The following accounts and corresponding balances were drawn from Dexter Company's Year 2 and Year 1 year-end balance sheets. Account Title Year 2 Year 1 Bonds payable Common stock $212,700 371,800 $301,600 282,500 Other information drawn from the accounting records: 1. Dividends paid during the period amounted to $31,700. 2. There were no bond liabilities issued during the period. Required a. Compute the amount of cash flow associated with the repayment of bond liabilities. b. Compute the amount of cash flow associated with the issue of common stock. c. Prepare the financing activities section of the statement of cash flows. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the amount of cash flow associated with the repayment of bond liabilities. Cash flow for the repayment of bond liabilities Required A Required B >

The following accounts and corresponding balances were drawn from Dexter Company's Year 2 and Year 1 year-end balance sheets. Account Title Year 2 Year 1 Bonds payable Common stock $212,700 371,800 $301,600 282,500 Other information drawn from the accounting records: 1. Dividends paid during the period amounted to $31,700. 2. There were no bond liabilities issued during the period. Required a. Compute the amount of cash flow associated with the repayment of bond liabilities. b. Compute the amount of cash flow associated with the issue of common stock. c. Prepare the financing activities section of the statement of cash flows. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the amount of cash flow associated with the repayment of bond liabilities. Cash flow for the repayment of bond liabilities Required A Required B >

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following accounts and corresponding balances were drawn from Dexter Company's Year 2 and Year 1 year-end balance sheets. Account Title Bonds payable Year 1 $300,500 282,300 Year 2 $213,200 373,300 Common stock Other information drawn from the accounting records: 1. Dividends paid during the period amounted to $44,800. 2. There were no bond liabilities issued during the period. Required a. Compute the amount of cash flow associated with the repayment of bond liabilities. b. Compute the amount of cash flow associated with the issue of common stock. c. Prepare the financing activities section of the statement of cash flows. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the amount of cash flow associated with the repayment of bond liabilities. Cash flow for the repayment of bond liabilities
Effect of Transactions on Cash Flows State the effect (cash receipt or payment and amount) of each of the following transactions, considered individually, on cash flows a. Retired $180,000 of bonds, on which there was $1,800 of unamortized discount, for $187,000. b. Sold 7,000 shares of $25 par common stock for $57 per share. c. Sold equipment with a book value of $52,900 for $76,200 d. Purchased land for $420,000 cash. e. Purchased a building by paying $90,000 cash and issuing a $90,000 mortgage note payable. f. Sold a new issue of $210,000 of bonds at 99 g. Purchased 6,00o0 shares of $35 par common stock as treasury stock at $64 per share. h. Paid dividends of $1.50 per share. There were 33,000 shares issued and 5,000 shares of treasury stock. Effect Amount а. b. с. d. е. f. g. h.
balance sheet on december 31,year 1 and december 31year 2 are presented below: assets dec 31 year 1 dec 31 year 2 liabilites dec 31 year 1 dec 31 year 2 cash 50 000 60 000 trade accounts payable 62 000 49 000 accounts receivable 95 000 89 000 interest payable 8 000 11 000 allowance for uncollectible accounts (4 000) (3 000) bonds payables 200 000 200 000 inventory 120 000 140 000 unamortized bond discount (15 000) (10 000) property plant and equipment 295 000 340 000 Equity 199 000 257 000 accumlated depreciation (102 000) (119 000) total assets 454 000 507 000 total liabilities 454 000 507 000 additional information for year 2 : cash payents to suppliers of merchandise were 180 000 sales revenue was 338 000 3 000 of accounts receivables was written off equipment was acquired for 65 000 depreciation expense was 30 000 interest expenses was 20 000 based on the above information calculate the following : 1. the cost of goods sold year 2. 2.…
Cable Company reported bond interest expense of $40,000 for the current year. During the year, the balance in the premium on bonds payable account decreased by $1,500. What was the amount of cash paid for interest expense during the year? Cash paid for interest expense
The following data were abstracted from the records of Johnson Corporation for the year: Sales P1,800,000 Bond interest expense 60,000 Income taxes 300,000 Net income 400,000 How many times was bond interest earned? Group of answer choices 11.67 13.67 7.67 12.67
Problem 2 You are the controller for 21" Century Technologies. Your staff has prepared an income statement for the current year and has developed the following additional information by analyzing changes in the company's balance sheet accounts. 21 Century Technologies Income Statement For the year ended December 31, 2009 Revenue: Net Sales Interest Revenue Gain on sales of marketable securities Costs and expenses: Costs of goods sold Operating expenses (including depreciation of $225 000) Interest expense Income tax expense Loss on sales of plant assets Net Income 4,800,000 60,000 $1,000 2,430,000 1,860,000 63,000 150,000 18,000 390,000 Additional information: 1. Accounts receivable increased by $90 000 2. Accrued interest receivable decreased by $3 000 3. Inventory decreased by $90 000 and accounts payable to suppliers of merchandise decreased by $24 000 4. Short-term prepayments of operating expenses increased by $9 000 and accrued liabilities for operating expenses decreased by $12…
abardeen corporation borrowed 58,000 from the bank on october 1, year 1. The note had a 4 percent annual rate of interest and matured on march 31, year 2. interest and principal were paid in cash on the maturity date. a. what amount of cash did abardeen pay for interest in year 1? b. what amount of interest expense was recognized on the year 1 income statement? c. what amount of total liabilities was reported on december 31, year 1, balance sheet?
