. Profit for the year was $147,900.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 8RE

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A company purchased $30,000 of 5% bonds for investment purposes on May 1. The bonds pay interest on February 1 and August 1. The amount of interest revenue accrued at December 31 (the company’s year-end) is a. $1,500. c. $1,000. e. $300. b. $1,375. d. $625.
Give me correct answer with explanation.s
Wildhorse Corporation had these transactions pertaining to debt investments: Jan. 1 Purchased 96 11%, $1,000 Martine Co. bonds for $96,000 cash. Interest is payable semiannually on July 1 and January 1. July 1 Received semiannual interest on Martine Co. bonds. July 1 Sold 33 Martine Co. bonds for $34,160.
Confused on Ex15-1. How would I journalize?
Q7- Khalid Corporation had the following transactions relating to debt investments: Jan. 1 Purchased 50, $1,000, 12% Naved Company bonds for $50,000 plus broker's fees of $1,500. Interest is payable semiannually on January 1 and July 1. July 1 Received semiannual interest from Naved Company bonds. July 1 Sold 30 Naved Company bonds for $30,000, less $800 broker's fees. Instructions (a). Journalize the transactions, and (b). prepare the adjusting entry for the accrual of interest on December 31.
Pharoah Company had the following transactions pertaining to debt securities held as an investment. Jan. 1 Dec. 31 Purchased 75, 6%, $1,000 Sheridan Company bonds for $75,000 cash. Interest is payable annually on January 1. Accrued $4,500 annual interest on Sheridan Company bonds. Journalize the purchase and the receipt of interest. Assume no interest has been accrued. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Jan. 1 Debt Investments Cash Dec. 31 Interest Receivable Interest Revenue Debit 75,000 4,500 Credit 75,000 4,500
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On January 1, $853,000, 5-year, 10% bonds were issued for $827,410. Interest is paid semiannually on January 1 and July 1. If the issuing corporation uses the straight-line method to amortize a discount on bonds payable, the semiannual amortization amount is a. $42,650 Ob. $2,559 Oc. $25,590 d. $5,118 Woxt
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