Effect of Transactions on Cash Flows State the effect (cash receipt or payment and amount) of each of the following transactions, considered individually, on cash flows: a. Retired $220,000 of bonds, on which there was $2,200 of unamortized discount, for $229,000. b. Sold 7,000 shares of $15 par common stock for $30 per share. c. Sold equipment with a book value of $51,800 for $74,600. d. Purchased land for $362,000 cash. e. Purchased a building by paying $75,000 cash and issuing a $120,000 mortgage note payable. f. Sold a new issue of $150,000 of bonds at 98. g. Purchased 4,400 shares of $15 par common stock as treasury stock at $28 per share. h. Paid dividends of $1.60 per share. There were 34,000 shares issued and 5,000 shares of treasury stock. Effect Amount a. b. C. d. e. f. g. h.
Following is the balance sheet of Thornton Company for Year 3: THORNTON COMPANY Balance sheet Assets Cash $ 15,050 Marketabhe securities Accounts receivable Inventory Property and equipment Accumulated depreciation 8,380 13,340 11,050 165,500 (12,300) Total assets $201,020 Liabilities and Stockholders' Equity Accounts payable Current notes payable Mortgage payable Bonds payable Common stock Retained earnings 8,750 3,200 4,100 21,840 113,300 49,830 Total liabilities and stockholders' equity $201,020 The average number of common stock shares outstanding during Year 3 was 900 shares. Net income for the year was $15,300. Required Compute each of the following: (Round your answer to 2 decimal places. For percentages, O.2345 should be entered as 23.45.) a. Current ratio b. Earnings per share per share c. Quick (acid-test) ratio d. Return on investment e. Return on equity f. Debt to equity ratio
es C11-1 (Algo) Financial Reporting of Depreciation, Write-off, Bond Issuance and Common Stock Issuance, Purchase, Reissuance, and Cash Dividends [Chapters 4, 8, 9, 10, and 11) [LO 4-2, 4-5, 8-2, 9-3, 10-3, 11-2, 11-3] Bender Industries, reported the following account balances on January 1. Credit Accounts Receivable Accumulated Depreciation Additional Paid-in Capital Allowance for Doubtful Accounts Bonds Payable Buildings Cash Common Stock, 10,000 shares of $1 par Notes Payable (long-term) Retained Earnings Treasury Stock TOTALS Debit $ 5,000 249,000 10,500 0 $ 264,500 30,000 92,000 2,000 0 10,000 10,500 120,000 The company entered into the following transactions during the year. January 15 Issued 6,000 shares of $1 par common stock for $52,000 cash. January 31 Collected $3,000 from customers on account. February 15 Reacquired 3,020 shares of $1 par common stock into treasury for $33,220 $ 264,500 cash. March 15 Reissued 2,020 shares of treasury stock for $24,220 cash. August 15…
Using the data given below, compute for the total amount of items that meet the definition of financial liability Bank overdraft P 100,000 Accounts payable 1,200,000 Notes payable 500,000 Loans payable 1,800,000 Income tax payable 120,000 Warranty obligations 180,000 Deferred revenue 240,000 Cumulative, redeemable preference shares at the option of the issuer 1,000,000 Non-cumulative, non-redeemable preference shares 2,000,000
Accounting Bonds Payable has a balance of $957,000 and Discount on Bonds Payable has a balance of $9,570. If the issuing corporation redeems the bonds at 97.5, what is the amount of gain or loss on redemption? a. $14,355 loss b. $9,570 gain c. $14,355 gain d. $9,570 loss